MANILA, Philippines, April 1, 2021 /PRNewswire/ -- In line with its goals of advancing financial inclusion and promotion of cashless transactions in the Philippines, CIMB Bank is strengthening its long-term strategic partnership with the leading local e-wallet service GCash in powering their micro-lending payment facility, GCredit, to more underserved Filipinos.
CIMB Bank PH strengthens partnership with leading local e-wallet service to extend digital credit facilities to Filipinos
CIMB Bank, the most-awarded all-digital bank in the Philippines is set to employ its credit underwriting and analytics expertise, along with its funding capabilities for GCash customers at very attractive rates and with higher credit lines.
According to CIMB Bank Philippines Chief Executive Officer Vijay Manoharan, the collaboration with GCredit will allow for more Filipinos to avail of monthly loan interest rates for as low as 1%, conveniently on the GCash app in less than 5 minutes.
Over time, both CIMB Bank and GCash are eyeing to offer customers an increased credit limit of up to P100,000, coming from the initial amount. Likewise, GCredit customers with good credit standings will also have the opportunity to access higher credit lines through CIMB's personal loans offering, which will allow them to digitally apply for a personal loan up to P1,000,000 with CIMB Bank.
"GCash has been at the forefront of financial inclusion in the Philippines for many years," said GCash President and Chief Executive Officer Martha Sazon.
She added, "GCredit as a service has helped extend over PHP 8 billion to almost one million Filipinos nationwide in 2020. With a stronger partnership with CIMB Bank, we are positive that millions more will be able to enjoy and maximize what GCredit can provide."
Manoharan describes CIMB Bank's unique platform banking strategy as a key enabler for the mobile-first, all-digital bank's expansion in the Philippines and making it the leader in digital banking in the Philippines.
He said, "Coming from our initial partnership of providing Filipinos exclusive savings offerings, we are humbled to be expanding our long-term partnership with GCash. This collaboration is the first of its kind between a digital bank and a fintech in the region."
"We aspire to further solidify GCredit's position as the number one credit and payment product in the country. With this collaboration, we hope to change the game on how credit is assessed and made available to people who otherwise would not have access to formal credit facilities as we help the country's financial inclusion agenda," he shared.
Manoharan emphasized that through this partnership, Filipinos who at first, did not have access to any credit facilities with a bank will now stand a chance at availing a revolving credit line that will enable them to have easy access to credit for their daily needs; while being able to transact safe and securely, especially when cashless and contactless payments are most needed.
Housed inside the GCash app, GCredit is the first-ever digital micro-lending service in the Philippines, where qualified customers can purchase goods, services, and pay their bills in-store or online with over 17,500 partner merchants nationwide.
To know more about GCredit powered by CIMB Bank Philippines, visit: https://www.gcash.com/services/gcredit/
About CIMB
CIMB Bank Philippines is a multi-awarded, all-digital bank established with the vision to disrupt the Philippine banking landscape. Providing simple and seamless digital banking experience, CIMB Bank Philippines has transformed banking for over 3.5 million, empowing Filipinos to open an account in 10 minutes with the highest savings rates, zero fees, fully-digital loan application and 24/7 safe and secure digital banking. CIMB Bank Philippines is part of the CIMB Group, one of the leading banks in ASEAN.
