East West Banking Corp. (EastWest) announce last week its newest venture in the digital race with a fully digital bank.
“This makes EastWest the first local universal banking group in the Philippines to launch its own fully digital bank, as it adopts its retail banking strategy to the times,” the bank said in a statement on.
The bank said it offers its digital bank it calls “Komo,” through its fully owned subsidiary, EastWest Rural Bank.
“It is backed by an established and trust-worthy local bank while paying an annual interest rate of 3 percent for its digital savings account with no minimum balance,” the bank said in a statement.
The 26-year-old bank said its latest digital initiative is part of its “transformation program and commitment to keep innovating with changing customer needs and launching solutions that are seamless, secure, and reliable.”
“Komo combines the best of two worlds: the convenience of modern digital banking backed by the security of a strong brick-and-mortar bank like [ours],” EastWest CEO Antonio C. Moncupa Jr. was quoted in the statement as saying.
Moncupa added they “see a digital future in banking.”
“With Komo, our customers are sure to get the best that digital banking has to offer while being confident that their money is in good hands,” he said. “We would like to help accelerate digital banking adoption in the county.”
EastWest Special Projects Officer Isabelle G. Yap said they are hoping that with Komo’s “competitive rates, zero-to- minimal fees and convenient platforms,” the bank “can contribute to the effort.” The bank said Komo received approval last May 8 from Bangko Sentral ng Pilipinas (BSP) to launch its digital bank services to the public.
“This marks the countdown to an anticipated product launch” sometime in the third quarter of the year, the bank said.