CIMB enters PH market, seeks to become first all-digital bank

Regional bank CIMB has formally launched its banking presence in the Philippines, making known its aspiration to become the nation’s first all-digital and mobile-first bank.

CIMB Philippines CEO Vijay Manoharan

Its local launch, held at the Manila House Private Members Club in Bonifacio Global City in Taguig City, was graced by BSP deputy governor Chuchi G. Fonacier and CIMB Group chairman Datuk Mohd Nasir Ahmad.

“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. Internet and mobile penetration in the Philippines remains one of the highest in the world, a clear sign of the progressive and modern society we hope to serve,” said Effendy Shahul Hamid, CEO of Group Ventures and Partnerships at CIMB Group.

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.”

CIMB Philippines’ 8,000 merchant partners include 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.

CIMB Philippines’ retail banking convenience is powered by the OCTO app, which can be downloaded from the Apple App store or Google Play.

To cater to those who want to really start preparing for what’s ahead and save for the future, CIMB Bank also offers the UpSave Account, which allows greater savings with its high interest rate of 2% per annum (8x higher than other banks).

In conjunction with the launch of CIMB Philippines, the bank also announced that it had received regulatory approval from the Securities and Exchange Commission for its investment banking joint-venture in the country, CIMB Bancom.

On this, Shahul Hamid said, “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.”

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