CIMB Bank PH launches new service for MSMEs
CIMB Bank has launched a new service aimed at MSMEs and online entrepreneurs
MANILA, Philippines — CIMB Bank Philippines has launched a new service dubbed CIMB Biz, aimed at owners of micro, small and medium enterprises (MSMEs) as well as online entrepreneurs.
The digital-focused lender said in a statement CIMB Biz is designed to help MSMEs have access to banking services and help them grow their business “in a smarter way.”
With CIMB Biz, customers can enjoy an exclusive 4-percent deposit interest rate per year on their savings account with no cap. They can also use up to 10 free Instapay transfers daily capped at P150,000 and free PESONet transfers capped at P500,000 per day.
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Also, entrepreneurs can earn an additional 0.5-percent interest per year on top of prevailing rates when opening a MaxSave deposit account.
These perks are on top of access to a range of digital banking products and services offered on the CIMB Bank PH mobile app, which is available to the bank’s customers that so far count at 10 million. These include such as bills payments with zero service fees, free virtual debit card, Own My Goals! milestone tracker and remittance services.
Available to non-deposit customers soon
CIMB Biz is currently by invitation only for existing deposit customers. It will be open for application to the public in the coming months.
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CIMB Bank Philippines said it “recognizes this opportunity to help and contribute to MSME financial inclusion, similar to how [we] disrupted the retail consumer landscape by pioneering end-to-end digital banking.”
According to the Department of Trade and Industry, MSMEs make up more than 99 percent of businesses in the country.
“These hardworking Filipinos drive the economy forward, yet many still lack access to the banking services and solutions they need to grow their business,” the bank said. “When micro, small, and medium enterprises (MSMEs) thrive, so does the economy.”
/rwd
