Friday, March 1, 2024

UNO Digital Bank, GCash seal deal on GSave

UNO Digital Bank has partnered with mobile wallet app GCash to integrate its services in GSave. Through #UNOready@GCash, GCash customers can open an UNO Digital Bank account directly from the GCash app and access UNO Digital Bank products.

Photo shows (oop L-R) Lester Cruz, head of liabilities and payments at UNO Digital Bank; Bernadette Marquez (product lead at UNO Digital Bank; Gabby Lacuesta, CFO at Fuse Lending at GCash; Fatima Grace Javellana, head of wealth management products at GCash; Saikat Sarkar, CRO of UNO Digital Bank; Tony Isidro, CEO and head at Fuse Lending at GCash; and Amit Malhotra, chief business officer at UNO Digital Bank
(Bottom L-R) Francis Adofina, head of save at GCash; Edgardo Layug, head of wealth management at GCash; Manish Bhai, founder and CEO of UNO Digital Bank; Martha Sazon, president and CEO of GCash, Tek Olano, CFO of GCash; and Darvin Sy Su, head of wealth management commercials at GCash

“Through this partnership with GCash, we will open the door for more people to experience fast, seamless, and well-protected digital transactions so they can avail of high-rate savings products to get started on their financial growth journey. We hope more Filipinos will be able to achieve their financial goals through GSave & UNO Digital Bank,” Lester Cruz, head of liabilities and payments for products and partnerships at UNO Digital Bank, said.

Through the GSave Marketplace, customers can manage their UNO savings accounts in one app. Filipino citizens who are at least 18 years old, and who are fully verified GCash App users with active mobile numbers and mailing addresses registered in the Philippines, are eligible to open an #UNOready savings account and an #UNOboost and/or #UNOearn Time Deposit account.

Customers also get to enjoy seamless and free cash in and cash out from their GCash wallet to their UNO accounts.

#UNOReady@GCash is a high-rate savings account that offers up to 4.25% interest per annum, higher than what is currently offered by traditional banks. Interest is credited daily, and it has no requirements for either a minimum or maintaining balance and has no service fees.

Additionally, customers can get free life insurance coverage worth P50,000 for a minimum monthly Average Daily Balance (ADB) of P10,000.00.

In addition to the #UNOready@GCash services provided, UNO Digital Bank is the first to offer time deposit products in GSave through its #UNOboost@GCash and #UNOearn@GCash accounts. #UNOboost@GCash provides up to 6.50% interest per annum time deposits.

Customers have the flexibility to choose their desired term ranging from 3-12 months, while #UNOearn@GCash is also a high-yield time deposit with a guaranteed interest rate of 6.50% p.a. that can be locked-in for 12 or 24 months.

It also provides monthly interest payout. Customers can open up to five tranches each for #UNOboost and #UNOearn and can deposit up to P100,000 per tranche.

Amit Malhotra, chief business officer of UNO Digital Bank added: “We are a customer centric bank, and all our products and services are designed to cater to our customers’ financial needs. We are initially offering our savings products that will help them grow their money by offering better than standard industry interest rates backed by superior digital experience. Other products and services like loans, insurance, and investment products will soon follow.”

“Our partnership with UNO Digital Bank is in line with GCash’s goal of giving Filipinos a secure and convenient banking experience by being an all-in-one app for all their financial needs, from banking to lifestyle essentials,” Martha Sazon, GCash’s president and CEO, said.

“Thanks to like-minded partners like UNO, we can make sure that more Filipinos can have access to essential banking services and help them gain financial freedom.”

Since beginning operations in 2022, UNO Digital Bank has made its mission to provide services for the unbanked population and help create a better financial system with online banking solutions hinged on the latest technology. The company was one of the first fintech companies to receive a digital banking license from the Banko Sentral ng Pilipinas.

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