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April 21, 2024

Lender seeks partners to reach OFWs, MSMEs

CIMB Bank Philippines Inc. is actively seeking additional partners to provide embedded banking services, aiming to expand its reach to Overseas Filipino Workers (OFWs) and micro-, small- and medium-sized enterprises (MSMEs).

Embedded banking integrates seamless banking services into various platforms and ecosystems, empowering non-banking entities to offer payments, savings, and lending services to digitally savvy Filipino consumers.

The bank plans to introduce more embedded banking partners and unique product features in the future to facilitate easier access for underserved populations, such as OFWs and MSMEs, aligning with its goal of enabling financial inclusion.

This initiative builds upon CIMB Bank Philippines’ pioneering role in ecosystem collaborations, exemplified by partnerships like “CIMB GSave” with GCash operator G-Xchange Inc., offering high savings rates and digital revolving credit lines.