CIMB Bank Philippines now offers CIMB Biz, a new service for owners of micro, small, and medium enterprises (MSMEs) and online entrepreneurs. The digital-focused lender said it created the service to help these businesses access banking services and support their growth.
With CIMB Biz, customers can receive a deposit interest rate of 4% per annum on their savings account, with no cap applied. They can also perform up to 10 free Instapay transfers daily with a cap of PHP 150,000, and free PESONet transfers capped at PHP 500,000 per day.
Additionally, entrepreneurs are able to earn an extra 0.5% interest per year when they open a MaxSave deposit account. Additionally, CIMB Bank Philippines offers these features and other digital banking products, including bill payments with zero service fees and a free virtual debit card, through its mobile app.
According to the Department of Trade and Industry, MSMEs constitute more than 99% of businesses in the country.
CIMB noted that while these enterprises are a driving force for the economy, many still lack access to the banking services and solutions they need to grow their business. The bank said it recognises this opportunity to help and contribute to MSME financial inclusion.
CIMB Biz is currently available by invitation to existing deposit customers. The service is scheduled to be open for public application in the coming months.
Featured image by Hakan Gider on Freepik.
