Manila, Philippines, April 1, 2021 / PRNewswire / – In keeping with its objectives of promoting financial inclusion and promoting cashless transactions in The Philippines, CIMB Bank strengthens its long-term strategic partnership with leading local e-wallet service GCash by fueling its microcredit payment facility, GCredit, to the most underserved Filipinos.
CIMB Bank, the most awarded all-digital bank in The Philippines is poised to use its expertise in underwriting and credit analysis, as well as its financing capabilities for GCash clients at very attractive rates and with higher lines of credit.
According to the CEO of CIMB Bank Philippines Vijay Manoharan, the collaboration with GCredit will allow more Filipinos to enjoy monthly loan interest rates as low as 1%, conveniently on the GCash app in less than 5 minutes.
Over time, CIMB Bank and GCash plan to offer customers an increased credit limit of up to P 100,000, from the original amount. Likewise, GCredit clients with good creditworthiness will also have the opportunity to access higher lines of credit through CIMB’s personal loan offer, which will allow them to digitally apply for a personal loan of up to $ 1. 000,000 P from Banque CIMB.
“GCash has been at the forefront of financial inclusion in The Philippines for many years, ”said GCash President and CEO Marthe Sazon.
She added: “GCredit as a service has helped expand PHP 8 billion to nearly one million Filipinos nationwide in 2020. Through a stronger partnership with CIMB Bank, we are confident that millions more will be able to benefit and maximize what GCredit can provide.
Manoharan describes CIMB Bank’s single platform banking strategy as a key catalyst for the expansion of mobile-focused all-digital banking in The Philippines and by making the digital banking leader in The Philippines.
He said, “As a result of our initial partnership of providing exclusive savings offers to Filipinos, we are honored to extend 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 be a game-changer in how credit is assessed and made available to people who need it. otherwise would not have access to formal credit facilities as we help the country’s financial inclusion agenda, ”he explained.
Manoharan stressed that thanks to this partnership, Filipinos who initially did not have access to any credit facility with a bank will now have the possibility of benefiting from a revolving line of credit which will allow them to have easy access to credit for their daily needs; while being able to transact securely, especially when cashless and contactless payments are needed most.
Housed in the GCash application, GCredit is the very first digital micro-lending service in The Philippines, where qualified customers can purchase goods, services and pay their bills in-store or online from more than 17,500 partner merchants across the country.
To learn more about GCredit powered by CIMB Bank Philippines, visit: https://www.gcash.com/services/gcredit/
CIMB Bank Philippines is a multi-award-winning, all-digital bank created with the vision to shake up the Philippine banking landscape. Providing a simple and seamless digital banking experience, CIMB Bank Philippines has transformed banking services for over 3.5 million, enabling Filipinos to open an account in 10 minutes with the highest savings rates, no fees, a Fully digital loan application and safe and secure 24/7 digital service. banking. CIMB Bank Philippines is part of the CIMB group, one of the main banks in ASEAN.
SOURCE Bank CIMB Philippines