CIMB Bank Philippines will not seek a digital banking license from the Bangko Sentral ng Pilipinas (BSP), opting instead to enhance its digital banking capabilities using its existing commercial banking license.
The bank believes this approach provides sufficient flexibility to introduce a broader range of financial services and adapt its offerings as market conditions evolve.
As part of a larger banking group with universal bank status in all operating markets, CIMB is positioned to explore various segments of the Philippine financial sector at an appropriate time.
Potential areas for future expansion could include trade financing, wholesale and corporate banking, advisory, and investment banking. For now, CIMB’s strategy focuses on excelling in a specific business segment and ensuring that its operations are efficient and well-integrated.
Cross-border banking remains a key strategy. CIMB leverages its presence in multiple Southeast Asian markets, such as Malaysia, Thailand, Singapore, and Indonesia, to support companies that operate across national boundaries.
It offers an integrated platform for Malaysian firms doing business in the Philippines and vice versa, strengthening regional financial connectivity.
The decision not to pursue a digital banking license comes as the BSP plans to lift its moratorium on the issuance of new licenses beginning January 1, 2025.
Currently, six digital banks operate in the Philippines: Maya Bank, Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UNObank Inc., UnionDigital Bank, and GOtyme Bank.
CIMB remains open to exploring Islamic banking in the future, acknowledging that this niche could represent a growth opportunity.
Although it is not currently a priority, the bank has engaged in preliminary discussions with the BSP to assess the potential market.
In Malaysia, CIMB already offers a full suite of Islamic banking services, including savings accounts, financing options, and bond issuance. The bank is examining how these capabilities could be adapted to the Philippine market, particularly in regions like Mindanao.
By the end of November, CIMB Bank Philippines recorded nearly nine million customers, representing a significant achievement since entering the Philippine market in 2018.
