GCash and CIMB Bank offer up to 7% p.a. interest with GSave

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To help Filipinos grow their finances and achieve their #IponGoals, GCash, the leading mobile wallet in the country, and CIMB Bank, the country’s leading digital banking services provider, are offering as much as 7% per annum on GSave. Currently the highest interest rate available in the market, the offer is available to GCash users who will sign up for their first GSave account from April 1, 2022 to June 30, 2022.

The GSave feature has been live in the GCash app since December 2018 in partnership with CIMB Bank. It has been providing unbanked Filipinos with the opportunity to open a savings account that requires no initial deposit, maintaining balance, or lock-in period.

A study conducted by GCash revealed that one out of every 5 banked adults has a GSave account, while a total of 5.3 million users have registered to GSave by the end of the first quarter of 2022.

"At GCash, we continuously strive to realize our vision of financial inclusion for all which is why we try to address the barrier between unbanked Filipinos and having a savings account. With GSave, we are enabling more Filipinos to grow their finances and build a better future for themselves and their loved ones," said Martha Sazon, president and CEO of GCash.

The partnership with CIMB Bank has been helping GCash support the Bangko Sentral ng Pilipinas’ thrust to grow the number of Filipinos with a formal bank account by up to 70% in 2023. Based on estimates from monetary authorities, the number of banked Filipinos adults has already increased to 41 million as of the third quarter of 2021 or around 53% of total adult Filipinos.

To start saving via GSave, users just have to click its icon on the GCash dashboard and tap GSave by CIMB Bank. Then, click "Open a Savings Account." On the Save Money Registration page, tick the box under CIMB Bank Policies to agree to the Terms and Conditions and tap Open a Savings Account. Lastly, tap "OK" after the confirmation message has been displayed. The 7% p.a. interest rate will be effective for new users and will be applied to the first P100,000 average daily balance in the account for the first three months after successful account opening. A 4% p.a. promo interest rate will apply to balances from P100,000 to P200,000, which is still higher than what traditional banks offer.

For more information, visit www.gcash.com.

GCash’s GCredit serves 550k customers, partners with CIMB Bank PH for stronger push for Finance for All

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GCash, the leading mobile wallet in the Philippines, and the most-awarded digital bank strengthened its strategic partnership with CIMB Bank Philippines to further widen the reach of GCredit, a digital credit facility available for GCash users. 

-GCash through Fuse Lending, Inc. disburses P5B in loans; provides credit line to 550,000 customers

GCash and CIMB Bank Philippines aim to help more Filipinos gain access to critical financial tools and services like credit, which has proven to be critical during the current pandemic. With the partnership, CIMB Bank Philippines will provide full back up funding support for the GCredit product line and provide best-in-class digital credit services to GCash users.

“We are happy to announce that with the full support of CIMB Bank Philippines, we can scale up GCredit to reach more customers who are in need of micro loans. This helps accelerate our vision of providing finance for all, which we at GCash have been pushing for the last decade,” GCash President and Chief Executive Officer Martha Sazon said.

Since it was first introduced in March 2018, GCredit has so far empowered 550,000 customers with credit lines, disbursing roughly P5 billion to date. GCredit has also gained popularity during the pandemic, with users extending their budgets for their groceries and payment for their utility bills. For this strengthened partnership, GCash and CIMB Bank Philippines are already working through the necessary regulatory approvals.

GCredit works like a flexible loan or credit card so it gives GCash customers access to money that they can use to buy groceries from supermarkets, medicines from pharmacies, and even utility bills. Any GCash user with an eligible GScore, the first digital credit rating score in the country, is entitled to use GCredit. The higher the GScore, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low daily interest rate computed as current interest rate divided by the number of days on credit.

While it functions like a credit card, GCredit does not require users to submit extensive documentary requirements or queue up to apply for a revolving credit facility.

“We at CIMB Bank Philippines are happy to strengthen our strategic alliance with GCash, the number one mobile wallet in the country. We believe that through our partnership, we will be able to further reach more Filipinos to help them save, gain access to credit, and manage their finances with us” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc. CIMB Bank Philippines is part of the CIMB Group, ASEAN’s leading universal bank and is present in over 16 global markets.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com (https://www.gcash.com/)/.

CIMB Bank Announces 500,000th Customer and expands strategic partnership with GCash

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ASEAN universal bank - CIMB Bank Philippines (CIMB Bank PH) celebrates the milestone achievement of 500,000 users of the GSave mobile savings account on its partner platform GCash, the leading mobile wallet in the Philippines. 

CIMB announced this Tuesday, August 13, that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash.

HALF-MILLION DIGITAL SAVERS. Photo shows (from left): GSave’s 500,000th user Seigfred Barcelona, CIMB Bank Philippines chief executive officer Vijay Manoharan, Mynt president and chief executive officer Anthony Thomas, CIMB Group CEO Tengku Dato’ Sri Zafrul Tengku Abdul Aziz, CIMB Group Ventures & Partnerships chief executive officer Effendy Shahul Hamid, and GCash head of savings Kim Aimei Seng. 

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

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.” 

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. 

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 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.” 

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 3 percent per annum, which is more than ten times higher than those interest rates offered by most Philippine banks. 

Additionally, 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. 

About CIMB Bank Philippines 

CIMB Bank, ASEAN’s Top 5 largest bank present in over 16 global markets, has extended its reach in 2018 by providing Filipinos a whole new banking experience. CIMB Bank Philippines Inc. is an all-digital mobile bank headquartered in Bonifacio Global City, Metro Manila, Philippines. 

CIMB Bank Philippines offers 24/7 safe and secure banking with their seamless account opening in 10 minutes, the best in market rates, no initial deposit or maintaining balance requirements, convenient deposit and withdrawal locations, and zero transaction fees, all done through OCTO by CIMB Bank mobile app. 

To learn more, visit us at www.cimbbank.com.ph or Like us on Facebook and Follow us on Instagram @CIMBBankPH. Download OCTO by CIMB Bank in App & Play stores today. 

CIMB: The Way Banking Should Be. 

About CIMB Group 

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK. 

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region. 

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand. 

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries. 

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About Mynt 

Mynt is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending institutions. For more information, visit mynt.xyz. 

About GCash 

GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need to bring any cash. For more information, please visit https://www.globe.com.ph/gcash