CIMB Bank Philippines signed a partnership with Meralco’s Bayad Center on December 11 for the launching of a new and innovative financial solution for Bayad Center customers.
CIMB Bank Philippines chief executive officer Vijay Manoharan said the partnership aims to drive further digital banking adoption among Bayad Center’s four million active users and promote financial inclusion in the Philippines.
To do this, the multi-awarded all-digital bank will be extending credit facility to the eligible Bayad Center customers who regularly pay their bills through Bayad Center’s mobile app. The credit facilities will cover both personal loans and revolving credit lines, to allow customers to manage their money on-demand.
“This partnership with CIMB opens up many opportunities wherein our existing customers can access digital banking solutions through the Bayad Center app,” Bayad Center president and CEO Manuel L. Tuason said.
“Working with an all-digital mobile-first bank like CIMB will greatly help us in delivering our promise to our consumers in providing payment convenience through financially inclusive products,” Ray C. Espinosa, Bayad Center chairman who is also Meralco president and CEO, added.
Among these products are seamless savings account opening and filing applications for loans, all on the Bayad Center app, powered by CIMB Bank’s digital financial solutions.
CIMB Bank will also be investing in the development of a new customer scoring model to accurately determine and evaluate customers’ eligibility for credit using advanced analytics capabilities.
Through this partnership, more Filipinos will gain access to CIMB’s products and offerings of best-in-market savings interest rates of up to 4.0 percent per annum, seamless 10-minute account opening via the CIMB Bank PH mobile app, zero maintaining balance and transaction fees, and 24/7 access to their money that will allow for a unique digital banking experience for consumers.
"We pride ourselves in being an all-digital platform bank that empowers customers through strategic partnerships," Manoharan said.
“We are very excited with this new engagement with Bayad Center, as we see it as an opportunity to not only reach more Filipinos, but also allow us to showcase our expertise in providing financial solutions to our customers through our services,” he added.
CIMB Bank is an all-digital platform bank which enables product and services delivered uniquely via multiple partners such as Bayad Center, GCash, 7-Eleven, DragonPay, and PesoNet, thus enabling more Filipinos to gain access to banking services. (PR)