Why the Philippines is ready for all-digital banking

ABS-CBN News

Posted at Jan 30 2019 09:02 AM

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MANILA -- Young Filipinos who prefer to manage their finances on their smartphones will drive mobile banking growth in the Philippines, according to Malaysian lender CIMB, which is piloting its digital-only service in the country.

CIMB hopes its all-digital bank Octo will have 100,000 users by mid-2019, who transact using the app at least once a week, said its Philippines CEO Vijay Manoharan.

The bank has "great ambitions" for growth with just 30 percent of the Philippine's population using formal banking channels.

"The consumers are ready. The consumers are looking for digital banking solutions," Manoharan told ANC's Early Edition.

"The goal is simple. The goal is to come into the country and address the pain points of the consumer," he said.