Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group (centre); Effendy Shahul Hamid, CEO, Group Ventures & Partnerships, CIMB Group (second from right); Anthony Thomas, President and CEO of GCash, Philippines (second from left); Vijay Manoharan, CEO, CIMB Bank Philippines (far left); and Kim Aimei Seng, Head of Financial Services, GCash (far right) at the event announcing that CIMB Philippines has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines, making it one of the fastest growing banks in ASEAN.

KUALA LUMPUR: CIMB Bank Philippines (CIMB PH) has garnered 500,000 customers, about six months after opening its doors for business in the Philippines.

The milestone was reached on a strong proposition of co-creation and partnership between CIMB Bank and GCash, the e-payments platform in the Philippines.

The all-digital, mobile-first CIMB PH was launched in early 2019 with a goal of bringing a unique and differentiated banking proposition to Filipinos.

GCash is an e-payments platform owned by Mynt,

a fintech startup of Globe Telecom, Ayala Corporation, and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.

This partnership is in line with CIMB’s ‘Invest and Incubate’ pillar under Forward23, the Group’s current mid-term growth plan.

CIMB Group group chief executive officer Tengku Datuk Seri Zafrul Aziz said CIMB PH is one of the fastest growing banks in Asean and a strong testament of what can be achieved in the regime of digital-only banks.

"We are motivated by this and will continue to innovate for our customers," he said in a statement.

In line with this, CIMB PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform.

The companies also said they will be working

together to make added suites of financial services products available to GCash customers in the

future. These services will be announced in due course.

“The partnership with GCash was central to us achieving this milestone. It is a live case study of a bank-tech partnership, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access,” he said.

GCash president and chief executive officer Anthony Thomas affirmed the company shared mission with CIMB Bank to increase accessibility of financial products and services for all Filipinos.

“The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB through GSave is a success.

"We welcome this achievement and the deepening of our

collaboration with CIMB Bank, and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families,” he said.

The 500,000 GSave users are now enjoying the benefits of CIMB’s savings account, which is available as the Save Money feature on the GCash app.