CIMB Bank in Manila, a pioneer in digital-only banking, is celebrating its sixth anniversary this December, marking a year of growth and innovative strides in the local banking landscape. The lender reported P4 billion in deposits added just one month after the launch of its “Stronger@6” deposit program offering 25 percent annual interest that highlights its goal of boosting its presence and impact in the Philippines. It has attracted over 8.5 million depositors and serves the needs of 3.5 million borrowers thus far.
The bank’s deposit growth also highlights the importance of competitive deposit rates in attracting Filipino customers, as well as CIMB’s ability to adapt to their evolving financial needs. Traditional or so-called legacy banks typically offer interest returns of a fraction of a percent, or a low number at most, based on Bangko Sentral ng Pilipinas data. CIMB’s introduction of the Stronger@6 savings initiative reflects a larger trend of the bank’s focus on providing value-driven products that resonate with diverse customer segments.
Throughout 2024, CIMB expanded its product suite with offerings aimed at underserved markets, such as the MaxSave Time Deposit launched in January, which provides customers with flexible tenure options, and the CIMB Kababayan savings account launched in October, designed specifically for overseas Filipinos. Both products reflect the bank’s goal of fostering financial inclusion and expanding its reach among critical demographics.
Partnerships have also played a key role in CIMB’s progress. In early 2024, the bank became the newest partner powering Lazada’s LazPayLater, a buy-now-pay-later product, and launched LazSave, an all-digital savings account accessible via the Lazada app in November. These collaborations underscore CIMB’s strategy of integrating with leading e-commerce platforms to deliver seamless, user-friendly financial services directly to consumers’ smartphones.
CIMB also strengthened its commitment to financial inclusion with corporate social responsibility (CSR) initiatives. In partnership with Gawad Kalinga (GK), the bank supported livelihood training for employees at Tambayani Cafe and GK residents in Cavite. CIMB also partnered with Communities Organized for Resource Allocation (CORA) to help former trash pickers open their first CIMB accounts, empowering them to take their first steps toward financial freedom.
Additionally, CIMB launched the Pinoy Mavericks Awards, which honors Filipinos who have triumphed over adversity, celebrating remarkable individuals who have defied the odds and paved the way for others.
Looking toward 2025, CIMB plans to expand its footprint ,even further focusing on new customer segments, including overseas Filipinos, MSMEs, and the mass affluent. New innovations are also on the horizon, including cashless QR payments, insurance offerings, and secured lending.
CIMB said it will continue to build partnerships with digital remittance providers, share trading platforms, and merchant reward programs to enhance its ecosystem and provide customers with a broader range of services.
