Bank of the Philippine Islands (BPI) has signed a $260m multi-year services agreement with IBM to support its digital transformation.
The extended agreement is a part of BPI’s plan to maintain an agile and compliant IT environment to support its growth in the Philippine banking industry.
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BPI digital transformation
Under the terms of the agreement, IBM will provide IT infrastructure and hybrid cloud management services to BPI.
Accordingly, IBM will host the bank’s digital solutions in the coming years.
In addition, IBM and BPI have also designed an IT ecosystem to support an open API economy strategy. The initiative will utilise the bank’s data to develop new customer applications and services.
BPI president and CEO Cezar Consing said: “The rapidly changing business environment requires us to accelerate the pace of our digital transformation. We need to continue to be responsive to an ever-changing market.
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By GlobalData“Our extended agreement with IBM will help us become more agile in introducing innovations and transforming how we do things in BPI.”
With more than nine million customers, BPI is one of the largest banks in the Philippines in terms of assets.
IBM Global Technology Services senior vice-president Martin Jetter said: “Banks like BPI are going through a major shift and embracing a complete transformation of their business with advanced services to respond to the needs of today’s connected consumer.
“We are excited about helping one of the leading banks in South East Asia power its core IT infrastructure and bring new digital experiences with IBM Cloud in a secure and open environment to help prepare BPI for the future of banking.”
Recently, French banking giant BNP Paribas renewed its cloud partnership with IBM Services for another eight years.
