GCash, CIMB eye more than 1M clients by end-2019

Financial technology provider GCash and Malaysia’s CIMB Bank are positive that they can book more than one million clients by the end of 2019 after their partnership garnered 500,000 customers as of August.

In February, GCash and CIMB Bank partnered to launch GSave, a mobile savings wallet that offers an interest rate of up to 2.3% per year. 

During a media event in Taguig City, GCash and CIMB Bank revealed that GSave has booked 500,000 clients in the six months since its launch.

“If you ask, the gap in the Philippines is far larger than this. I think we can far exceed a million,” GCash president and CEO Anthony Thomas said.

For his part, CIMB Philippines CEO Vijay Manoharan said the bank is positive it can continue the growth traction it achieved since it entered the country.

“We hope to continue the traction that we have,” Manoharan said.

CIMB Group CEO Tengku Dato’ Sri Zafrul Aziz, meanwhile, said that its partnership with GCash was “central” to the bank in establishing its mobile banking presence in the Philippines.

Kim Aimei Seng, head of savings for GCash, said GSave's clients were attracted by features such as no maintaining balance and interest rates of up to 3%.

In April, GSave increased its interest rates to 3% from 2.3%.

Thomas said that apart from hitting a million account openings, the more important thing is to encourage clients to save more.

“It’s not only about opening accounts, it’s about adding value... when people increase the amount they save, grow their wealth,” he said.

“We are not stopping on reaching one million but we want to encourage them to save more,” he added. — BM, GMA News