EastWest launches Komo, the Philippines’ first homegrown all-digital bank
East West Banking Corporation (EastWest) announces its newest venture in the digital race with Komo—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.
Offered through its fully-owned subsidiary, EastWest Rural Bank, Komo is the first of its kind. It is backed by an established and trust-worthy local bank while paying an annual interest rate of 3% for its Digital Savings Account with no minimum balance.
Established in 1994, EastWest is one of the fast-growing banks and has been among the more profitable banks in the country. This latest digital initiative is part of the Bank’s 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 EastWest.” Tony Moncupa, EastWest CEO, said.
He adds, “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.”
“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.” Isabelle Yap, who leads the Komo Project said.
Last May 8, 2020, Komo received approval 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 Q3 2020. With more details to be revealed soon, Komo is set to be a game-changer.