GCash and CIMB Bank Philippines further strengthen their partnership as GCredit transitions from a micro-lending innovation to being a fully digital lending facility supported by the most awarded digital bank in the Philippines. This is in line with the partnership’s objective to push financial inclusion and to promote cashless transactions to more Filipinos.
CIMB Bank Philippines will now officially power GCredit, as the digital bank 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 1%.
Over time, the partnership will also offer an increased credit limit of up to PHP 100,000 coming from the initial PHP 10,000 limit.
Also, good-paying GCredit customers will have the opportunity to access bigger credit lines through CIMB’s personal loans where they can digitally apply for a loan of up to PHP 1,000,000.
“GCash has been at the forefront of financial inclusion in the Philippines and delivers the same with innovations like GCredit. GCredit as a service has helped extend over PHP 8-billion to close to a million Filipinos nationwide in 2020. With a stronger partnership with CIMB Bank, we are positive that millions more will be able to enjoy and maximize what GCredit can provide,” said Martha Sazon, president and CEO of GCash.
CIMB Bank Philippines’ CEO Vijay Manoharan describes CIMB’s unique platform banking strategy as a key enabler for the bank to efficiently meet its goal of pushing financial inclusion through digital means. “We are humbled to be able to deepen and solidify our long term strategic partnership with GCash, which is truly a unique successful bank and fintech partnership in this region. This allows us to bring banking closer to all Filipinos and drive our common agenda of financial inclusion and access to credit. 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. Through GCredit, Filipinos who do not have access to any credit facilities with a bank will 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.