It is part of the non-bank financial services provider’s digital transportation

As part of its digital transformation, Cebuana Lhuillier acquired a stake at fintech company Satoshi Citadel Industries (SCI) Ventures. The Filipino-led blockchain and digital asset platform is backed by Korean instant messaging app Kakao Talk, which has its own virtual currency arm called Kakao Investment. SCI’s services include BuyBitcoin—a Bitcoin exchange, and Rebit—a money remittance service.

With Cebuana’s latest investment with SCI Ventures, the non-bank financial services provider aims to expand its digital payment services with microloans, microinsurance, and local and foreign money transfers. This also allows SCI to introduce blockchain solutions and services with Cebuana’s 4,000-strong domestic partners. On Cebuana’s part, the partnership marks their entry to the fintech industry.