GCash strengthened its strategic partnership with CIMB Bank Philippines to further widen the reach of GCredit, a digital credit facility available for GCash users.
The said partnership aims to help more Filipinos gain access to critical financial tools and services like credit, which has proven to be critical during the current pandemic. CIMB Bank Philippines will also provide full back up funding support for the GCredit product line and provide best-in-class digital credit services to GCash users.
Since it started 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.
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.
GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com (https://www.gcash.com/)/.