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CIMB Bank Philippines wins award

Komfie Manalo

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The Global Banking & Finance Review has recognized CIMB Bank Philippines' digitization initiatives.

CIMB Bank Philippines was named “Best Digital Bank Philippines 2020” by the Global Banking & Finance Review in recognition for its innovation and market leadership in digital banking.

The award winners were selected by a distinguished panel of judges based on the following  criteria: innovative use of digital banking in place of traditional banks, investments in digital banking technology, development of digital applications, infrastructure for its digital banking platform, and exceptional user experience.

The Global Banking & Finance Review considered CIMB Bank Philippines on its own merit without the bank having submitted itself as a potential award candidate.

“CIMB Bank Philippines is leading the way in banking innovation,” Editor of Global Banking & Finance Review Wanda Rich said. “It is easy to see why over 2 million Filipinos have chosen them as their bank.”

The multi-awarded bank has already signed more than 2 million clients since its launch in December 2018 and is set to double its customer base by year-end to hit its target of four million users. CIMB Bank Chief Executive Officer Vijay Manoharan attributes this growth to the continuous enhancements in their product offerings and establishment of new strategic alliances.

Manoharan shared that future plans for CIMB Bank include the formation of partnerships in the e-commerce, travel, transportation, and fast-moving consumer goods (FMCG) industries as they continue to provide added-value to their customers through widely-accessible safe and secure banking services

In building the CIMB Bank’s platform banking model, they are also exploring the expansion of their services to other segments outside of retail banking.

Clients are given the permanent upgrade of as high as 4.1% per annum interest rate with no conditions— that is 4.1% on their GSave Account and 4% on their UpSave account offering. This rate is 1600% higher than other major banks in the country.

In line with CIMB Bank’s goal of giving Filipinos the opportunity to seize life’s moments, the CIMB Personal Loans product enables consumers to have a seamless, fast, and secure loan application with no face-to-face interactions, zero processing fees, and zero settlement fees.

“We are humbled by this recognition and are grateful for being seen as the Best Digital Bank in the Philippines this year,” Manoharan said. He added, “We remain steadfast in providing the Philippine market the digital banking solutions it needs. We are here to change the banking landscape and to ensure that every Filipino has access to banking services. We look forward to continuing our efforts in servicing them.”

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