CIMB furthers PHL financial inclusion

CIMB Bank has been steadfast in adopting the latest technologies to present the best banking solutions to their customers.

With the intention to further financial inclusion in the country, CIMB Bank Philippines partnered with Singapore-based financial technology (fintech) firm CredoLab to capture as much of the underbanked as the partners can.

CIMB Bank Philippines CEO Vijay Manoharan said the partnership reflects their unending search for ways to better serve their banking clients while advancing financial inclusion.

“As an all-digital bank, we are continuously looking for ways to improve the banking experience for our customers,” Manoharan said.

“With CredoLab, we are now focusing on making our application and underwriting process more efficient so that we extend credit to a broader market without compromising our cost of risk,” he added.

With the partnership in place, thin-file Filipinos, or those with insufficient credit bureau data, may now secure personal loans faster as the fintech’s so-called CredoApp will handle CIMB’s client assessment for this group of borrowers. Approvals can then be learned in 10 minutes more or less.

In this manner, the partners reach more Filipinos and give them the access to formal credit in a more efficient manner.

CredoLab CEO and co-founder Peter Barcak expressed his satisfaction with the partnership and noted the CIMB’s untiring effort to optimize its digital footprint.

“CIMB Bank has been steadfast in adopting the latest technologies to present the best banking solutions to their customers. We are delighted that through our plug and play solution that complements and boosts their existing processes, we are powering CIMB Bank Philippines’ latest efforts in driving financial inclusion by providing credit to those who lack a traditional credit background,” Barcak said.

He also said the business looks forward to growing its client base at a fast pace and bared processing over a thousand applicants in less than 10 minutes with just a few of the traditional data requirement.

Earlier, the Bangko Sentral ng Pilipinas targets 20 percent of all financial transactions at present shifting to the digital domain and for the Philippines to go full digital and cashless by 2020.