CIMB Bank Philippines is ramping up its efforts to serve the country’s underserved micro, small, and medium enterprises (MSMEs) with the launch of CIMB Biz, a digital banking solution tailored for entrepreneurs and online sellers.
The new platform aims to expand financial inclusion in a sector that comprises over 99% of businesses in the Philippines, according to a 2023 report by the Department of Trade and Industry.
Despite their outsized contribution to the economy, many MSMEs still lack access to basic financial services, a gap CIMB says it is positioning itself to fill.
CIMB Biz offers MSME clients a high-yield deposit rate of 4% per annum with no cap, alongside up to 10 free Instapay transfers per day, capped at ₱150,000, and free PESONet transfers up to ₱500,000 daily.
Entrepreneurs who open a MaxSave deposit account can also earn an additional 0.5% annual interest.
The product is currently available by invitation to existing depositors but will be rolled out to the public in the coming months.
CIMB Biz users also gain access to the bank’s full suite of digital services through its mobile app, including fee-free bill payments, virtual debit cards, and features like a goal tracker and remittance capabilities.
With close to 10 million users, CIMB was named Best Digital Bank in the country by The Asian Banker.
