CIMB expects higher monthly transactions 

CIMB Bank Philippines Inc. is expecting to see an increase in monthly transactions through CIMB Pay, its newly-launched digital payments service, as it expands its reach in the Philippine market, according to a report by BusinessMirror.

CIMB Bank CEO Vijay Manoharan said that while P300 million in monthly transactions can easily be achieved, the lender is aiming for up to P500 million every month.

“That should be where we intend to get ourselves to. Of course now [CIMB Pay is] still new, but it is a realistic [target],” Manoharan said.

In 2024, the Malaysian digital-only bank recorded P800 billion in total transactions. The lender allows customers to pay at over one million QR PH-ready merchants across the Philippines, transfer funds and pay bills in the mobile application.

After gaining nine million customers in just six years, CIMB is now aiming to cross the 10-million mark this year, with at least a million customers using the CIMB Pay daily, Manoharan said.

“We are a foreign bank, but we serve just the everyday local people,” Manoharan noted, adding that 70 percent of its customer base is below 25 years old.

Further, CIMB expects to double its income, although Manoharan did not disclose how much the bank earned in 2024.

“The growth trajectory will still [be] quite strong. As the business matures, we would be able to grow at an aggressive pace,” he added.

CIMB is banking on its new products to be launched and new segments it is entering to boost its earnings.

“We can do a lot more [by] using data and using analytics. We’ll start to offer the right products to the right customers,” Manoharan said.

Last year, CIMB achieved a profit-before-tax growth that is 45 times higher than what it recorded in 2023. Since 2018, the lender disbursed P100 billion in loans.