CIMB Bank Philippines announced that it has garnered 500,000 customers, approximately six months after opening its door for business in the Philippines. The milestone was reaches anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash.
The all-digital, mobile-first CIMB Bank PH, was launched in early 2019 with a goal of bringing a unique and differentiated banking proposition to Filipinos. Anchored on a DNA of strong strategic partnership and solving customer pain points digitally, CIMB Bank PH has forged a partnership with GCash, to allow GCash’s customers direct, paperless and seamless access to savings account services, a product termed GSave. GCash is an epayments platform owned by Mynt, the revolutionary fintech starup of Globe Telecom, Ayala Corporation and An Financial, an affiliate of Jack Ma’s Alibaba Group.
Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, who was in Manila to celebrate this milestone said, “CIMB Bank PH is surely the fastest growing bank in ASEAN, a wonderful achievement, and a strong testament of things that can be achieved in the regime of digital-only banks. We are motivated by this and will continue to innovate for our customers. Well done to the teams.”
In the with this, CIMB Bank PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform. The companies also said they will be working together to make added suites of financial services products available to GCash customer in the future. These services will be announced in due course.
Zafrul added, “The partnership with GCash was central to us achieving this milestone. It is a live case study of bank-tech partnership, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to developing more propositions with GCash to further establish our mobile banking presence in the Philippines.”
Anthony Thomas, President and Chief Executive Officer of GCash affirmed its shared mission with CIMB Bank to increase the accessibility of financial products and services for all Filipinos. “The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. We welcome this achievement and the deepening of our collaboration with CIMB Bank and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.”
The 500,00 GSave users are now enjoying the benefits of CIMB’s savings account, which is available as the Save Money feature on the GCash app. GSave offers an interest rate of 3 percent per annum, which is more than ten times higher than those interest rates offered by most Philippine banks.
Additionally, GSave does not require an initial deposit or maintaining balance, nor does it impose service charges for transactions – greatly reducing the barriers for ordinary Filipinos to open and maintain a savings account.