EastWest Bank investing heavily in digital initiatives

MANILA, Philippines — The Gotianun family is investing heavily in the digitalization of its banking arm East West Banking Corp. as Filipinos turn to electronic channels amid the pandemic.

During the 2021 Mid-Year Economic Forum organized by the Economic Journalists Association of the Philippines (EJAP), Filinvest Development Corp. president and chief executive officer Josephine Gotianun-Yap said the group is investing heavily in digital initiatives.

“We are always assessing developments in the industry, including whether Komo will be spun off as a separate entity,” Gotianun-Yap said.

Komo is a digital banking service that allows customers to open and manage their account completely online. This means that there are no physical branches and everything from account opening to card blocking can be done using the mobile app.

The platform gives customers full control over their account and allows them to enjoy one of the highest interest rates. It also allows customers to enjoy free fund transfers, easy bills payment, and a customized Komo debit card.

Komo is the first digital banking service to be offered by a local bank. This means all transactions and account management can only be done through its secured mobile app.

The banking arm of the Gotianun family through EastWest Rural Bank launched Komo in May last year as it joined the digital banking space in the country.

“We’re always open as well as looking at strategic partnerships with entities that can make the bank a bigger player in various fields,” she said.

Gotianun-Yap, who is also a member of the board of directors of EastWest Bank, said the Group has yet to decide whether to apply for a digital banking license with the Bangko Sentral ng Pilipinas (BSP).

“No decision as of now. Currently, the digital banking service being done by Komo is quite sufficient at this point,” she said.