CIMB Group, the Malaysia-based parent company of CIMB Bank Philippines, is refining its growth strategy across Southeast Asia by focusing on niche roles in individual markets rather than pursuing a uniform approach across the region.
Speaking at the bank’s recent media day in Kuala Lumpur, CIMB Group CEO Novan Amirudin said the company is concentrating on specific strengths in each of the seven Asean markets where it operates.
“We’re looking at sharpening our focus in each market as a niche player, rather than trying to be a more universal player,” Novan said.
In the Philippines, CIMB operates as a fully licensed digital-only commercial bank, providing financial services through mobile platforms. Vietnam is the only other market where CIMB operates fully digitally.
CIMB Bank Philippines has developed embedded banking services in partnership with major e-commerce platforms to expand its reach. The bank currently has close to 10 million customers after six years of operations in the country.
Novan said about 1 to 2 percent of the bank’s capital has been invested in building digital banking capabilities in the Philippines and Vietnam. The experience gained in these markets, he added, is guiding the group’s broader digital transformation.
He also noted that adapting strategies to local conditions allows CIMB to allocate resources more effectively, particularly in uncertain economic climates.
“If we cannot play a meaningful role in a market, we need to find a different way to contribute — whether to customers or to society,” he said.
Vijay Manoharan, CEO of CIMB Bank Philippines, said the bank’s partnerships have helped it expand into more customer segments, including micro, small, and medium enterprises (MSMEs), mass affluent clients, and overseas Filipinos.
Manoharan said upcoming features in the CIMB mobile app will include stock investment options, rewards for app usage, and services aimed at becoming part of customers’ daily transactions.
