CIMB, GCash to offer mobile savings wallet soon

Malaysia's CIMB Bank has tapped virtual wallet GCash to promote digital savings account in the Philippines. 

CIMB partners with GCash to offer mobile savings wallet

CIMB, GCash to offer mobile savings wallet soon

According to CIMB Philippines Chief Marketing Officer Patrick Cuartero, the partnership seeks to take advantage of the country's high internet penetration and tap Filipinos' growing preference for mobile banking.

Our vision for our country is for every Filipino to have access to financial services, Cuartero said.

Both companies in a media briefing on Thursday, February 28, officially introduced a mobile savings wallet, dubbed as GSave. 

CIMB and GCash target to offer up to 2.3 percent interest rates per annum, higher versus traditional deposit accounts, which only range from 0.25 to 0.50 percent. 

Aside from this, no maintaining balance is required, unlike other banks. However, this would only be available to those GCash users who are fully verified. 

While the platform is currently at its beta stage, they target to commercially launch the service within the year. 

CIMB has cemented its presence in China, Hong Kong, India, Sri Lanka, US, UK, and Korea. Meanwhile, Mynt, Globe Telecom's fintech arm, operates GCash in the country. 

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