Chinabank’s 103 years of innovation beyond tradition
In a fascinating blend of tradition and innovation spanning a remarkable century, Chinabank’s rich history resonates with ingenuity and timeless values. From its humble beginnings to its current position as the fourthlargest private domestic bank in the Philippines, Chinabank’s story unfolds as a dynamic journey marked by evolution, resilience, and an unwavering commitment to ethical banking principles.
Celebrating 103 years of success, Chinabank stands as a testament to enduring relationships, purposeful innovation, and responsive and responsible operations. With a network spanning over 640 branches nationwide, complemented by more than 1,060 ATMs and 24/7 digital banking channels, forward-thinking leaders and a workforce of nearly 10,400 dedicated professionals, the bank has built a solid reputation of trustworthiness, reliability, and adaptability. Under one of the most testing conditions in the world’s history, the COVID-19 pandemic, Chinabank remained financially strong and resilient, earning the Asset’s recognition as the Best Bank in the Philippines in 2021.
Championing good governance
Good corporate governance is a cornerstone of Chinabank’s success and resilience. The founders and the succession of leaders committed to doing right by the bank’s stakeholders, no matter the circumstances. This beyond compliance approach to governance has earned the bank a respected position among the champions of corporate governance in both the Philippines and the ASEAN region.
Chinabank’s adherence to principled banking started with its founding in 1920, when Chinabank opened its doors to serve the underserved Chinese immigrant community in Binondo. Combining Eastern values, particularly the ethos of “Xinyong” or trustworthiness, harmonized with the principles of Western banking, Chinabank ministered understandingly to the credit needs of its customers, building enduring relationships of trust and upholding the spirit and letter of the law.
The bank’s leaders today continue to embrace good corporate governance as a way of life in the culture of Chinabank, with Chairman Hans Sy as the ultimate champion for everyone to follow his lead.
Leading the digital wave
Chinabank is a trailblazer. Its legacy of innovation began as far back as 1969, when it became the first bank in Southeast Asia to process savings and current accounts online. This pioneering spirit continues to drive the bank’s journey, with it embracing digital trends early on, adopting touch screen ATMs that mimic smartphone interfaces, and actively participating in initiatives like QR Ph, InstaPay, and PesoNet.
The bank’s prowess is evident in its solutions. The Chinabank Mobile App earned the title of Mobile Banking Initiative of the Year, while Chinabank Easy Tax was recognized as the Best RegTech Project and Best Digital Business Banking Initiative for Business Customers.
Chinabank continues to make banking more convenient, secure, and inclusive. It recently launched Digital Payments to make it easier for Chinabank Online users to pay for online purchases and bills straight from their account. Last year, Chinabank launched its digital onboarding app Chinabank START, improved Chinabank Mobile App with a UITF Subscribe feature, rolled out a more powerful automated payroll processing solution for corporate customers, Chinabank Payroll 2.0. Meanwhile, its stock brokerage arm introduced ChinabankSec Online, a digital stock trading platform for buying and selling stocks listed on the Philippine Stock Exchange.
This year, retail customers will enjoy greater convenience and security as Chinabank rolls out the omni-channel ChinaBank Digital and beefs up its ATM network with the latest model with bills-in/billsout capability. Meanwhile, business customers will have greater flexibility in managing their cash flow with Chinabank’s improved Corporate Internet Banking Platform, Chinabank SME Super App with Corporate eWallet, and Chinabank 1Pay, an integrated bills payment facility via automatic debit arrangement and autocharge.
Commitment to better the future
Its dedication to environmental, social, and governance (ESG) principles is an embodiment of Chinabank’s forward-looking ethos, demonstrating its resolute commitment to not only its stakeholders but also to the planet we share. Through initiatives that span eco-friendly practices, community development, and responsible financial stewardship, Chinabank’s ESG endeavors extend far beyond a mere corporate obligation–they epitomize a sincere desire to foster positive change. This holistic approach not only strengthens the bank’s position as a responsible financial institution but also infuses its operations with a sense of purpose that extends well beyond balance sheets and profit margins. These principles have become a compass guiding Chinabank towards a sustainable future, where the aspirations of today are harmonized with the needs of tomorrow.
Built on the foundation of trustworthiness, Chinabank’s commitment to ethical and responsible banking stands strong, transcending time and technological shifts.
As Chinabank commemorates 103 years, it doesn’t just reminisce about its history; it reaffirms its dedication to an innovative future while upholding the core value that sets it apart—a century defined by trust.