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Wednesday, September 04, 2019

CIMB Bank hits 500k customers thanks to GCash

08/29/2019, 10:04:09 PM

CIMB Bank Philippines announced recently that it has garnered 500,000 customers. The accumulated customer base reached a monstrous high just six months after opening its doors to the country.

CIMB Bank's milestone was made possible thanks to its strong proposition of co-creation and partnership between them and GCash.

CIMB Bank PH was launched in early 2019 to bring a unique and differentiated banking proposition to Filipinos. Anchored on a DNA of strong strategic partnerships and solving customer pain points digitally. This all-digital mobile-first bank forged a partnership with GCash, which allows the latter's customers to have direct, paperless and seamless access to savings account services, a product termed as GSave. GCash is an e-payments platform owned by Mynt, the revolutionary fintech startup of Globe Telecom, Ayala Corporation and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.

“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,” said Tengku Dato’ Sri Zafrul Aziz, CIMB Group CEO. “We are motivated by this and will continue to innovate for our customers. Well done to the teams.”

With the massive customer statistics already reached, 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 customers in the future. These services will be announced in due course. 

“The partnership with GCash was central to us achieving this milestone. It is a live case study of bank-tech partnerships, 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,” added Aziz.

For Gcash's part, President and Chief Executive Officer Anthony Thomas echoed 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,” said Thomas. “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.”

Over 500,000 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. Besides, 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.

Author: slickmaster | © 2019 The SlickMaster's Files

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