CIMB Group, the Malaysia-based parent company of CIMB Bank Philippines — hailed as the country’s Best Digital Bank by The Asian Banker — is reinforcing its growth strategy across Southeast Asia where it operates in seven markets by playing to its strengths in individual markets, rather than taking a one-size-fits-all approach.
Speaking at the Bank’s media day held recently in Kuala Lumpur, CIMB Group CEO Novan Amirudin emphasized the importance of being a niche player in each of the ASEAN countries where the Group has operations.
“We’re looking at sharpening our focus in each market as a niche player, rather than trying to be a more universal player,” Novan said.
In the Philippines, CIMB operates as a fully licensed digital-only commercial bank, delivering financial services through mobile platforms. Vietnam is the only other market where CIMB is fully digital.
CIMB Bank Philippines has pioneered embedded banking in the country, partnering with major e-commerce platforms to expand its reach and grow its customer base faster. As of this writing, CIMB counts almost 10 million Filipinos as its customers, amassed in six years of operations here in the archipelago.
Novan shared that about 1 to 2 percent of the Bank’s capital has been invested in building up its digital banking capabilities in the Philippines and Vietnam, giving it the freedom to innovate at pace with an impact that goes far beyond scale. “We’ve learned how to operate and expand digitally — from internal processes to digital customer acquisition — and these lessons are now shaping how we digitize the entire CIMB Group,” he added.
He also explained that by tailoring strategies to the unique conditions of each market, CIMB is able to allocate its resources more effectively, especially in uncertain economic environments. “If we cannot play a meaningful role in a market, we need to find a different way to contribute — whether to customers or to society,” he said.
Vijay Manoharan, CEO of CIMB Bank Philippines, echoes the same sentiment. “Our strategic partnerships give us the legs to scale faster than we could ever have imagined. Now, we have expanded to various segments so we can further customize our offerings so that they become more meaningful to MSMEs, mass affluent, overseas Filipinos, and more.
“Soon, we will be able to offer our customers a way to invest in stocks through our app, to enjoy rewards whenever they use the app, and for CIMB to be a part of our customers’ daily lives,” Manoharan continued.
CIMB is currently the most awarded digital-only commercial bank in the Philippines, with over 150 international accolades including the #1 Bank in the Philippines in Forbes’ 2023 World’s Best Banks ranking, and #41 in the World’s Top 100 Digital Banks and the Best Digital Bank in the Philippines for 2025 by The Asian Banker.
