GCASH-operator Globe Fintech Innovations Inc. (GFII) has tied up with UNO Digital Bank Inc. to sell a high-yield savings product on the e-wallet platform.
Through the partnership, users can open an account and access the products of GFII’s partner bank directly from GCash.
“Our partnership with UNO Digital Bank is in line with GCash’s goal of giving Filipinos a secure and convenient banking experience by being an all-in-one app for all their financial needs, from banking to lifestyle essentials,” GFII President and CEO Martha R. Sazon was quoted in a statement as saying.
Users who will tap the interconnection between GCash and banks must be at least 18 years old. A user must be a fully-verified GCash app user with an active mobile number and a mailing address registered in the Philippines. GFII also offers a time deposit facility.
With the GCash segment called “GSave Marketplace,” a user can manage an UNO savings account in one app. GFII said users can also cash in and cash out from their GCash wallet to their UNO accounts.
“Through this partnership with GCash, we will open the door for more people to experience fast, seamless, and well-protected digital transactions so they can avail of high-rate savings products to get started on their financial growth journey. We hope more Filipinos will be able to achieve their financial goals through GSave and UNO Digital Bank,” Lester Cruz, head of UNO Digital Bank liabilities and payments-products and partnerships, was quoted in the statement as saying.
The UNOReady account in the GCash app gives up to 4.25 percent interest per annum (p.a.) with no requirements for a minimum or maintaining balance and sans service fees. Interest is credited daily. Additionally, each user can get free life insurance coverage worth P50,000 for a minimum monthly average daily balance of P10,000.
Time deposit products provide up to 6.50 percent interest p.a. with deposit of at most P100,000 for each of the five tranches allowed. The former has flexible terms from three months to 12 months, while the latter can be locked-in for 12 months or 24 months with monthly interest payout.
“We are initially offering our savings products that will help them grow their money by offering better than standard industry interest rates backed by superior digital experience. Other products and services like loans, insurance, and investment products will soon follow,” UNO Digital Bank Chief Business Officer Amit Malhotra was quoted in the statement as saying.
UNO Digital Bank Founder and CEO Manish Bhai revealed their “discussions around present and potential opportunities have been very progressive with like-minded approach, and with [GFII] as our partner, we are well-positioned to create meaningful impact by providing financial inclusion and innovative products to majority of Filipinos.”
“Thanks to like-minded partners like UNO, we can make sure that more Filipinos can have access to essential banking services and help them gain financial freedom,” Sazon said.