DragonFi Securities partners with CIMB Bank PH for in-app savings account – BusinessWorld Online
DRAGONFI Securities, Inc. has partnered with CIMB Bank Philippines, Inc. (CIMB Bank PH) to launch a savings account for traders that is accessible within its app.
DragonFi Save is the first fully embedded digital savings account built directly into the investment platform’s app, CIMB Bank PH said in a statement on Thursday.
“Powered by CIMB Bank PH, DragonFi Save helps traders move their money to and from their DragonFi account instantly with no transfer delays, lockouts, fees, or maintaining balance requirements. This seamless, real-time ac-cess ensures your money is always exactly where you need it, when you need it — ready for your next big trade,” it said.
This will make trading stocks via DragonFi easier as all transactions can be done in-app without the need to make transfers or top-ups. “Withdrawing the proceeds of your investment is also more convenient, as they will no longer be dis-bursed via check. Instead, the funds will be instantly deposited directly into your DragonFi Save account, saving you the time and hassle of encashing or depositing checks.”
The DragonFi Save account also offers a 2.5% base interest rate per annum for deposits credited monthly.
Filipino citizens with a fully verified DragonFi account and a valid government ID can sign up for a DragonFi Save account in the investment platform’s app with real-time approval.
“DragonFi Save is a meaningful stride for both companies’ mission to democratize investing in the Philippines, offering digital solutions for a more seamless user experience for both neophytes and seasoned investors,” CIMB Bank PH said.
The digital-only commercial bank earlier said its profit before tax for 2024 grew by 45 times year on year as it continued to expand its customer base.
It expects to exceed 10 million new customers by yearend from over nine million at end-2024.
CIMB Bank PH Chief Executive Officer Vijay Manoharan earlier said the bank expects to double its profit for 2025 as they plan to expand their offerings for underserved sectors, with loans seen to grow by 35-40%. — A.M.C. Sy
