CIMB launches in the Philippines as an 'all-digital' bank

Clients will be able to to open accounts in 10 minutes through the bank's OCTO app

CIMB Bank Philippines
CIMB Bank

On 29 January, Malaysia's CIMB Bank announced the formal launch of its banking presence in the Philippines and its intention to be the country's "first all-digital and mobile-first bank".

The launch event was held at the Manila House Private Members Club in Bonifacio Global City, Taguig, and it was officiated by BSP Deputy Deputy Governor, Chuchi G Fonacier, and CIMB Group Chairman, Datuk Mohd Nasir Ahmad.

The bank's move stems from the Philippines' high internet and mobile penetration rates, one of the highest globally.

“We are extremely pleased to begin serving customers in the Philippines," said Effendy Shahul Hamid, CEO of Group Ventures and Partnerships at the CIMB Group. "This completes CIMB’s operating footprint in ASEAN and we look forward to bringing a truly differentiated and digital proposition to the market."

According to CIMB, customers in the Philippines will be able to open accounts seamlessly in 10 minutes, without initial deposit or maintaining balance requirements, through CIMB Bank's OCTO app.

“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," said Vijay Manoharan, CEO of CIMB Philippines.

"By offering most of our products via the OCTO app securely, we are offering the next-level any day, any time convenience for our customers by enabling them to effectively ‘carry’ our bank branch in the palm of their hands,” he added.

Photo caption: Datuk Mohd Nasir Ahmad, Chairman, CIMB Group (centre left) and Chuchi G Fonacier, Deputy Governor, Bangko Sentral ng Pilipinas (BSP, centre right); with (from L-R), Paolo Azurin, CEO, CIMB Bancom Capital Corp; Gurdip Singh, Group Chief Strategy and Design Officer, CIMB Group; Effendy Shahul Hamid, CEO, Group Ventures and Partnerships, CIMB Group; and Vijay Manoharan, CEO, CIMB Philippines, after the announcement of the formal launch of CIMB’s banking presence in the Philippines in Manila on 29 January 2019.