CIMB Bank Philippines was awarded Best Digital Bank and Best Digital KYC and Account Opening Initiative, Application or Programme at The Philippine Awards 2019

• Providing Filipinos with a unique frictionless digital banking experience
• Over 1 million customers in just 10 months
• The first bank to offer Filipinos a complete end-to-end digital account opening and loan approval without any branch visit 

Manila, 10 October 2019  - CIMB Bank Philippines received Best Digital Bank and Best Digital KYC and Account Opening Initiative, Application or Programme at The Asian Banker Philippine Awards 2019. The awards ceremony was held in conjunction with The Asian Banker Finance Philippines, the foremost annual meeting for decision makers in the financial services industry in the Philippines, held on 10^th October at Shangri-La at the Fort, Manila.

Providing Filipinos with a unique frictionless digital banking experience

Launched to the public early this year with a goal of bringing a unique and differentiated digital banking experience to Filipinos, CIMB Bank Philippines has rapidly expanded its offerings and has established itself as the Philippines’ digital banking market leader. To illustrate, CIMB Bank Philippines is able to provide Filipinos with their unique and frictionless digital banking experience through 10 minutes hassle free account opening, zero minimum balance, zero transaction fees and best in market savings interest rates. To wit, CIMB Bank Philippines is setting a new benchmark in digital banking and is now poised to be the fastest growing bank in ASEAN.

Representatives of CIMB Bank Philippines with Mr. Boon Ping Foo, Dr. Faith Masekesa and Mr. Wilson Chia of The Asian Banker

Over 1 million customers in just 10 months

CIMB Bank Philippines user base has crossed 1 million new customers within a span of ten months from launch (as of October 2019). 40% of these customers are first time to bank, thus helping more Filipinos to access the formal banking system and further promote financial inclusion in the country – and all that with zero sales force. To execute, CIMB Bank Philippines provides its customers over 8,000 physical locations to transact with cash in and cash out transactions including 7-eleven convenient stores, Bayad payment centers, DragonPay locations and use of more than 25,000 ATMS for free nationwide. What’s more is that customer service call centre is accessible 24/7.

The first bank to offer Filipinos a complete end-to-end digital account opening and loan approval without any branch visit

CIMB Bank Philippines became the first bank in the Philippines to allow customers to apply and open a comprehensive savings account and a personal loan account completely online in in a matter of minutes, supported by optical character recognition technology (OCR), facial recognition and machine learning authentication and highest level of security standards to provide customer a safe and secured banking experience. To open a savings account, customers can choose from up to eight national identity cards to be uploaded. After registration, the account, which requires no minimum balances, can be immediately funded. The savings account also comes with a VISA debit card and with a savings interest rate of up to 4.0%. Most recently, CIMB Bank Philippines launched its personal loan account with a maximum loan amount of up to P1,000,000, where customers can get initial approval in as fast as 10 minutes.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

For further information, you may get in touch with:

Mr. Alfred Labicassi
The Asian Banker
Email: alabicassi@theasianbanker.com