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How did CIMB Become the Most-Awarded Digital Bank in the Philippines?

How did CIMB Become the Most-Awarded Digital Bank in the Philippines?

Since setting foot in the Philippines in December 2018, CIMB Bank Philippines’s main objective is to provide Filipinos the financial freedom for better opportunities through better and smarter choices when it comes to their banking needs. Since then, CIMB Bank has provided innovative solutions for Filipinos to be able to open a bank account digitally via their smartphone in just 10 minutes, along with an easy and straightforward application process for personal loans, both available 24/7 and with instant account opening

Aside from the added convenience, CIMB BANK also offers up to 4% p.a savings interest rate which is amongst the highest in the country, free life insurance, and other value-added partnerships with key brands in the Philippines like GCash, the leading e-wallet in the Philippines, and Bayad Center, the leading payment center in the country.

In just 21 months, CIMB Bank has amassed nearly 3 million customers making it the fastest growing digital bank in ASEAN, with 30% of the customers having CIMB Bank as their first bank account. This further drives the nation-building agenda of financial inclusion and giving more Filipinos access to a banking relationship that is simple, easy, and convenient. Further, CIMB Bank has accumulated 21 awards in just 21 months, proving that CIMB Bank’s goals are welcomed by Filipinos.

“Each of these milestones strengthens our resolve in changing the Philippine banking landscape and giving value to the citizens of this nation. We are grateful and humbled by the overwhelming support from all Filipinos and this makes us want to work even harder to continue to bring more value through meaningful solutions to the unbanked and underbanked with our easy access to simple and convenient digital banking. Also with our digital banking platform strategy, working with GCash, Bayad Center, and many others, we are able to

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Ecobank Digital Series: Vanguard Conferences and Economic Forum Series Partners Ecobank to Convene Digital Financial inclusion Summit

Ecobank Digital Series: Vanguard Conferences and Economic Forum Series Partners Ecobank to Convene Digital Financial inclusion Summit

Ecobank

Ecobank Nigeria, in partnership with Vanguard Conferences and Economic Forum Series have announced that it is convening a Digital Financial inclusion Summit to drive, promote and deepen financial inclusion amongst the unbanked and underbanked population in Nigeria. Current statistics shows that 84.6 million Nigerians accounting for 47% of the population are unbanked, against mobile phone penetration which is up to 94.5%.

The Digital Financial Inclusion Summit slated for October 21st, will bring together trade groups and associations with large unbanked populations and individuals within the lower rung of the society who have not seen the need to be included in the financial sector or adopt financial services through digital platforms. This is a direct response to encourage the adoption of innovative payment solutions and digital banking services in the post covid-19 era.

Announcing the summit in Lagos, Head, Consumer Banking, Olukorede Demola-Adeniyi said the Digital Financial Inclusion Summit will be a platform to discuss the need for a comprehensive alignment of policy and regulatory frameworks among regulators like CBN, NCC, NITDA to support a sustainable digital financial inclusion growth, examine key issues and ways of advancing digital financial inclusion for women, youths and MSMEs and discuss the role of interoperability in mobile payment innovation. Further she mentioned that the role and impact of agency banking for financial inclusion growth will be x-rayed as well as the need for public and private sector investments in internet infrastructure and mobile connectivity growth in rural areas.

According to Demola-Adeniyi, the digitisation of payment and financial services has become an important economic development priority with the prospect of reaching far more people with a broad range of financial services they need, to fight poverty and build resilience. She noted that new data on mobile phone ownership and internet access show huge opportunities to

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Italy’s Enel signs deal with SIA for new financial digital services

Italy’s Enel signs deal with SIA for new financial digital services

By Stephen Jewkes

MILAN, Oct 8 (Reuters)Europe’s biggest utility Enel ENEI.MI has signed a deal with Italian digital payments group SIA to help it develop new financial digital services, the two said on Thursday, part of a push to help customers pay bills and manage accounts online.

Enel X, the utility’s new digital services division, has launched a wider program to compete in the payments and financial services market through partnerships.

It follows a recent deal with Swedish open banking platform Tink to help power its digital banking ambitions.

Enel, which has been ramping up spending on digital networks across the world, has more than 70 million clients worldwide.

Thanks to its agreement with SIA, Enel X customers will be able to use their smartphones to make mobile payments for services like re-charging electrical cars.

The group is also looking to offer clients the option of paying energy bills and making contactless transactions using the MasterCard circuit.

“This partnership is a further demonstration of the enormous potential offered by digitalization and by the opening of markets,” Enel X Financial Services Chief Executive Giulio Carone said.

SIA, controlled by Italian state lender CDP, this week agreed a merger with bigger rival Nexi NEXII.MI to create a dominant domestic payments group.

(Reporting by Stephen Jewkes; Editing by Jan Harvey)

(([email protected]; +39.0266129695; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Tanzania: Digital Tech Stimulating Financial Inclusion

Tanzania: Digital Tech Stimulating Financial Inclusion

THE widespread usage of digital technology in sub-Saharan Africa (SSA) is an essential phenomenon that fosters productivity in the digital economy and integrates markets in the region.

In the last quarter of 2018, SSA was home to 456 million unique mobile subscribers – representing an increase of 20 million subscribers over the previous year.

Projections from the GSMA Intelligence report for 2019 suggest that by 2025, there will be more than 600 million mobile subscribers in the region, thus about 50 PER CENT of the total population in SSA will be connected.

With a Compound Annual Growth Rate (CAGR) of 4.6 per cent and an additional 167 million mobile subscribers from now to 2025, SSA continues to be the fastest growing region in the world. The hotspots for the fastest growth levels from the period to 2025 will be in Nigeria and Ethiopia – accounting for growth rates of 19 per cent and 11 per cent, respectively.

The total number of smartphone connections in SSA had also increased to 302 million in 2018 with smartphone connections in the area expected to reach 700 million by 2025 – this will represent smartphone adoption rate of 66 per cent.

The effective usage of digital technology improves productivity and stimulates economic growth in SSA – in 2018, the use of mobile technologies and services generated an economic value of $144 billion, accounting for 8.6 per cent of SSA’s Gross Domestic Product (GDP).

The mobile ecosystem played a pivotal role by supporting close to 3.5 million jobs directly and indirectly – in all, $15.6 billion was raised via taxes which proved to be a major financial resource for funding the public sector. According to GSMA Intelligence, by 2023, mobile technologies and services will account for 9.1 per cent of GDP, thus about $185 billion.

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ESAF SFB’s fintech conclave to focus on digital banking

ESAF SFB’s fintech conclave to focus on digital banking

Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion.Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion.

ESAF Small Finance Bank will organise a fintech conclave and the event will focus on digital banking with innovative technologies.

The conclave is open for start-ups, established and growth-phase technology firms, social innovators and entrepreneurs having innovative solutions that align with ESAF’s core mission to provide responsive banking services to under-served and unserved population of India.

K Paul Thomas, managing director and CEO, ESAF, said: “Digital channel is a key component of the bank’s strategy, and over the years, it has leveraged digital platforms for all its services. The bank is now aiming to look beyond this and wants technologically advanced solutions and their extensive applications to help customers to build sustainable livelihoods. The Fintech Conclave 2020 will be a platform for such digital entrepreneurs.”

Through this conclave, ESAF aims to provide fintech firms a platform to showcase new digital banking solutions that facilitate last-mile financial inclusion. The competent finalist can eventually become a long-term strategic partner of the bank.

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