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CIMB Bank Philippines sees big jump in value of digital transactions

CIMB Bank Philippines said on Thursday that the gross transaction value of its digital transactions in the first nine months of this year reached more than PHP 142 billion, 323% more versus the same period last year.

In a press release, the bank said it has also onboarded close to 5 million customers to date and has almost 1 million lending customers in its portfolio. It added that the results reinforce its role in driving financial inclusion and to contribute to the the Bangko Sentral ng Pilipinas’ (BSP) digitalization goal for the country.

As the pandemic continually reshapes various aspects of daily life – including banking – CIMB Bank Philippines said it continues to make banking easier and more accessible to all Filipinos. It has seen significant growths across multiple categories versus the same period last year. Deposits increased by 247% to more than PHP 62 billion, while loan disbursements soared by around 1100% to PHP 9.3 billion.

“The driving force behind everything we do in CIMB has always been to provide Filipinos real value and accessible financial solutions that enable them to provide more for their themselves and their families. As pioneers in digital banking in the Philippines, we are very pleased to be the leader in support of BSP’s financial inclusion agenda and to move banking to digital in the Philippines in a big way. We are also humbled with the overwhelming loyalty of our customers over the two years we have been in operations,” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan shared.

“This inspires us to work harder and continuously deliver innovative solutions for Filipinos, especially to those who remain unbanked and underserved,” he added.

True to this commitment, CIMB Bank Philippines has also recently released a new credit offering which is the first in market: REVI Credit, the first all-in-one, all-digital, and on- demand credit product in the country. Through REVI, Filipinos can have a credit line of up to PHP 250,000, which they can use to pay bills, withdraw cash, and shop online. Most notably, REVI lets customers instantly convert their credit line into cash or a term loan, which they can pay for in flexible terms and at low interest rates. At launch, REVI is only available for selected CIMB Bank Philippines customers, but it will be available to all CIMB customers in the coming months.

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