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CIMB Bank PH reaches 2M accounts; aims to double customer base in 2020

CIMB Bank PH
CIMB Bank PH CEO Vijay Manoharan (center) discusses 2020 targets and future plans for CIMB in a press briefing last March 3.

In a recent press briefing, chief executive officer Vijay Manoharan revealed that the all-digital, mobile-first bank CIMB Bank Philippines has successfully recruited 2 million accounts to-date, with a goal to reach 4-milllion within 2020. Manorahan attributes the increasing sign-ups to collaborations with key local players that expand their digital platform banking model.

“The outlook this year is very promising for us. With the introduction of new product offerings and more strategic partnerships later in the year, we are confident that we will reach our targets well before the year ends,” Manoharan said.

Apart from growing their retail consumer base, Manoharan also mentioned that they are eyeing to expand their reach to small-medium enterprises (SMEs) towards the latter part of the year.

CIMB Bank head of consumer banking Lester Cruz also announced that they have enhanced their UpSave Account product, which now features a 4% per annum interest rate as a permanent offering for account holders. This upgrade to their savings interest rate is 1600% higher than other major banks in the country. According to Cruz, the decision to make the offering permanent came from the desire to fulfill their promise in giving Filipinos best-in-market products and elevate Filipinos’ financial capacities.

Cruz likewise highlighted their all-digital loan application process. The CIMB Bank PH mobile app enables application for CIMB Personal Loans with no face-to-face interaction, no early settlement fees, and no processing fees. Loan applications start from PHP 30,000 up to PHP 1 million, payable in 12 to 60 months, depending on the amount approved. 

“We have evolved our product offerings to complement the fast-paced lifestyle of many Filipinos today,” said Cruz. He added, ”We put a premium on enhancing their banking experience through fast and seamless transactions.”

CIMB Bank Philippines is the newest member of the Malaysia-based CIMB Group, a leading ASEAN bank with a presence in over 16 countries. Since its founding in the Philippines in December 2018, they have been recognized as the 2020 Best Digital Bank in the Philippines by Global Finance and Review, and have been named the country’s Fastest Growing Digital Bank, Best Consumer Digital Bank, and the Best Digital Bank in 2019 by international awarding bodies, allowing them to secure 9 international awards to date.

To know more about CIMB Bank Philippines you may visit https://www.cimbbank.com.ph/en/our-dna/about-us.html