MANILA -- Digital-only commercial bank CIMB Bank is targeting 10 million customers in the Philippines this 2025. This is after it reached 9 million customers in 2024 or just six years after it opened in the country.

CIMB Bank Philippines CEO Vijay Manoharan said they are very confident of the Philippine market and they have a goal of having one million new customers per year. Manoharan said they will offer products and services geared towards some sectors in the country like the Oversea s Filipino Workers (OFWs) and small and medium scale enterprises (SMEs).

“We already launched our CIMB Kababayan offering. OFWs from over 20 countries can open a CIMB savings account. That’s a start and we intend to build and grow on that,” he said.

Manoharan added that they are happy with their partnerships with various institutions like GCash, SeaMoney, and Lazada Philippines. He said that while they are currently operating as a fully digital bank under a commercial bank license, there are no plans yet to seek a digital bank license with the Bangko Sentral ng Pilipinas.

CIMB is also pushing for cashless payments with the launch of its improved mobile application. The app now offers QRPH payments which can be used nationwide.

“We want to drive this whole agenda of going cashless. And we feel strongly that our app, the new features we’re launching, We’ve just launched our CIMB Pay QRPH that would help consumers now you can pay across over one million point of sales,” he said.

CIMB now has nearly 4 million loan customers and in 2024, it recorded a profit before tax growth that is 45 times higher than 2023, surpassing P800 billion in transactions. CIMB Bank Philippines is part of Malaysia’s CIMB Group, the 5th largest bank in ASEAN.