No signal to external monitor over Thunderbolt on MacBook Pro

Trying to install external monitor (Philips 5K2K UltraWide Thunderbolt). The monitor comes with a Thunderbolt cable.

• When I plug it to my MacBook Pro, the monitor complains that there is no video signal. By the way the computer is charging over that connection, yet no signs of any data exchange.
• If I plug the same cable to a Windows laptop (USB-C port) - it's all working nicely including the camera, microphone etc.

Looked at System Info on the Mac, under Thunderbolt/USB4 tab. I can see:

40B1U6903CH:

  Vendor Name: PHILIPS

  Device Name: 40B1U6903CH

  Mode: Thunderbolt 3

  Device ID: 0x2

  Vendor ID: 0x122

  Device Revision: 0x3

  UID: 0x8087FD6CA429AD00

  Route String: 1

  Firmware Version: 41.40

  Port (Upstream):

  Status: Device connected

  Link Status: 0x2

  Speed: 40 Gb/s

  Port:

  Status: No device connected

  Link Status: 0x7

  Speed: Up to 40 Gb/s

Any ideas? What I'm missing here?

Regards

Svilen

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