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January 31, 2019

CIMB launches digital bank in Philippines

Malaysian lender CIMB Bank has formally began banking operations in the Philippines, with an aim to become an all-digital and mobile-first bank in the country.

The new entity, trading as CIMB Bank Philippines, has 8,000 customer touchpoints. Among its partners are 7-Eleven and DragonPay.

CIMB Group Ventures and Partnerships group CEO Effendy Shahul Hamid said: “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.”

CIMB Bank Visa-powered debit card facilitates withdrawals at 20,000 Bancnet, Visa and Visa Plus ATMs in the nation alongside two million Visa and Visa Plus ATMs globally.

CIMB Philippines CEO Vijay Manoharan said: “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.”

At the same time, CIMB secured the regulatory nod for its investment banking joint-venture in the Philippines.

The joint venture will operate under the name CIMB Bancom Capital.

Kuala Lumpur-based CIMB has a significant presence across ASEAN. It also operates in China, Hong Kong, India, Sri Lanka, Korea, US, and the UK.

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