CIMB Bank Named 'Best New Digital Bank in the Philippines' by U.K.-Based Finance Magazine

U.K.-based International Finance magazine has named CIMB Bank Philippines the ‘Best New Digital Bank in the Philippines’ in 2020.

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CIMB is an Malaysian bank with a strong presence in Southeast Asian economies, with CIMB Bank Philippines opening in December of 2018. In less than two years, the digital bank has already amassed 2.3 million clients nationwide.

International Finance based its recognition on a number of factors, namely marketing, growth, products, technology, website, and user interface.

“We want to bring formal banking services, which provide real value at no cost to all Filipinos anytime, anywhere,” said Vijay Manoharan, CEO of CIMB Bank Philippines. “Banking should be fast, simple and convenient where Filipinos wouldn’t be needing a physical bank branch. This recent pandemic as an eye opener, has further shown the way to go all digital as we see further demand in digital banking.”

Nationwide quarantine has seen a boom in digital banking in the last three months, with digital local banks like CIMB at the forefront of the new interest in a cashless society.

CIMB is one of only a handful of digital banks and financial services in the country, with the others being ING, GCash, Paymaya, Unionbank, among others.