Mindanao Times

Bank accelerate­s access to digital, mobile platform


MANILA—One in three accounts opened with the country’s “fastestgro­wing digital bank” are for customers new to banking.

Since starting operations in December 2018, CIMB Bank Philippine­s

has signed on about 2 million Filipino clients, 30% of whom were found to be new to banking. CIMB Bank Philippine­s is the CIMB Group’s first all-digital, mobile-first banking model within the ASEAN region.

“Our all-digital banking platform was designed to bring banking to more Filipinos, who otherwise may not have been able to access formal banking services,” said CIMB Bank Philippine­s Chief Executive Officer Vijay Manoharan.

“We are happy to be part of the Philippine administra­tion’s push to substantia­lly increase the number of Filipinos with bank accounts.”

In a July 2019 forum, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said, “Right now, 35% of the population have formal accounts and we want to achieve 70% in 2023. That is our target.”

Recognizin­g CIMB Bank Philippine­s’s efforts, Internatio­nal Finance Magazine recently named the bank the “Fastest-Growing Digital Bank” in the Philippine­s at the 2019 Internatio­nal Finance Awards held last January 31 at the Waldorf Astoria in Bangkok, Thailand.

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.

Apart from giving customers easier access to their money, CIMB Bank Philippine­s also provides Filipinos with product offerings that fit their flexible lifestyles, such as bestin-market savings interest rates of 4% per annum, free 2-million insurance benefit, a VISA payWave debit card can be used in over 25,000 ATM machines for free, and 10-minute approval response for personal loans up to 1 million.

In line with their goal of bringing more Filipinos towards financial inclusion, the country’s first alldigital, mobile-first bank aims to continue growing their customer base with a target of 3.5 million sign ups by 2020 and expand their reach through more strategic partnershi­ps in their second year of operations.

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