GCash, CIMB join forces to roll out GSave in PH
ADDRESSING THE NEEDS OF MANY FILIPINOS
who are still unbanked and promoting financial inclusion in the country, GCash and CIMB recently announced their strategic partnership in rolling out GSave, the first mobile savings wallet in the Philippines.
With GSave, GCash and CIMB are offering a saving account that has 2.3% interest, allowing one’s money to earn up to 10x more compared to a traditional savings account. In addition, it doesn’t require a maintaining balance and an initial deposit.
“GCash, along with CIMB, is really excited to roll out fully this savings proposition. We believe that this will be a great product for Filipinos. We will be able to enable more people to reach their dreams and aspirations,” said Kim Aimei Seng, Head of Savings at Mynt, the company behind GCash.
“It is very different because we are leveraging on the power of mobile technology. Since we are leveraging on this opportunity, then it becomes easier for people to have access. We mix the strengths of GCash, the strongest mobile money company in the Philippines, and CIMB, one of the leading banks in the ASEAN region.”
CIMB announced its official entry to the country as CIMB Bank Philippines Inc., promising to make banking simpler, more convenient, and truly hassle-free. Before arriving in the country, CIMB has already established presence in China, Hong Kong, India, Sri Lanka, South Korea, the United States, and the United Kingdom.GCash’s partnership with CIMB through GSave is in line with the bank’s aspiration to become the first all-digital and mobile-first bank in the Philippines.
“How we see our partnership with CIMB is very strong and strategic, mainly because we share the same vision and approach. We share the same aspiration to really deliver financial inclusion for all and the approach is digital. We really believe that the future is the power of mobile technology. Given this alignment, we are strategically poised to deliver this proposition to the market,” said Seng.
Now on its beta phase, GSave aims to lower the barrier for many Filipinos to have a savings account, enabling to have a secure way to keep their money, conveniently access it, and save for the future.