CIMB rolls out new product for MSMEs

MANILA, Philippines — CIMB Bank Philippines has launched CIMB Biz to boost the access of micro, small and medium enterprises (MSMEs) to banking services and help them grow their businesses.

With CIMB Biz, customers can enjoy an exclusive four percent deposit interest rate per annum on their savings account with no cap.

They can also use up to 10 free InstaPay transfers daily capped at P150,000 and free PESONet transfers capped at P500,000 per day. Plus, entrepreneurs can also earn an additional 0.5 percent interest on top of prevailing rates when opening a MaxSave deposit account.

Alongside these perks, CIMB Biz account holders also have access to the full suite of digital banking products and services offered on the CIMB Bank PH mobile app, such as bills payments with zero service fees, free virtual debit card, Own My Goals! milestone tracker, remittance services, and many more. Additional exciting features coming soon.

With the new CIMB Biz segment, CIMB continues its mission to provide Filipinos with accessible financial solutions that they deserve, so that they can achieve their life goals.

CIMB Biz is currently by invitation only for existing deposit customers but will be open for application to the public in the coming months to help more MSMEs make their money work smarter for their business.

MSMEs make up more than 99 percent of businesses in the Philippines, according to a 2023 report by the Department of Trade and Industry.

Alongside millions of online sellers, financial inclusion for MSMEs has never been more critical.

These hardworking Filipinos drive the economy forward, yet many still lack access to the banking services and solutions they need to grow their business.

The digital-only bank has disrupted the retail consumer landscape by pioneering end-to-end digital banking with close to 10 million customers.