GSave, the savings account service provider of CIMB Bank and Mynt-owned GCash, revealed a 500,000-customer growth in the Philippines in just roughly 6 months after their launching.
In his speech at the Grand Hyatt Hotel in Manila on Tuesday, GCash President and CEO Anthony Thomas said GSave has opened a platform for Filipinos to secure their money with less hassle and a high savings rate.
“Here’s an opportunity for Filipinos to go beyond consumption [driven] to saving, it enables aspirations of the financially unresolved. We are a consumption-driven economy who lives from payroll to payroll,” Thomas said.
The Bangko Sentral ng Pilipinas (BSP) earlier released data which showed that only 15.8 million adult Filipinos or 22.6 percent of the total population have bank accounts.
The 500,000 growth of GCash customers in a span of only six months indicates that a considerable number of Filipinos is up to date with the trend of banking and investing.
“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 CEO Tengku Dato’ Sri Zafrul Aziz said.
Aziz said the banking platform that the company offers is “digital and power centric, [it has made] banking seamless and highly convenient to all customers,” adding that CIMB PH is the fastest growing bank in the ASEAN (Association of Southeast Asian Nation) community.
Thomas said more services will be innovated in the future to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.
“[We are] only at the tip of the iceberg in terms of what we can do in the Philippines,” Thomas added.
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.
The all-digital, mobile-first CIMB Bank PH, was launched early this 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 e-payments platform owned by Mynt, the revolutionary fin-tech startup of Globe Telecom, Ayala Corporation and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.
GSave savings 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.
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. (PNA)