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CIMB Group of Malaysia launches first all-digital bank in PH

CIMB Group, Malaysia’s second-largest financial services provider and one of Southeast Asia leading universal banking groups, launched Tuesday the CIMB Bank Philippines as the country’s first all-digital and mobile-first bank.

Effendy Shahul Hamid, chief executive of Group Ventures and Partnerships at CIMB Group, said this development “completes CIMB’s operating footprint in Asean and we look forward to bringing a truly differentiated and digital proposition to the market,”

“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,” Hamid said at the launching ceremony in Bonifacio Global City, Taguig.

The launch was attended by Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier and CIMB Group chairman Datuk Mohd Nasir Ahmad.

CIMB Philippines chief executive Vijay Manoharan said the bank aimed to provide a new banking experience for Filipinos. 

“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,” Manoharan said.

CIMB Philippines teamed up with 8,000 merchant partners including 7-Eleven and DragonPay, both known for their convenient deposit, withdrawal, and payments touch points. 

The CIMB Bank VISA-powered Debit Card are accepted at any of the 20,000 Bancnet, Visa and Visa Plus automatic teller machines nationwide and two million Visa and Visa Plus ATMs worldwide.

CIMB also announced that it had received regulatory approval from the Securities and Exchange Commission of the Philippines for its investment banking joint-venture in the country, CIMB Bancom Capital Corp.

Hamid said CIMB Bancom aimed to deliver value-added advisory and cross-border capital market services to Philippine corporates looking to expand and grow across Asean and capitalize on CIMB’s strong presence in the region to originate inbound deals to the Philippines.

CIMB Group offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. 

Headquartered in Kuala Lumpur, the group is now present in nine out of 10 Asean nations.  Beyond Asean, the group also has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US, and the UK.

CIMB Group had the most extensive retail branch network in Asean of around 850 branches as of Dec. 31, 2017. 

Topics: CIMB Group , CIMB Bank Philippines , Effendy Shahul Hamid , Group Ventures and Partnerships , Bangko Sentral ng Pilipinas

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