GCash’s GCredit Serves 550k Customers, Partners With CIMB Bank PH For Stronger Push for Finance For All
GCash, the leading mobile wallet in the Philippines, and the most-awarded digital bank strengthened its strategic partnership with CIMB Bank Philippines to further widen the reach of GCredit, a digital credit facility available for GCash users.
GCash and CIMB Bank Philippines aim to help more Filipinos gain access to critical financial tools and services like credit, which has proven to be critical during the current pandemic. With the partnership, CIMB Bank Philippines will provide full back up funding support for the GCredit product line and provide best-in-class digital credit services to GCash users.
“We are happy to announce that with the full support of CIMB Bank Philippines, we can scale up GCredit to reach more customers who are in need of micro loans. This helps accelerate our vision of providing finance for all, which we at GCash have been pushing for the last decade,” GCash President and Chief Executive Officer Martha Sazon said.
Since it was first introduced in March 2018, GCredit has so far empowered 550,000 customers with credit lines, disbursing roughly P5 billion to date. GCredit has also gained popularity during the pandemic, with users extending their budgets for their groceries and payment for their utility bills. For this strengthened partnership, GCash and CIMB Bank Philippines are already working through the necessary regulatory approvals.
GCredit works like a flexible loan or credit card so it gives GCash customers access to money that they can use to buy groceries from supermarkets, medicines from pharmacies, and even utility bills. Any GCash user with an eligible GScore, the first digital credit rating score in the country, is entitled to use GCredit. The higher the GScore, the higher the credit limit that a user can tap. A GCash user may have access to up to P10,000 in credit line with a low daily interest rate computed as current interest rate divided by the number of days on credit.
While it functions like a credit card, GCredit does not require users to submit extensive documentary requirements or queue up to apply for a revolving credit facility.
“We at CIMB Bank Philippines are happy to strengthen our strategic alliance with GCash, the number one mobile wallet in the country. We believe that through our partnership, we will be able to further reach more Filipinos to help them save, gain access to credit, and manage their finances with us” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc. CIMB Bank Philippines is part of the CIMB Group, ASEAN’s leading universal bank and is present in over 16 global markets.