CIMB Bank partners with GCash to extend digital credit facilities to Filipinos
By Leandra Monteiro
To keep with its aim of advancing financial inclusion and promotion of cashless transactions in the Philippines, CIMB Bank is strengthening its long-term strategic partnership with the local e-wallet service GCash in powering their micro-lending payment facility, GCredit, to more underserved Filipinos.
CIMB Bank, an all-digital bank in the Philippines is set to employ its credit underwriting and analytics facilities, 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 partnership 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 aiming to offer customers an increased credit limit of up to P100,000, coming from the initial amount. Likewise, GCredit customers with good credit standings can also 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 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 added.
Housed inside the GCash app, GCredit is the a 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.
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