CIMB onboards 5 million depositors

MANILA, Philippines — The gross transaction value handled by CIMB Bank Philippines surged by 285 percent to P186 billion as of end-November after onboarding five million depositors over the past three years.

Vijay Manoharan, chief executive officer at CIMB Philippines, said the bank continues to support the efforts of the Bangko Sentral ng Pilipinas (BSP) to boost financial inclusion in the country.

To further and continuously drive financial inclusion, the bank aims to strengthen its platform banking model by collaborating with more partners to bring its embedded banking strategy closer to more Filipinos.

“Back when we came to the Philippines, the BSP, through its financial inclusion survey, reported that around 70 percent of Filipinos remain unbanked. In contrast, access to smartphones was over 60 percent,” Manoharan said.

Aside from gathering around five million depositors since its establishment in 2018, CIMB Philippines has also disbursed loans to one million customers.

“We saw this as an opportunity to make banking 100 percent digital, fully mobile, and significantly easier, especially for the underserved and unbanked Filipinos,” Manoharan said

To further and continuously drive financial inclusion, CIMB Philippines further strengthens its platform banking model by collaborating with more partners to bring CIMB’s embedded banking strategy closer to more Filipinos.

The bank has also forged key partnerships with GCash, Lalamove Philippines, among others.

“From improving our processes and systems, strengthening our existing collaborations, and forging new partnerships, we are actively working towards offering an experience that goes beyond banking,” Manoharan said.

CIMB Bank Philippines pioneered 24/7 banking and giving Filipinos a mobile-first banking experience. It also spearheaded the offering of high savings interest rates, no maintaining deposit balance, and zero fees.

On the credit front, the bank, through its personal loans offering, also made lending easy by enabling Filipinos to digitally apply for a personal loan of up to P1 million with just one identification card and one pay slip.

Through its partnership with GCash, CIMB Philippines has also powered GCredit, which enables customers to get a credit line with just one identification card, allowing credit access for the unbanked segment without needing a formal income document.

The bank also recently launched REVI Credit, a first-of-its-kind, on-demand, digital revolving credit line that lets customers pay bills, convert their credit line into cash or a term loan, and soon, shop online on credit and pay for online goods in installments through its Buy Now and Pay Later feature.

“This is all in pursuit of our core purpose – delivering real value through innovation to drive financial inclusion in the country and help more Filipinos turn their dreams into a reality,” Manoharan said.