CIMB Group, the Malaysian parent company of CIMB Bank Philippines, is sharpening its growth strategy across Southeast Asia by tailoring its approach to individual markets, rather than applying a one-size-fits-all model.
Speaking at a recent media day in Kuala Lumpur, CIMB Group chief executive Novan Amirudin said the bank is focusing on becoming a niche player in each of the seven ASEAN countries where it operates.
“We’re looking at sharpening our focus in each market as a niche player, rather than trying to be a more universal player,” Amirudin said.
It said that in the Philippines, CIMB operates as a fully licensed digital-only commercial bank, delivering financial services via mobile platforms. Vietnam is the group’s only other fully digital market.
CIMB Bank Philippines has pioneered embedded banking in the country, teaming up with major e-commerce platforms to expand its reach. In its six years of operation, CIMB has amassed nearly 10 million customers in the Philippines.
Amirudin said that 1 percent to 2 percent of the bank’s capital has been invested in building digital banking capabilities in the Philippines and Vietnam, giving it the freedom to innovate at a rapid pace.
“We’ve learned how to operate and expand digitally — from internal processes to digital customer acquisition — and these lessons are now shaping how we digitize the entire CIMB Group,” he said.
He said that by tailoring strategies to the unique conditions of each market, CIMB can allocate resources more effectively, especially in uncertain economic environments. “If we cannot play a meaningful role in a market, we need to find a different way to contribute — whether to customers or to society,” he said.
Vijay Manoharan, chief executive of CIMB Bank Philippines, said strategic partnerships give the bank the legs to scale faster.
“Now, we have expanded to various segments so we can further customize our offerings so that they become more meaningful to MSMEs, mass affluent, overseas Filipinos and more,” said Manoharan.
“Soon, we will be able to offer our customers a way to invest in stocks through our app, to enjoy rewards whenever they use the app and for CIMB to be a part of our customers’ daily lives,” Manoharan said.
CIMB said it has received over 150 international awards in the Philippines, including being named the number-one bank in the country in Forbes’ 2023 World’s Best Banks ranking.
The Asian Banker also named CIMB the Best Digital Bank in the Philippines for 2025 and ranked it 41st in the World’s Top 100 Digital Banks.
