BPI's WISE Talks: Staying Financially Fit amid the Pandemic

“Making wise and effective investment decisions are all the more important in these uncertain times, and through these webinars, we aim to help everyone find the right investment strategy for a more secure financial future. The first step towards financial freedom through investment begins by asking yourself if investing is for you, and if you can build the discipline to stick with a strategy. One way to do this is through a basic formula called HERO (Horizon, Experience, Risk Tolerance, Objective). The objective of HERO is to bring clarity to your goal for investing, your investment experience, your risk appetite in investing, and your investment horizon to identify the appropriate investment securities that match your objective, and risk profile. Do not put all your eggs in one basket. Diversification, is important, and should be applied both in different investment asset classes and within an investment asset class. Do cost-averaging and invest regularly. In cost-averaging, investors are encouraged to buy investments in tranches every month to even out the ups and downs of the market. Over the long term, this investment strategy can maximize returns. Do not let your fear of losing money harm your long-term financial health. Keep yourselves updated with trends and market movements; investment in knowledge still pays the best returns.” ~Dino Gasmen, Head of BPI Global Markets

The Bank of the Philippine Islands (BPI) has launched a webinar series entitled WISE Talks to help potential investors learn the basics of investing, and enable more experienced investors to make the right investment decisions amid market volatility brought about by the COVID-19 pandemic.

The webinar started in March 2020. A similar webinar for BPI employees was organized through a closed Facebook group last August 18. Last August 25, it was also held for the first time over Facebook live through BPI’s Facebook account.

Given the fluctuating historical performances of every asset class, diversification leads to effective portfolio management and minimizes the risk for short-term investors.

Learn more about managing your finances in this pandemic through our WISE Talks webinars and videos on BPI Facebook.

GCash provides Filipinos to efficiently manage their finance amid COVID-19

“Now more than ever, it’s important for us to practice financial literacy and make wise spending decisions in the middle of a pandemic. GCash Save Money shows us that it’s possible for all walks of life to set up their own emergency fund. Financial inclusivity is at the heart of this collaboration. GCash Save Money is also more secure than traditional cash handling and the Filipino habit of keeping cash in various places in their houses. Aside from being regulated by the Bangko Sentral ng Pilipinas (BSP), GCash Save Money accounts are also insured by the Philippine Deposit Insurance Corp. (PDIC) for up to P500,000. GCash Save Money is enabling more and more Filipinos to save as the days go by, especially now that they Filipinos are more mindful of their personal finances. We have seen this trend grow through our new customers and we are happy to empower them with a digital tool that allows them to financially secure themselves for the future.” ~JF Darre, GCash Head of Data and Financial Services

As the pandemic proves to be a serious health risk, it has also proved to be a financial emergency. Because of the measures needed to be put in places like quarantine protocols and work-from-home set up, some sectors stopped their operations resulting in a decrease in profit, income, and eventually jobs. This fact has forced Filipinos to use portions of their savings to survive. Mindful of these, GCash, the leading mobile wallet in the Philippines, is empowering Filipinos to efficiently manage their finance and save up for their futures.

The coronavirus pandemic highlighted the importance of keeping an emergency fund, studies show. A recent consumer expectations survey by the Bangko Sentral ng Pilipinas (BSP) revealed that more Filipinos are now building their own savings accounts, with 73.9-percent of respondents setting aside money in their banks for unforeseen situations.

Aside from its impact on public health, COVID-19 is also proving to be a financial emergency. The BSP is bracing for a downturn for the national economy, as well as a 2.2-percent increase in the price of basic goods. Businesses are also taking a big hit from the lockdown, as massive layoffs are still expected to come, leaving Filipinos financially handicapped in the middle of a public health crisis.

Having reached more than two months of quarantine which last until May 31, the Philippines is one of the countries with the longest lockdowns in the world. In an effort to flatten the curve general community quarantine has been imposed in most parts of the country until June 15, while seriously affected areas remained under tighter quarantine protocols.

This has forced a lot of Filipinos to grow more mindful of their personal finances. According to a white paper released by AdSpark, Inc., a portfolio company under Globe Telecom’s 917Ventures, consumption of Personal Finances as a topic grew by 800 percent from January 2020 to the end of March 2020 when most Filipinos were required to stay at home.

Mindful of these, GCash, the leading mobile wallet in the Philippines, is empowering Filipinos to efficiently manage their finance and save up for their futures.

GCash Save Money, a collaboration between GCash and CIMB Bank PH, provides an easier way for Filipinos to set up their own savings account or emergency fund. It is the first-ever bank account that can be opened and maintained straight from the GCash app.

This spares verified GCash users the trouble of filling up multiple forms and lining up at the bank just to open up a bank account. GCash Save Money allows depositors to earn 3.1 percent per annum on balances, paid out monthly. This interest rate is the best in the industry, beating traditional banks that only offer up to 0.25 percent per year.

As an added bonus, GCash Save Money users who have average daily balances of P100,000 and above in the months of June or July 2020 are entitled to a 4-percent interest rate p.a. prorated for those months.

Users would also not have to worry about fees as well as there is no initial deposit and maintaining balance. GCash Save Money users can easily track their balance and transaction history through the “Save Money” button in the GCash app. They can also seamlessly move up to P100,000 per month between the deposit account and the e-wallet.

As digital fund transfers increase in number as millions are in lockdown, financial technology is expected to play a big part in the new normal. Mobile wallets and e-deposit accounts are not just a matter of convenience in the era of social distancing, they have become necessities to help stop the spread of COVID-19 by making transactions go contactless instead.

So far, GCash has opened 2.2 million GCash Save Money accounts to date, further promoting financial inclusion in the country.

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.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

Any Filipino citizen above 18 years of age who owns a fully verified GCash account and a valid government ID can deposit under GCash Save Money.

CIMB Bank Announces 500,000th Customer and Expands strategic partnership with GCash

“CIMB Bank PH is surely the fastest growing bank in ASEAN, a wonderful achievement, and a strong testament of things that can be achieved in the regime of digital-only banks. We are motivated by this and will continue to innovate for our customers. Well done to the teams. The partnership with GCash was central to us achieving this milestone. It is a live case study of bank-tech partnerships, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to developing more propositions with GCash to further establish our mobile banking presence in the Philippines.” ~Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group

Malaysian all-digital, mobile-first bank CIMB Bank PH, was launched in early 2019 with a goal of bringing a unique and differentiated banking proposition to Filipinos announced that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines and partner Philippine fintech leader Mynt is excited to announce a landmark achievement in its aim toward digital financial inclusion for Filipinos. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash. 

HALF-MILLION DIGITAL SAVERS. ASEAN universal bank CIMB celebrates the milestone achievement of 500,000 users of the GSave mobile savings account on its partner platform GCash, the leading mobile wallet in the Philippines. Photo shows (from left): GSave’s 500,000th user Seigfred Barcelona, CIMB Bank Philippines chief executive officer Vijay Manoharan, Mynt president and chief executive officer Anthony Thomas, CIMB Group CEO Tengku Dato’ Sri Zafrul Tengku Abdul Aziz, CIMB Group Ventures & Partnerships chief executive officer Effendy Shahul Hamid, and GCash head of savings Kim Aimei Seng.

Anchored on a DNA of strong strategic partnerships and solving customer pain points digitally, CIMB Bank PH had forged a partnership with GCash, to allow GCash’s customers direct, paperless and seamless access to savings account services, a product termed GSave. GCash is an epayments platform owned by Mynt, the revolutionary fintech startup of Globe Telecom, Ayala Corporation and Ant Financial, an affiliate of Jack Ma’s Alibaba Group.

In line with this, CIMB Bank PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform. The companies also said they will be working together to make added suites of financial services products available to GCash customers in the future. These services will be announced in due course. 

Anthony Thomas, President and Chief Executive Officer of GCash

“The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. We welcome this achievement and the deepening of our collaboration with CIMB Bank, and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.” ~Anthony Thomas, President and Chief Executive Officer of GCash

Anthony Thomas, affirmed its shared mission with CIMB Bank to increase the accessibility of financial products and services for all Filipinos.

The 500,000 GSave users are now enjoying the benefits of CIMB’s savings account, which is available as the Save Money feature on the GCash app. GSave offers an interest rate of 3 percent per annum, which is more than ten times higher than those interest rates offered by most Philippine banks. 

Additionally, GSave does not require an initial deposit or maintaining balance, nor does it impose service charges for transactions—greatly reducing the barriers for ordinary Filipinos to open and maintain a savings account.

For more information, please visit https://www.globe.com.ph/gcash. To learn more, visit us at www.cimbbank.com.ph or Like us on Facebook and Follow us on Instagram @CIMBBankPH. Download OCTO by CIMB Bank in App & Play stores today. 

About CIMB Bank Philippines

CIMB Bank, ASEAN’s Top 5 largest bank present in over 16 global markets, has extended its reach in 2018 by providing Filipinos a whole new banking experience. CIMB Bank Philippines Inc. is an all-digital mobile bank headquartered in Bonifacio Global City, Metro Manila, Philippines.

CIMB Bank Philippines offers 24/7 safe and secure banking with their seamless account opening in 10 minutes, the best in market rates, no initial deposit or maintaining balance requirements, convenient deposit and withdrawal locations, and zero transaction fees, all done through OCTO by CIMB Bank mobile app.

CIMB: The Way Banking Should Be.

About CIMB Group

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries.

About Mynt

Mynt is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending institutions. For more information, visit mynt.xyz.

About GCash

GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need to bring any cash.