CTBC Bank (Philippines) Corp., a subsidiary of Taiwan’s largest and most awarded private bank, CTBC Bank Co. Ltd., has announced the appointment of Luis S. Elizaga as its new President and Chief Executive Officer, effective January 1, 2025. Elizaga will succeed Oliver D. Jimeno, who will transition to the role of Senior Advisor to the Chairman of the Board.

“We are confident that Luis’ leadership will bring CTBC Bank Philippines to new heights,” said Jason Wang, Chairman of CTBC Bank Philippines. “His extensive experience in various senior executive roles in his past stints and appreciation of CTBC’s unique cross-cultural dynamics positions him well to lead the Bank towards greater customer focus.

Elizaga joined CTBC Bank Philippines in 2020 as Executive Vice President and Head of the Institutional Banking Group (IBG). With over 30 years of banking experience, he has been instrumental in driving the Bank’s growth in corporate and commercial banking. Under his wing, total IBG loans of the Bank have soared from PhP25 billion in 2020 to more than PhP 42 billion in 2024, marking a remarkable 70% increase in just four years.

“I am honored and excited by the opportunity to lead CTBC Bank Philippines,” Elizaga said. “I look forward to driving our digital transformation journey to enhance and expand our product and service offerings. On the corporate and commercial segments, we shall continue to leverage on our global presence to serve our customers’ cross-border requirements,” Elizaga added.

This year, CTBC Bank Philippines achieved major digital milestones with the launch of its new online banking web interface and mobile banking app, and Ez Start, an online onboarding portal.

Established in 1995 as a full-service commercial bank, CTBC Bank Philippines has one of the largest branch networks among foreign banks in the country, underscoring its commitment to serving the local market.

In its latest stride toward digital banking innovation, CTBC Bank Philippines has partnered with Hitachi Asia to deliver improved internet and mobile banking experiences that are more user-friendly, faster, convenient, and secure to its clients. Launched today, the redesigned web interface and mobile banking applications for CTBC Bank Philippines’s retail clients offer enhanced user experience and upgraded security features.

This collaboration is set to redefine the banking experience of Filipinos, and marks a significant milestone in the Bank’s digital transformation roadmap in providing digital banking services for its retail clients. It also underscores Hitachi Asia’s steadfast commitment to promote financial inclusion, facilitate the digitization of payment innovation and accelerate the digital transformation journey in the Philippines. Together, CTBC Bank Philippines and Hitachi Asia aim to forge a safe and secure digital payments landscape that improves the lives of Filipinos.

The redesigned application, Retail NetBanking, introduces a modern and user-friendly dashboard. The revamped interface presents a unified, at-a-glance view of users’ financial products, which simplifies navigation, streamlines functionality, and enhances the overall user experience. With personalised widgets and customisable features, users can prioritize the information that matters most to them.

Security is a paramount concern in the financial services industry, given the rise of cyber threats today. The Retail NetBanking integrates a suite of advanced security measures to safeguard user data, and assure users of their privacy and financial information. In addition to requiring the input of User ID and password, a time-based One-Time Password (OTP) system is introduced to fortify defences against unauthorized access. Device recognition technology detects and remembers trusted devices for an added layer of verification, while Secure Socket Layer (SSL) encryption creates a secure and encrypted link between the user's device and the banking servers, ensuring that all data transmitted remains private and integral.

In anticipation of future updates, CTBC Bank Philippines plans to introduce even more security features, including biometric authentication for transaction, to provide users with both ease of access and peace of mind regarding their financial transactions.

"This collaboration is not just about enhancing our digital interfaces; it's about reimagining the banking experience for our clients. By combining our strengths with Hitachi's innovative technology, we are creating a banking platform that is not only more convenient and faster, but also significantly more secure and user-friendly. Our new web and mobile banking platforms are designed to meet the needs of our clients, providing them with the essential tools to manage their finances efficiently and securely, anytime and anywhere. This is a key step in our digital journey to not only remain competitive but also make banking more accessible to the general public” said Oliver D. Jimeno, President and CEO of CTBC Bank Philippines.

The BSP Digital Payments Transformation Roadmap for 2020-2023 sets forth ambitious goals, aiming to digitize 50% of all retail transactions and to broaden financial inclusion to encompass 70% of Filipino adults through the facilitation of digital payment and transaction accounts. In alignment to these objectives, Hitachi Asia will supply cutting-edge internet and mobile banking solutions tailored for CTBC Bank Philippines retail clients. This underscores Hitachi Asia's commitment to advancing digital financial inclusion in the region by ensuring safe, efficient, and robust payment and settlement infrastructure.

“At Hitachi, we're dedicated to enhancing access to financial services and to raising living standards — our efforts reflect our mission to contribute positively to society,” said Lourdes Yap, Senior Director, Sales, Marketing and Business Development, Hitachi Asia Ltd. Philippines. “As the financial industry evolves, the role of finance becomes broader, serving not only economic interests but also societal welfare and environmental stewardship. We believe financial inclusion is a right, not a privilege, and it should offer everyone the opportunity to participate fully in the economy. Together with Hitachi Group of Companies – Megalink1 and Hitachi Digital Payment Solutions1, we are thrilled to have this opportunity with CTBC Bank and contribute to the digital transformation of the Philippines' banking sector.”