3 weeks ago
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Digital-only commercial bank CIMB Bank Philippines has set its sights on processing up to P500-million worth of monthly transactions with its brand-new product, CIMB Pay, this year.
Speaking to reporters last Monday, Feb. 17, CIMB Philippines CEO Vijay Manoharan said the digital bank’s monthly transactions for CIMB Pay could range from P300 million to P500 million, noting that the lower end is “easily achievable.”
It translates to attracting at least a million users per month, as Manoharan said potential customers could find CIMB Pay convenient to use.
According to Manoharan, reaching such volume could be easily met, only requiring introduction of CIMB Pay to the masses.
“We like to cross the 10-million [users] mark and that’s going to be our goal [in] 2025,” Manoharan shared, noting that CIMB caters to a diverse customer base, spread across all income levels.
“So we are a foreign bank, but we serve just the everyday local people,” he said.
Age-wise, below 25 years old or young professionals account for around 70 percent of the digital bank’s client base.
When asked about CIMB’s growth trend for this year, Manoharan said he anticipates the bank’s 2024 figures to double in 2025. He added that the bank’s growth trajectory is “still quite strong. And as the business matures, we would be able to grow at an aggressive pace.”
This growth, he said, will be driven by new product launches, expansion into new market segments, and leveraging data analytics.
CIMB recorded P800 billion in total transactions and P100 billion in loan disbursements last year.
CIMB Pay, a feature within the CIMB Bank PH app, enables cashless transactions through the QR Ph network. It allows users to digitally send and receive money as well as pay merchants and billers.
