CIMB’s Virtual Bank in Philippines Secures Half a Million Customers in 6 Monthsby Fintech News Malaysia August 14, 2019
CIMB announced that its virtual bank that was launched earlier this year have secured 500,000 customers, approximately six months after opening its doors for business in the Philippines.
The all-digital, mobile first bank is part of CIMB’s strategy in penetrating new markets, in late 2018 CIMB also launched their virtual bank in Vietnam. CIMB has also indicated that they are open to pursue Malaysia’s virtual banking license once the framework is ready.
Their media statement attributed the strong uptake of their services thanks to a partnership forged between CIMB and Gcash ,an e-payments platform owned by Mynt who in turn owned by Globe Telecom, Ayala Corporation and Jack Ma’s Ant Financial.
Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group who was in Manila to celebrate this milestone said,
“CIMB Bank PH is surely one of the fastest growing banks in ASEAN, a wonderful achievement, and a strong testament of what can be achieved in the regime of digital-only banks. We are motivated by this and will continue to innovate for our customers. Well done to the teams.”
In line with this, CIMB Bank PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform. The companies also said they will be working together to make added suites of financial services products available to GCash customers in the future. These services will be announced in due course.
“The partnership with GCash was central to us achieving this milestone. It is a live case study of a bank-tech partnership, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to having CIMB Philippines develop more propositions with GCash as we further establish ourselves in the Philippines.”
Anthony Thomas, President and Chief Executive Officer of GCash affirmed its shared mission with CIMB Bank to increase accessibility of financial products and services for all Filipinos.
“The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. We welcome this achievement and the deepening of our collaboration with CIMB Bank, and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.”