MANILA, Philippines — GCash, the country’s largest mobile wallet service, has forged a partnership with the CIMB Bank to provide more Filipinos with easily accessible financial solutions.
The partnership launched GSave, the first mobile savings wallet in the Philippines.
GSave is expected to provide Filipinos access to convenient, safe, and high earning savings account.
According to GCash operator Globe Fintech Innovations Inc. (Mynt), GSave offers a higher interest rate of up to 2.3 percent, which will allow one’s money to earn up to 10 times more compared to a traditional savings account.
Mynt said it is safe as deposits are insured by the Philippine Deposit Insurance Corp.
“It’s also very convenient. There’s no maintaining balance needed and anyone can open a GSave savings account via the GCash app, allowing one to deposit or withdraw anytime and anywhere,” it said.
GCash is a micropayment service operated by Mynt that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer.
Mynt is a partnership among Globe Telecom, Ayala Corp. and Ant Financial that provides innovative and first-in-world fintech solutions to consumers, merchants and organizations.
Meanwhile, CIMB is one of ASEAN’s leading banking groups. Aside from the Philippines, CIMB has presence in China, Hong Kong, India, Sri Lanka, US, UK and Korea.
CIMB plans to introduce more Filipinos to formal banking by offering accessible financial products and solutions that will help them move forward.