EastWest Bank said it is set to become the first local universal banking group in the Philippines to launch its own fully digital bank dubbed “Komo”.
Last May 8, 2020, Komo received approval from Bangko Sentral ng Pilipinas (BSP) to launch its Digital Bank Services to the public. This marks the countdown to a product launch sometime in Q3 2020, the bank said.
Offered through its fully-owned subsidiary, EastWest Rural Bank, Komo will pay an annual interest rate of 3% for its digital savings account with no minimum balance.
“Komo combines the best of two worlds: the convenience of modern digital banking backed by the security of a strong brick-and-mortar bank like EastWest,” said Tony Moncupa, EastWest CEO.
“We see a digital future in banking. With Komo, our customers are sure to get the best that digital banking has to offer while being confident that their money is in good hands,” he added.
Isabelle Yap, who leads the Komo project, said the bank will help accelerate digital banking adoption in the county. “We hope that with Komo’s competitive rates, zero to minimal fees, and convenient platforms we can contribute to the effort,” she said.