From small, innovative tech startups, trendy third wave coffee shops, to our favorite online sellers, and even our suking tindahan – micro, small, and medium enterprises (MSMEs) can be found everywhere in the country. According to a report by Foxmont Capital Partners and Boston Consulting Group about the economic importance of MSMEs, they determined that MSMEs generate 67% of all employment in the Philippines, contributing up to 40% of national gross domestic product (GDP). However, despite being a significant driving force of the local economy, many of these businesses still lack access to formal banking services and solutions, which can impede their progress.
True to its mission of democratizing financial access, CIMB Bank Philippines, The Asian Banker’s best digital bank in the country, recently launched CIMB Biz, a new segment that supports MSMEs by providing them with better access to formal banking solutions to help them grow their business. Initially by invitation only, all eligible CIMB Bank PH customers can now sign up for CIMB Biz and once approved, can enjoy special offers like an exclusive interest rate of up to 4% per annum (p.a.) on their savings with no cap, higher interest rates on their MaxSave time deposit account, and up to 10 free Instapay fund transfers daily.
Interested customers with active CIMB Bank PH savings accounts can sign up for CIMB Biz directly on the CIMB Bank PH mobile app with just a few taps. They just need to click the CIMB Biz button on the app’s home screen, enter the details of their business, and they’re on their way to becoming a Biz customer. They can start enjoying the special perks tied to this segment upon successful signup. Existing customers who have had previous access to CIMB Biz continue enjoying their perks as usual.
CIMB Biz is one of the ways that CIMB Bank PH continues its longstanding mission to provide Filipinos with accessible financial solutions, specifically for the underserved MSME market. With CIMB Biz, fledgling individual business owners can worry less about growing their capital with the high interest rates on their savings, as well as borrow with dignity should they need funds for infusion.
The award-winning Bank aims to empower more and more entrepreneurs to bank the way they deserve in order to achieve their goals and live their purpose.
Sign up today by simply tapping on the CIMB Biz button on the app dashboard! To know more about CIMB Biz, visit cimbbank.com.ph/biz