China Bank thrift unit rolls out digital app
CBS China Bank Savings wants a bigger slice of the country’s vast unbanked population with the launch of mobile app CBS GO, which will allow new clients to easily open a deposit account.
The Sy-led thrift bank joins other lenders in supporting the Bangko Sentral ng Pilipinas’ (BSP) digital transformation road map, which aims to raise bank account ownership and shift more payments to electronic channels.
“In a country with 70-percent smartphone penetration, the harsh reality is that majority of Filipinos are still without bank accounts,” CBS digital business banking group head Adonis Yap said.
Latest BSP figures show that 53 percent of adult Filipinos or 41 million citizens remain unbanked.
“CBS GO mobile app makes it easy and affordable for entry-level depositors to open their first savings account with CBS and transition to digital transactions, in line with our financial inclusion advocacy,” Yap said.
“Our team developed CBS GO to bridge the gap for financial services in areas that CBS China Bank Savings could not reach,” he added.
The lender said app users need not pay an enrolment fee while initial deposits or maintaining balances for the personal mobile basic deposit account linked to CBS GO would not be required.
Account owners must be Filipino citizens, at least 18 years old and should be residing in the Philippines.