CIMB just announced its formal expansion into the Philippines, and seemingly taking advantage of the blank slate there to launch an all-digital and mobile-first bank.
The strategy to go fully digital seems to be favoured by banks that are entering foreign markets in lieu of heavy investments into branch networks — a space that new entrants are often unable to compete with local incumbents. The same strategy was also applied by the bank last month in Vietnam
At the launch, Effendy Shahul Hamid, CEO of Group Ventures and Partnerships, CIMB Group said:
“This completes CIMB’s operating footprint in ASEAN and we look 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.”
CIMB will be offering their digital banking services via the OCTO app, meaning that the bank’s offerings can be accessed round-the-clock without the need to adhere to operating-hours or holidays. The goal is to enable Filipinos to effectively ‘carry’ a bank branch in the palm of their hands.
For banking-related matters that require a more physical touch, CIMB Philippines’ partners include 7-Eleven and DragonPay, with a total of 8,000 customer touchpoints nationwide. The bank card is also Visa-powered.
In a previous interview with CIMB’s former Chief Fintech Officer told Fintech News Malaysia that CIMB may consider similar roll-out in Malaysia after Vietnam and Philippines.
The OCTO app is currently available to Phillippines users via both the Apple App store and Google Play.
Featured image via CIMB