EastWest introduces its first-ever digital bank dubbed "Komo"

EastWest Banking launches Komo, its first-ever digital bank that is designed for retail purposes.

Komo, a digital app for banking

Komo will be available to consumers this third quarter of 2020

Komo is offered through a fully-owned subsidiary EastWest Rural Bank. It is backed by an established and well-known local bank that pays an annual interest rate of 3 percent for its digital savings account. There's no minimum balance required for this account. 

Komo Project Lead Isabelle Yap explained that Komo aims to accelerate digital banking adoption in the country. With this in mind, the digital bank is offering competitive rates, zero to minimal fees, and convenient platforms.

According to EastWest CEO Tony Mancupa, Komo is a combination of the convenience of modern digital banking and the security of an established bank.

We see a digital future in banking. With Komo, our customers are sure to get the best that digital banking has to offer while being confident that their money is in good hands, Mancupa added.

Last May 8, 2020, Komo received approval from Bangko Sentral ng Pilipinas (BSP) to release its Digital Bank Services to the public.

This starts the countdown to an anticipated product launch in Q3 2020. If you are interested o be notified of this event, you can sign up by visiting their website.