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.

Oftentimes than not, many fall into the trap of penny wise, pound foolish. Like being mindful of saving small amounts of money, rather than thinking of being financially responsible and think of saving for rainy days.

Many admit that in their e-wallets money is just parked there, waiting to be used to buy something or to use the e-wallet for convenience such as paying bills, groceries, and other stuff that one wants to buy, unmindful of the potential of earning even a little from savings.

CIMB Bank Philippines announces its latest high-interest offer from May 1 to June 30, 2024, that can earn as high as 15% per annum (p.a.) interest with CIMB’s Red Hot Promo.

The Current UpSave and GSave account holders as of March 31, 2024, are eligible to earn up to 15% p.a. interest on their savings for May, while accounts opened by April 30, 2024, are eligible to join the promo for June. Valid accounts are automatically qualified to earn 4% p.a. interest simply by maintaining their balance, and can continue earning additional interest through the following steps:

• Earn +2% p.a. by growing your total average daily balance (ADB) by at least ₱5,000 compared to the previous month’s ADB
• Earn +2% p.a. by spending a total amount of at least ₱5,000 using your Virtual Debit Card
• Earn +3% p.a. by spending a total amount of at least ₱50,000 using your Virtual Debit Card
• Earn +4% p.a. by growing your Total ADB by at least ₱50,000 compared to the previous month’s ADB.

All additional interest rates are applicable to the total ADB of up to ₱200,000 and are also inclusive of other promos. Terms and conditions apply.

For those who do not have CIMB account yet, opening one is easy and it only takes 10 minutes to open an UpSave account via the CIMB mobile app, which is available on the App Store and on Google Play. You can also open a GSave account via the GCash app. Filipino citizens who are at least 18 years of age only need one valid ID and you can already apply. The full list of valid IDs can be found on the CIMB website.

Savings account is also more than just a safe place to keep your hard-earned money. Simply maintain an ADB of at least PHP 5,000 to get free life insurance coverage with your CIMB account. You can also enjoy free and fast activation of your CIMB Virtual Debit Card, which you can use to transact online. Just link your account to the CIMB PH app to activate your Virtual Debit Card. Money transfers for free via InstaPay as well.

What are you waiting for? Don’t be a penny wise and pound foolish! Let your savings reach an all-time high with CIMB. Access the full mechanics at cimbbank.com.ph/en/promotions/promotions/red-hot-promo.html 

“Through this partnership with GCash, we will open the door for more people to experience fast, seamless, and well-protected digital transactions so they can avail of high-rate savings products to get started on their financial growth journey. We hope more Filipinos will be able to achieve their financial goals through GSave & UNO Digital Bank,” said Lester Cruz, Head of Liabilities and Payments -Products and Partnerships at UNO Digital Bank.

Through the GSave Marketplace, customers can manage their UNO savings accounts in one app. Filipino citizens who are at least 18 years old, and who are fully verified GCash App users with active mobile numbers and mailing addresses registered in the Philippines, are eligible to open an #UNOready savings account and an #UNOboost and/or #UNOearn Time Deposit account. Customers also get to enjoy seamless and free cash in and cash out from their GCash wallet to their UNO accounts. 

#UNOReady@GCash is a high-rate savings account that offers up to 4.25% interest p.a., higher than what is currently offered by traditional banks. Interest is credited daily, and it has no requirements for either a minimum or maintaining balance and has no service fees. Additionally, customers can get free life insurance coverage worth PHP50,000 for a minimum monthly Average Daily Balance (ADB) of PHP10,000.00.

In addition to the #UNOready@GCash services provided, UNO Digital Bank is the first to offer time deposit products in GSave through its #UNOboost@GCash and #UNOearn@GCash accounts. #UNOboost@GCash provides up to 6.50% interest p.a. time deposits. Customers have the flexibility to choose their desired term ranging from 3-12 months, while #UNOearn@GCash is also a high-yield time deposit with a guaranteed interest rate of 6.50% p.a. that can be locked-in for 12 or 24 months. It also provides monthly interest payout. Customers can open up to five tranches each for #UNOboost and #UNOearn and can deposit up to Php100,000 per tranche.

Amit Malhotra, Chief Business Officer of UNO Digital Bank added “We are a customer centric bank, and all our products and services are designed to cater to our customers’ financial needs. We are initially offering our savings products that will help them grow their money by offering better than standard industry interest rates backed by superior digital experience. Other products and services like loans, insurance, and investment products will soon follow. Our goal is to provide the platform that can help them meet their financial goals in a convenient, simple, and safe manner.” 

“I am very excited about this partnership with GCash who have been pioneers of inclusion and innovation in Philippines. Discussions around present & potential opportunities have been very progressive with like-minded approach, and with GCash as our partner, we are well-positioned to create meaningful impact by providing financial inclusion and innovative products to majority of Filipinos. The 77M+ subscribers of GCash will now have access to UNO’s products and services that can help them accelerate the achievement of their financial goals, “said Manish Bhai, Founder & CEO of UNO Digital Bank.

“Our partnership with UNO Digital Bank is in line with GCash’s goal of giving Filipinos a secure and convenient banking experience by being an all-in-one app for all their financial needs, from banking to lifestyle essentials,” said Martha Sazon, GCash’s president and CEO. “Thanks to like-minded partners like UNO, we can make sure that more Filipinos can have access to essential banking services and help them gain financial freedom.”

Since beginning operations in 2022, UNO Digital Bank has made its mission to provide services for the unbanked population and help create a better financial system with online banking solutions hinged on the latest technology. The company was one of the first Fintech companies to receive a Digital Banking License from the Banko Sentral ng Pilipinas. UNO Digital Bank continues to partner with trusted and effective members of the banking and financial services industry to help elevate the banking experience to one that is more accessible, reliable, and secure.

GCash, the Philippines’ number one financial super app, is enabling young professionals and micro, small, and medium enterprises (MSMEs) to unlock their financial goals through the many accessible digital financial services it offers like savings, loans, insurance, and even investments.

GCash recently shared that young professionals are becoming more independent, budget conscious, and open to trying simple ways to earn more while owners of MSMEs struggle to find accessible financing to expand their business and reach more customers.

That’s why GCash has been ramping up its line-up of financial services to help individuals achieve financial freedom while giving micro to small entrepreneurs the lifeline they need to keep their business afloat or the additional funds to support their expansion.

GCash has a slew of services which help users manage their wealth and gain financial security. For one, GSave, a digital savings account, offers a higher savings rate of up to 2.6% per annum than traditional banks, and that lets users access their money 24/7 anytime, anywhere. 

GInsure is a one-stop shop for insurance products that’s easy to understand, has a low premium but comprehensive coverage like personal accidents, medical services, car insurance, income loss, and even online shopping, bills, cars, and pets.

The super app also enables individuals and MSMEs to have access to credit. GGives is an easy pay-later option that allows users to purchase gadgets, appliances, furniture and even plane tickets, among others worth up to P50,000 from 85,000 partner stores nationwide and pay for them later up to 24 gives over 12 months; and GLoan, which offers easy and fast cash loans up to P50,000 repayable up to 12 months with low-interest rates and are suitable for digital entrepreneurs with growing online businesses. 

The mobile app can also help users manage their finances as it provides a real-time record of their digital transactions which can be accessed 24/7 on their smartphone.

Financial literacy and customer engagement through social media

Aside from introducing various digital financial solutions, GCash is also maximizing the use of social media in its drive to educate and engage the youth on the benefits of using the app and learning more about its financial services. 

Users can find GCash’s educational content on YouTube, Facebook, TikTok, Twitter, Instagram where they can learn from financial and medical experts, inspirational celebrities and other social media influencers. These include tutorials, life-goal hacks, and personal stories. They also answer frequently asked questions on finances and discuss the advantages and disadvantages of certain financial products, offer tips to develop the right mindset and behaviors toward money to avoid financial mistakes.

GSave’s Ipon Challenge also engages GCash users to post their Savings Tracker on Twitter to help show the ease and importance of saving for their future. Recently, GCash launched “Payaman Series”, video episodes of inspiring personal stories on how GCash ambassadors struggled financially and eventually got back on track with the help of GCash. 

With GCash services and its financial literacy projects, Filipinos can start early on growing their wealth, upgrading their lifestyle and future-proofing their finances.

GCash has been a trusted digital financial platform by millions of Filipinos especially as its operations is approved and regulated by the Bangko Sentral ng Pilipinas.

Since its launch in 2004, GCash users have increased to over 60 million, covering 83% of the Philippine population. Among them are at least five million merchants using the mobile app to accept digital payments from customers. In 2021, there were five times more active monthly users of GCash than the second largest competitor’s.

To know more about GCash and its financial services, visit https://www.gcash.com.