AdChoiceTV News — CIMB Bank Philippines is extending its credit evaluation and analytics expertise to further strengthen its partnership with GCash through the first-ever digital micro-lending service in the country.
Vijay Manoharan, chief executive officer at CIMB Bank Philippines, said the bank continues to deepen and solidify its long-term strategic partnership with GCash by powering GCredit.
“This is in line with the partnership’s objective to push financial inclusion and to promote cashless transactions to more Filipinos. This allows us to bring banking closer to all Filipinos and drive our common agenda of financial inclusion and access to credit,” Manoharan said.
He also said CIMB’s unique platform banking strategy is a key enabler for the bank to efficiently meet its goal of pushing financial inclusion through digital means.
Through GCredit, Manoharan said Filipinos who do not have access to any credit facilities with a bank would now stand a chance to avail a revolving credit line with instant approvals in a very convenient and seamless way on their mobile phone.
Housed inside the GCash app, GCredit is the first-ever 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.
“With the expansion from our initial exclusive savings partnership now to credit partnership, we aspire to turn GCredit to be the number one credit and payment product in the country,” Manoharan said.
CIMB employs its credit evaluation and analytics expertise as well as its funding capabilities for GCash customers.
This will help GCredit to reach more Filipinos with monthly loan interest rates for as low as one percent. Over time, the partnership would also offer an increased credit limit of up to P100,000 coming from the initial P10,000 limit.
Furthermore, good paying GCredit customers would have the opportunity to access bigger credit lines through CIMB’s personal loans where they can digitally apply for a loan of up to P1 million.
GCash president and chief executive officer Martha Sazon said the company has been at the forefront of financial inclusion in the Philippines.
“With a stronger partnership with CIMB Bank, we are positive that millions more will be able to enjoy and maximize what GCredit can provide,” Sazon said.
Reporting by Albert Rovic Tan