CIMB BANK Philippines registered nearly five million users at end-September as it targets to boost financial inclusion in the Philippines, it said in a statement.
Among these clients, nearly one million have tapped the bank for their lending needs, it said in a statement on Thursday.
CIMB has so far disbursed P9.3 billion in financing as of end-September, surging by 12 times from the amount it lent in same period in 2020.
Meanwhile, its deposits climbed by more than three times to P62 billion at end-September from a year ago.
“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,” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said in a statement.
Amid the rise of digital transactions during the pandemic, the gross transaction value facilitated by the lender reached more than P142 billion as of end-September, surging by more than four times from a year earlier.
As it looks to diversify its offerings, CIMB recently launched REVI credit, which provides borrowers with up to P250,000 in credit. It is currently available to selected clients but will soon be an option for all accounts, the bank said.
Clients can tap REVI credit to pay bills, withdraw cash, and shop online. It will also allow customers to convert their credit line into cash or a term loan.
Mr. Manoharan earlier said they are eyeing to launch more offerings that include insurance and investment products as their lending business is already “at scale.”
The bank started operating in the country in 2019, prior to the release of the central bank’s digital banking framework which was unveiled in 2020. It offers all of its services, starting from account opening, through its app.
CIMB’s total assets stood at P17.843 billion at end-June, based on central bank data. — L.W.T. Noble