Malaysia’s CIMB expands to the Philippines with nation’s first ‘all-digital’ bank

Datuk Mohd Nasir Ahmad, chairman, CIMB Group (centre left) and Chuchi G. Fonacier, Deputy Governor, Bangko Sentral ng Pilipinas (BSP, centre right); with (from left to right), Paolo Azurin, CEO, CIMB Bancom Capital Corp; Gurdip Singh, Group Chief Strategy and Design Officer, CIMB Group; Effendy Shahul Hamid, CEO, Group Ventures and Partnerships, CIMB Group; and Vijay Manoharan, CEO, CIMB Philippines at the formal launch of CIMB’s banking presence in the Philippines.

CIMB Bank has set foot in the Philippines by launching an all-digital bank, with the goal of being the nation’s first all-digital and mobile-first bank.

Speaking at the launch event in Manila on Tuesday (Jan 29), Effendy Shahul Hamid, CEO of CIMB Group’s group ventures and partnerships, said the launch completes the group’s operating footprint in ASEAN

“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,” he said.

CEO of CIMB Philippines Vijay Manoharan, said customers will use the bank’s services digitally, via a mobile app called OCTO.

“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,” he said.

CIMB Philippines’ partners include 7-Eleven and DragonPay, with a total of 8,000 convenient customer touchpoints nationwide.

The bank said that ts UpSave Account comes with an interest rate of 2 per cent, which is eight times higher than existing plans offered by competitors.

At the same time, CIMB said it had also received regulatory approval from the Securities and Exchange Commission of the Philippines for CIMB Bancom Capital Corporation, an investment banking joint-venture.