Netbank has selected global payments processor Thredd to power its new Cards-as-a-Service (CaaS) solution.

The partnership aims to enable fintechs, e-wallets, and banks in the region to deploy card issuing services for both consumer and commercial segments.

The CaaS solution leverages Thredd’s issuing platform to support the creation of both virtual and physical cards. Key features of the service include advanced spend controls, real-time card creation APIs, a card management system, and integration with Google Pay.

The collaboration targets a market experiencing sustained expansion in digital transactions.

Data cited in the announcement projects that digital payments in the Philippines will grow at a compound annual rate of 13.8% through 2033.

Jim McCarthy, CEO of Thredd, noted that the partnership targets specific growth sectors within the local economy.

“The Philippines presents a dynamic growth opportunity, particularly in social commerce, micro merchants, and the SME/SMB segment,” McCarthy said. “Our partnership with Netbank will enable a new wave of consumer and commercial use cases, including expense and disbursement cards, as well as gig economy and contractor payout solutions, supporting the country’s digital transformation”.

Gus Poston, Founder of Netbank, stated that the move addresses existing demand from the platform’s client base.

“By partnering with Thredd, we are enabling our fintech and EMI partners across the Philippines to quickly and easily launch modern card propositions. This is already a commonly demanded product from our 120+ fintech partners,” Poston said.

The initiative is intended to allow Netbank’s partners to launch card products tailored to the evolving needs of the Philippine market.

Featured image by EyeEm via Freepik.