CIMB Bank Philippines, a leading digital bank, has introduced CIMB Biz, a new segment aimed at providing micro, small and medium enterprises (MSMEs) and online entrepreneurs with banking services to help them expand their businesses.
MSMEs are crucial to the economy, making up over 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 these businesses is more critical than ever. Many of these hardworking Filipinos, who drive the economy, still lack access to the necessary banking services and solutions to grow.
CIMB Bank Philippines aims to address this gap. The bank previously disrupted the retail consumer market by pioneering end-to-end digital banking and now serves close to 10 million customers. With CIMB Biz, it seeks to meet the needs of MSME owners and online entrepreneurs by offering banking services designed for smarter business growth.
With CIMB Biz, customers can receive an exclusive 4-percent annual deposit interest rate on their savings accounts with no cap. They also benefit from up to 10 free InstaPay transfers daily, capped at P150,000 and free PESONet transfers capped at P500,000 per day. Entrepreneurs can also earn an extra 0.5-percent annual interest on top of prevailing rates when opening a MaxSave deposit account, the bank said.
It said CIMB Biz account holders also gain access to the full suite of digital banking products and services available on the CIMB Bank PH mobile app. These include bills payments with zero service fees, a free virtual debit card, the “Own My Goals!” milestone tracker, and remittance services, among others. The bank plans to introduce additional features soon.
Through the new CIMB Biz segment, CIMB Bank PH said it continues its mission to provide accessible financial solutions to Filipinos.
CIMB Biz is by invitation only for existing deposit customers, but it will open for public application in the coming months to help more MSMEs manage their finances more effectively, the bank said.
