China Bank has emerged as a dominant force in the Philippine financial services industry, clinching two prestigious awards at The Asian Banker Awards 2024.
In a press statement, China Bank said that its innovative offerings, “Chinabank Destinations Mastercard” and “Chinabank HomePlus,” were recognized as the best in the country at the Philippine Awards 2024 – Excellence in Retail Financial Services Awards.
China Bank executives receiving the award at The Asian Banker Awards 2024
Chinabank Destinations Mastercard, a travel-centric credit card launched in August 2023, has swiftly gained traction among affluent travellers.
The card, available in three variants – World Mastercard, World Dollar Mastercard, and Platinum Mastercard – offers a comprehensive suite of travel benefits, including exclusive discounts, travel insurance, and airport lounge access.
Impressed by its strong market position and value proposition, The Asian Banker named Chinabank Destinations Mastercard the Best Credit Card for Travelers in the Philippines. The card’s ability to convert air miles seamlessly and its lack of restrictive conditions further differentiate it from competitors.
Meanwhile, Chinabank HomePlus, a flexible home loan financing solution, secured the Best Home Loan Financing award. Designed to cater to various property needs, from acquisition to renovation, Chinabank HomePlus offers competitive interest rates, a flexible repayment term, and convenient application processes.
The product’s success has significantly contributed to China Bank’s mortgage portfolio, which experienced substantial growth in 2023. Despite this expansion, the bank’s asset quality has remained robust, with past-due rates declining from 5.5% in 2022 to 4.4% in 2023.
“China Bank is committed to being a responsive and reliable lender that consistently delivers the best customer value,” said Aloysius Alday Jr., Head of Consumer Banking. “Thank you for the awards, TAB. And to our exceptional teams in Consumer Banking, a big congratulations for this achievement! Of course, our gratitude goes to the people who inspire us to work harder — our customers. They are the true focus of our endeavours.”
The Asian Banker Awards are highly regarded in the industry, and known for their rigorous evaluation process and transparent criteria.
By winning these awards, China Bank has reaffirmed its position as a leading financial institution that is dedicated to innovation, customer satisfaction, and sustainable growth.
China Bank enters into a strategic partnership with Visa
Earlier this year, China Bank also entered into a strategic partnership with Visa, aiming to provide customers with cutting-edge payment solutions that cater to the evolving digital payment preferences of today’s consumers.
The partnership agreement was officially signed last August 13, in a ceremony held at the Chinabank (CBC) Head Office Boardroom. This collaboration marks a significant milestone for both institutions, as they combine efforts to enhance customer experience and broaden the scope of financial services available to the market.
Through this partnership, China Bank will integrate Visa’s advanced payment technologies into its platform, offering customers a streamlined, secure, and efficient payment experience.
Visa, a global leader in payments technology, brings its extensive expertise and innovations to the table, enabling the bank to enhance its suite of products and services. By leveraging Visa’s payment network, China Bank aims to provide its customers with a seamless and convenient payment system that addresses modern consumer needs. Customers can expect faster transaction times, enhanced security features, and improved overall user experience.
Visa cardholders will also enjoy exclusive offers, rewards, and promotions as part of the new product offerings.
“This partnership with Visa represents a significant and exciting collaboration intended to enhance customer experience and expand our product and service offerings,” said Chinabank Executive Vice President Aloysius Alday. “With Visa’s extensive network and excellent payment solutions, we are bringing added value to our clients by offering them a smooth, secure, and rewarding payment experience.”