With ever-increasing mobile penetration in the country growing alongside a more digital economy, there has never been a better time to offer banking solutions to match. CIMB, Malaysia’s second-largest financial services provider, and one of the largest ones in the region, yesterday announced its presence in the Philippines, offering local customers an all-digital, mobile first banking experience.
CIMB Philippines brings with it the promise of simpler, more convenient, hassle-free banking through the accompanying Octo mobile app, which allows customers access to all of their banking needs, as well as 8,000 merchant partners including 7-Eleven and DragonPay, both known for their convenient deposit, withdrawal, and payments touchpoints. The CIMB Bank VISA-powered Debit Card is accepted at any of the 20,000 Bancnet, VISA, and VISA Plus ATMs nationwide, and two million VISA and VISA Plus ATMs worldwide.
At the launch, Effendy Shahul Hamid, CEO of Group Ventures and Partnerships, CIMB Group said, “We are extremely pleased to begin serving customers in the Philippines. This completes CIMB’s operating footprint in ASEAN and we look forward to bringing a truly differentiated and digital proposition to the market.”
Vijay Manoharan, CEO of CIMB Philippines, shared details on how CIMB Philippines aims to provide a new banking experience for Filipinos. “Consumers of today and tomorrow need innovative financial solutions that are relevant to their needs as well as help them get ahead and advance their financial well-being, but they don’t necessarily need a physical bank. By offering most of our products via the OCTO app securely, we are offering the next-level any day, any time convenience for our customers by enabling them to effectively ‘carry’ our bank branch in the palm of their hands.”
To cater to those who want to really start preparing for what’s ahead and save for the future, CIMB Bank offers the UpSave Account, which allows greater savings with its high interest rate of 2 percent per annum. CIMB Philippines’ retail banking convenience is powered by the OCTO app, which can be downloaded from the Apple App store or Google Play. To learn more, visit www.cimbbank.com.ph.
CIMB also announced that it had received regulatory approval from the Securities and Exchange Commission of the Philippines for its investment banking joint-venture in the country, CIMB Bancom Capital Corporation (CIMB Bancom).
“We’re also fortunate to be able to announce the formalization of our investment banking joint venture, CIMB Bancom, that will look to deliver value added advisory and cross-border capital market services to Philippine corporates looking to expand and grow across ASEAN, as well as capitalize on CIMB’s strong presence in the region to originate inbound deals to the Philippines,” said Hamid.