With digital mobile wallets becoming part of the mainstream Filipino consumer habit these days, it is no surprise that the partnership of GCash and CIMB Bank Philippines (CIMB Bank PH) exceeded their target and market expectations this 2019.
In just about 6 months after launching ‘GSave‘, CIMB Bank PH‘s financial tool offering through GCash, have reached their 500,000th customer milestone as revealed in the press conference earlier today at Grand Hyatt Hotel in Taguig City.
And to further mark the milestone, the 500,000th GSave customer named Seigfred Barcelona is going home half a million richer as GCash and CIMB Bank PH awards him with Php 500,000 in his GSave account! (I’m now estimating how to be the 1,000,000th customer in a few months) 🙂
Early 2019 saw the launch of the all-digital, mobile-first CIMB Bank PH with a goal of bringing a unique and differentiated banking proposition to Filipinos. They then forged a partnership with GCash, an epayments platform owned by Mynt, to allow GCash’s customers direct, paperless and seamless access to savings account services. The product is termed ‘GSave‘.
“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,” shared Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group
500,000th Customer Milestone
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 huge 3% per annum, which is more than 10 times higher than most interest rates offered by 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.
Moreover, 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.”
On to the Next 500K
In an interview with the executives, they expressed that the 500K milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash. GCash is a fintech startup of Globe Telecom, Ayala Corporation and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.
“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,” says Anthony Thomas, President and Chief Executive Officer of GCash.