“We are happy to be part of the Philippine administration’s push to substantially increase the number of Filipinos with bank accounts,” said CIMB Bank Philippines chief executive officer Vijay Manoharan. Manoharan also credits the win to the company’s persistence in becoming a platform bank in the country. “Understanding that our market is not yet fully transitioned to digital banking, CIMB Bank Philippines has undertaken strategic partnerships with local payment gateways and e-wallets for our customers to adapt better to the digital platform,” he said.
Recognizing its efforts in financial tech, International Finance Magazine recently named the CIMB Bank as the fastest-growing digital bank in the Philippines at the 2019 International Finance Awards.
The first all-digital, mobile-first bank of the CIMB Group within the ASEAN region, CIMB Bank Philippines reaches Filipinos from all walks of life. Its digital banking platform brings banking directly to clients who may not have access to formal banking services. As of January 2019, the bank has signed on about 2 million Filipino clients since its establishment in December 2018. Thirty percent of these were newbies in banking.
Apart from giving customers easier access to their money, CIMB Bank Philippines also provides other financial services that fit their flexible lifestyles, such as best-in-market savings interest rates of 4% per annum, free PHP 2 million insurance benefit, a VISA payWave debit card that can be used in over 25,000 ATM machines for free, and 10-minute approval response for personal loans up to PHP 1 million.
In line with their goal of bringing more Filipinos towards financial inclusion, CIMB Bank Philippines aims to continue growing their customer base with a target of 3.5 million sign ups by 2020. They also plan to expand their reach through more strategic partnerships.