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CIMB Bank Philippines attracts 500,000 customers after six months

Last update: 14/08/2019
KUALA LUMPUR, Aug 14 (Bernama) -- CIMB Bank Philippines (CIMB Bank PH) has attracted 500,000 customers, six months after opening its doors for business in the country.

In a statement, the bank said the milestone was anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash, the top e-payment platform in the Philippines.

“CIMB Bank PH is surely one of the fastest growing banks in ASEAN, a wonderful achievement, and a strong testament of what can be achieved in the regime of digital-only banks.

“We are motivated by this and will continue to innovate for our customers," said CIMB Group chief executive officer (CEO) Tengku Datuk Sri Zafrul Aziz.

The partnership is in line with CIMB’s “Invest and Incubate” pillar under Forward23, the group’s current mid-term growth plan.

Following the partnership, CIMB Bank PH and GCash also announced that the GSave bank account would be exclusively offered on the GCash platform.

Both parties 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.

Meanwhile, GCash president and CEO Anthony Thomas said the company would continue to provide more innovative services to address the banking and financial needs of Filipinos, who aspire for financially better lives for their families.

“The 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 three per cent per annum, which is more than ten times higher than rates offered by most Philippine banks,” he added.

GSave also does not require an initial deposit or a minimum balance, nor does it impose service charges for transactions, reducing the barriers for ordinary Filipinos to open and maintain a savings account.

GCash is an e-payment platform owned by Mynt, the revolutionary FinTech startup of Globe Telecom, Ayala Corporation, and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.


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