Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on August 14, 2019

KUALA LUMPUR: In just six months after opening its doors for business, the all-digital and mobile-first CIMB Bank Philippines (CIMB Bank PH) has secured a total of 500,000 customers.

The milestone was reached due to a strong proposition of co-creation and partnership between CIMB Bank and GCash, the No 1 e-payment platform in the Philippines, its parent CIMB Group Holdings Bhd said in a statement yesterday.

CIMB Group said CIMB Bank PH was launched in early 2019 with the goal of bringing a unique and differentiated banking proposition to Filipinos. GCash, meanwhile, is an e-payments platform owned by Mynt, the fintech start-up of Globe Telecom, Ayala Corp, and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.

Under the partnership with CIMB Bank PH, GCash customers get direct, paperless and seamless access to savings account services, a product termed GSave.

“The partnership with GCash was central to us achieving this milestone. It is a live case study of a bank-tech partnership, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to having CIMB Philippines develop more propositions with GCash as we further establish ourselves in the Philippines,” said CIMB Group group chief executive officer (CEO) Tengku Datuk Seri Zafrul Aziz.

Anthony Thomas, president and CEO of GCash, 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,” he added.

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