KUALA LUMPUR: CIMB Group Holdings Bhd has officially made its banking presence in the Philippines, hoping to be the nation’s first all-digital and mobile-first bank that makes banking simpler, more convenient and truly hassle-free.
CIMB Group Ventures and Partnerships group chief executive officer Effendy Shahul Hamid said this completes CIMB’s operating footprint in Asean.
It looks 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,” he said in a statement.
CIMB Philippines chief executive officer Vijay Manoharan said: “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.”
By offering most of its products via the OCTO app securely, he said the bank was offering the next-level any day, any time convenience for our customers by enabling them to effectively “carry” its bank branch in the palm of their hands.
CIMB Philippines’ partners include 7-Eleven and DragonPay, with a total of 8,000 convenient customer touchpoints nationwide.
The CIMB Bank VISA-powered Debit Card is accepted at any of the 20,000 Bancnet, VISA, and VISA Plus Automatic Teller Machine nationwide and two million VISA and VISA Plus ATMs worldwide.
To cater to those who want to really start preparing for what’s ahead and save for the future, CIMB Bank offers the UpSave Account, which allows greater savings with its high interest rate of two per cent per annum, eight times higher than other banks.
The OCTO app can be downloaded from the Apple App store or Google Play.
In conjunction with the launch of CIMB Philippines, CIMB 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.