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 remai...

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