From the time CIMB Bank Philippines first launched in 2018, it has disrupted the local banking industry, allowing Filipinos to bank like never before with the help of its innovative products and services. CIMB pioneered the embedded banking business model in the country, wherein banking services are seamlessly integrated into existing digital ecosystems, such as mobile wallets and e-commerce platforms, for a more convenient and inclusive banking experience.
Through embedded banking, banking services are made simpler for customers. Instead of having them go to a conventional bank to open an account or perform a transaction, the bank provides its services to the customer wherever they transact, conveniently embedded in their commonly used apps.
With industry-leading partnerships, CIMB continues to lead and further expand its footprint through embedded banking, giving the most awarded digital-only commercial bank in the country a wide reach in offering deposit, credit, and insurance services to the customers.
Simplifying bank account ownership and access to credit with GCash
An experience that CIMB endeavored to simplify is opening a deposit account and providing access to credit for Filipinos who struggle with accessing both services, which is why its partnership with leading finance super app GCash is crucial.
Through GSave, a savings product jointly built by CIMB and GCash, the first-ever bank account that can be opened and maintained straight from the GCash app was launched. This empowers more Filipinos to easily open an account with no initial deposit, no maintaining balance and at a higher interest rate. In contrast to the complicated process of opening an account in a traditional bank, this allows unbanked Filipinos to open an account in less than five minutes for them to have a safe place to store their funds, send money to loved ones for free, and even explore opportunities to grow their savings.
GCash and CIMB also joined forces for GCredit, which gives customers access to their own credit line that they can use as another payment option for times when they need to make ends meet. With these two products available directly on the GCash mobile app, unbanked individuals are now able to conveniently open deposit accounts and have access to credit with much more ease as compared to traditional banks.
Offering flexible ‘buy now, pay later’ (BNPL) options with Shopee and Lazada
In an effort to expand its lending presence amongst the e-commerce platforms, CIMB first forged a partnership with Shopee Philippines to power their Buy Now Pay Later product, SPayLater. Most recently, a similar partnership was successfully launched with Lazada Philippines to power LazPayLater, its flagship BNPL product, to also provide their customers with convenient access to credit within the Lazada platform.
These BNPL offerings are another way for CIMB to support its customers with their finances, availing them the option to spread out their purchases with easy and more manageable repayments at low interest rates. For instance, a newlywed couple can still purchase items for their new home within their limited monthly budget by availing the BNPL option, which allows to pay later for the items they need urgently.
Continuing to promote the agenda of financial inclusion in the Philippines
Beyond keeping customers’ hard-earned money secure, CIMB continues to champion the financial inclusion agenda in the country, by making banking services accessible to as many Filipinos as possible in the country.
With more strategic embedded banking partnerships on the horizon, CIMB Bank PH continues to improve the digital banking experience of countless Filipinos. It remains committed to empower the unbanked customers, to help them understand that having a bank account is more than just savings, it is also a powerful tool that gives them access to a wide array of financial services. Whether it is to help them grow their savings or provide access to funds that can improve their standard of living, having a bank account can help them truly live their life purpose.
To learn more about how CIMB continues to set the bar higher with best-in-class and financially inclusive products and offers, visit cimbbank.com.ph.
