Komo, EastWest Bank’s new digital banking arm
Gotianun family-led East West Banking Corp. has joined the local digital banking race with the launch of Komo, a fully-digital banking platform operating under the group’s rural banking arm.
Offered through its fully-owned subsidiary, EastWest Rural Bank, Komo launched a digital savings deposit product carrying an interest rate of 3 percent per annum without any minimum balance.
The new digital banking arm was launched at a time that the local banking system is seeing a dramatic surge in online banking enrollment and usage as people strive to meet their banking requirements during the lockdown of Luzon and other key regions.
“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 EastWest,” said Antonio Moncupa, EastWest chief executive officer.
“We 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 added.
Komo received approval from Bangko Sentral ng Pilipinas to launch its digital bank services to the public last May 8.
The new digital bank promises to bring to market more products, touted to be potential “game-changer,” by the third quarter of this year.
“We would like to help accelerate digital banking adoption in the county. We hope that with Komo’s competitive rates, zero to minimal fees, and convenient platforms we can contribute to the effort,” said Isabelle Yap, Komo project leader.
Established in 1994, EastWest is one of the fast-growing banks and has been among the more profitable banks in the country.