CIMB and GCash marked a new milestone as they garnered 500,000 customers for GSave
It’s been approximately six months since CIMB Bank Philippines opened its doors in the Philippines. Today, they officially announced that they’ve reached a new milestone as they garnered 500,000 customers.
CIMB is an all-digital, mobile-first bank with a goal of bringing a unique and differentiated banking proposition to Filipinos. It is ASEAN’s Top 5 largest bank present in over 16 global markets and is Malaysia’s second-largest financial services provider. CIMB PH is currently headquartered in Bonifacio Global City, Metro Manila. 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. With the same goal, CIMB and GCash forged a partnership and produced a product termed GSave.
In line with this, 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.
Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, who was in Manila to celebrate this milestone said, “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. Well done to the teams.”
Zafrul added, “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.”
Anthony Thomas, President and Chief Executive Officer of GCash affirmed 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. 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.”
Frequently Asked Questions
What is GSave?
GSave is an exclusive product of CIMB and GCash which will be available as the Save Money feature on the GCash app.
How to open a GSave account?
To open a GSave account, all you need is to login in your GCash app, click the Save Money icon and register. There is no initial deposit required to open an account.
Is there a maintaining balance?
There is absolutely NO MAINTAINING BALANCE nor service charges for transactions. CIMB and GCash aim to reduce barriers for ordinary Filipinos to open and maintain a savings account.
Will my savings earn interest?
Yes. 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.
To know more about GSave, follow GCash on Facebook and Instagram. For more information about CIMB, you may visit their official website: www.cimbbank.com.ph.