GCash expands CIMB partnership
GCash operator Globe Fintech Innovations Inc. (Mynt) is expanding its strategic partnership with CIMB Bank Philippines to increase accessibility of financial products and services for all Filipinos.
Mynt and CIMB Bank Philippines are working together to make new suites of financial services products available to GCash customers in the future.
The partnership between GCash and CIMB Bank has enabled the latter to garner 500,000 customers in just six months after opening its doors for business in the Philippines.
“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,” CIMB Group chief executive officer Tengku Dato’ Sri Zafrul Aziz said.
“The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. 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,” said Mynt president and chief executive officer Anthony Thomas.
CIMB Bank Philippines is an all-digital mobile bank launched in early 2019 with a goal of bringing a unique and differentiated banking proposition to Filipinos.
It had forged a partnership with Mynt to allow GCash’s customers direct, paperless and seamless access to savings account services, a product termed GSave.
The 500,000 GSave users enjoy 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 three percent per annum, which is more than 10 times higher than those interest rates offered by most local banks.
It also 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.
“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. We are motivated by this and will continue to innovate for our customers,” Zafrul said.
GCash is a mobile wallet that has 20 million users and over 50,000 partner merchants owned by Mynt, a fintech startup of Globe Telecom, Ayala Corp. and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.