MANILA, Philippines – As the pandemic has accelerated towards the adoption of digital payments, the Philippines has already registered the highest number of new users of electronic or mobile payment applications in Asia and the Pacific region in October 2021.
Unsurprisingly, the digital shift has been a game-changer for the local banking scene.
EastWest’s Komo is being sought as a likely contender in the Philippines’ digital banking scene, touting itself as the first digital-only banking service offered by a local bank.
Launched in May 2020, Komo is a digital banking product of East West Rural Bank Inc., a wholly owned subsidiary of East West Banking Corp.
“Komo was launched to provide our customers with services that not only help them meet their needs, but also go beyond and empower customers to take control of their money,” said Isabelle Yap, Chief Commercial Officer of Komo.
Currently, Komo offers free money transfers, easy bill payment, and a free Visa debit card. Komo account holders can also withdraw their money free of charge at ATMs nationwide.
“In this new normal, there is an even greater emphasis on convenience and the ability to conduct financial transactions anytime and anywhere,” Yap said.
Komo also stated that it does not require minimums or hold balances. It also offers account holders 2.5% interest per annum, one of the highest interest rates in Philippine banks today.
“Since everything is done digitally without the need for branches, we are passing the savings from reduced overhead back to customers in the form of high interest rates on their savings account,” Komo wrote on his website.
The Bangko Sentral ng Pilipinas (BSP) estimated that around 40.7 million Filipino adults were banked, bringing the country’s financial inclusion to 53% from 29% in 2019.
In its digital transformation offering, the BSP aims for 70% of adult Filipinos to have bank accounts by 2023. — Intern, Jan Cuyco