PR Newswire
15 Aug 2022, 05:30 GMT+10
GCash CEO says collaboration, not competition, key to exponential growth and financial inclusion
MANILA, Philippines, Aug. 15, 2022 /PRNewswire/ -- As digital payments rapidly become a staple for many Filipinos, GCash, the leading mobile wallet in the Philippines and the country's first ever double unicorn has achieved yet another milestone as it grows its number of registered users to 66 million as of June 2022. This was one of the key highlights shared by the GCash president and CEO Martha Sazon during the recent Mobile 360 Asia Pacific FinTech Summit held at JW Marriott South Beach in Singapore.
During the summit, Martha shared how collaborations with banks and other fintech providers have helped GCash maintain a strong growth momentum amid the pandemic which has enabled it to add six million users from the first quarter to 66 million at the end of the second quarter of 2022.
"We're not a digital bank. We are an e-wallet. But what's good about that is we're able to partner with any bank and any financial institution. This is a conscious thought that we make because we know that financial inclusion is a complex, difficult journey. So, we choose to collaborate rather than compete," Sazon said.
With this in mind, GCash has partnered with the most innovative and the biggest financial institutions - such as BPI, ATRAM and CIMB, as well as various government agencies, insurance, and fintech companies - to address the population's need for more accessible financial services. GCash also teamed up with Ant Group Financial, allowing the app to access global and best-in-class platforms and capabilities and enabling GCash to scale up rapidly and ensure user security.
Driven by its goal to deliver fast, safe, and convenient digital products and services to the masses, most especially the millions of unbanked Filipinos at the height of the pandemic, GCash became a key partner of the Philippine government for its Social Amelioration Program (SAP) which was distributed via the GCash app with over P16 billion in aid received by more than 2 million beneficiaries. Moreover, GCash also empowers micro, small, and medium enterprises (MSMEs) by partnering with different insurance providers to offer convenient digital business solutions such as business insurance products. More similar services will soon be launched on the GCash app.
As financial inclusion is the core of its business, Sazon also said that GCash continuously democratizes financial services by adding strategic collaborators to help innovate its game-changing products such as Send Money, Pay Bills, Cash-in, Cash-out, GInsure, GLoan, GInvest, GGives, GCredit. This has enabled them to deliver solutions that meet every Filipino's needs and demands.
"The people that we need to include are the masses. We are talking about riders, tricycle (three-wheeled mode of public transportation) drivers, sari-sari stores (community-based stores), and even market store vendors. This is very important because these are the very people who comprise our MSME industry," Sazon shared.
For more information, visit www.gcash.com.ph
About GCash
GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1.3k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 4.5M partner merchants and social sellers; cash-in and cash-out at over 170k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs which are now making a positive impact on 66 million Filipinos in the country today.
SOURCE GCash
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
The Russian foreign minister has cautioned against expanding NATO infrastructure in the Indo-Pacific The military activities of the...
The Russian foreign minister has cautioned against expanding NATO infrastructure in the Indo-Pacific ...
Madrid [Spain], July 13 (ANI): Jyothi Surekha Vennam emerged as a key figure as India secured three medals, all in the compound events...
Reasi (Jammu and Kashmir) [India], July 12 (ANI): A suspected foreign national was apprehended by a team Jammu and Kashmir's Katra...
(250712) -- YONGIN, July 12, 2025 (Xinhua) -- Hosoya Mao (2nd L) of Japan vies for the ball during the men's match between China and...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...