EastWest’s Komo eyed a ‘contender’ in digital banking
MANILA, Philippines — As the pandemic fast-tracked to the adoption of digital payments, the Philippines already saw the highest number of new users of e-cash or mobile payment apps across Asia and the Pacific region in October 2021.
Unsurprisingly, the digital shift has changed the game for the local banking scene.
EastWest’s Komo is sought as a likely contender in the Philippine digital banking scene, touting itself as the first exclusively digital banking service offered by a local bank.
Launched in May 2020, Komo is a digital banking service product of East West Rural Bank Inc., a wholly-owned subsidiary of East West Banking Corp.
“Komo was launched to equip our customers with services that not only helps them meet their needs, but also goes beyond and empowers customers to take control of their money,” said Isabelle Yap, business head of Komo.
At present, Komo offers free fund transfers, easy bills payment and a free Visa debit card. Komo account holders can also withdraw their money with no charge from ATM machines nationwide.
“In this new normal, there’s an even greater emphasis on convenience, and being able to perform financial transactions anytime and anywhere,” Yap said.
Komo also said it does not require any minimum or maintaining balances. It also provides account holders with 2.5% interest per year – one of the highest interest rates from Philippine banks today.
“Since everything is done digitally with no need for branches, we return the savings from lower overhead cost to customers in the form of high interest rates on their savings account,” Komo wrote on its website.
The Bangko Sentral ng Pilipinas (BSP) estimated around 40.7 million adult Filipinos were banked, raising the country’s financial inclusion to 53% from 29% in 2019.
In its bid for digital transformation, the BSP targets 70% of adult Filipinos to own bank accounts by 2023. — Intern, Jan Cuyco
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