THE Philippine subsidiary of CIMB Group Holdings Berhad credits its digital banking model to have enticed about 600,000 of its clients.
In a statement issued on January 31, CIMB Bank Philippines Inc. said since starting operations in December 2018, it has signed on about two million Filipino clients, 30 percent 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 Association of Southeast Asian Nations (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,” CIMB Bank Philippines CEO Vijay Manoharan was quoted in the statement as saying.
“We are happy to be part of the Philippine administration’s push to substantially increase the number of Filipinos with bank accounts,” Manoharan said.
Manoharan cited the statement by Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno in a forum last year. He quoted Diokno as saying that monetary authorities want to see 70 percent of the population to have formal bank accounts.
“Right now, 35 percent of the population have formal accounts and we want to achieve 70 percent in 2023,” Diokno was said to have told forum participants. “That is our target.”
CIMB Bank Philippines said its efforts gained accolade as it was named the “Fastest-Growing Digital Bank” in the Philippines by a magazine.
Manoharan credits such award 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, according to Manoharan.
In line with their goal of bringing more Filipinos towards financial inclusion, the country’s first all-digital, 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.