Just six months after starting local operations in the country, CIMB Bank announced that they have already on-boarded 500,000 customers. Its partnership with mobile wallet and e-payment platform GCash had a significant impact on this feat.
CIMB Bank Philippines — which has headquarters in Bonifacio Global City in Taguig — has positioned itself as an all-digital mobile-first bank.
According to Anthony Thomas, president and CEO of GCash, the acquisition of 500,000 users proves the success of GCash and CIMB Bank’s partnership through GSave. He also noted that, along with CIMB Bank, they will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives.
“At Gcash, our purpose is to enable the aspirations of the financially underserved. We are a consumption-driven economy and we live payroll to payroll. In partnership with CIMB, we could bring something to Filipinos that would make it really easy to open an account,” said Thomas.
GCash customers now have direct, paperless, and seamless access to savings account services partnered with an annual interest rate of 3% through GSave. This feature will be exclusively available through the e-payment platform and the interest rate is up to ten times higher compared to most Philippine banking institutions. An initial deposit or maintaining balance is also not required.
“I’m proud to say that CIMB Philippines is the fastest growing bank in Asean. We could not have done this without our symbiotic relationship with Mynt. Our partnership with GCash is central to our presence in the Philippines,” shared CIMB Group CEO Tengku Dato’ Sri Zafrul Aziz.
He also mentioned that their partnership with GCash is a live case study of bank-tech partnerships that combine banking expertise and technology platform plays that opens both to more access with opportunities. Zafrul added that he looks forward to more propositions with GCash towards establishing their mobile banking presence locally.