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GCash Sees Rise in Democratized Fintech Access, Lending, and Super Apps

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With a population of over 600 million and financial technology (fintech) funding reaching US$ 3.5 billion last year, Southeast Asia is becoming a top place for fintech, attracting numerous entrepreneurs trying to fill in the gaps left behind by traditional financial institutions.

 

Winsley Bangit, Chief Customer Officer of Mynt, which operates the country’s top e-wallet platform GCash, shared the trends he sees in the region.  This includes democratizing access to financial services via fintech, especially in developing countries like the Philippines, the rise of super apps, and lending growth.

 

Bangit joined a diverse panel at the FinTech Fireside Asia’s webinar on “Unlocking FinTech Opportunities in Southeast Asia.” The discussion dissected the latest trends and developments within the region’s vibrant fintech ecosystem.

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“I think a lot of fintech will move into providing access to the unbanked and underserved. Again, that’s where access is going to be more important, both in providing democratized affordable solutions and delighting customers,” he said.

 

Bangit added that fintech is now a tool for greater financial inclusion. Access to financial services may be currently unevenly distributed, but fintech can serve as an equalizer and a key to bringing the whole region into a very different space in the near future.

 

Countries like the Philippines, which suffers from very low bank penetration, have the opportunity to leapfrog through democratized access.  GCash, for instance, was able to provide financial access and an inclusive digital lifestyle to more than 50 million Filipinos, or 70% of the adult population, many of whom are unbanked.

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A super app like GCash is also becoming a trend as people shift online for their essentials. Bangit said pure-play fintech and regional app players have evolved and expanded to become fintech-led super apps that can provide multiple services from e-commerce and financial transactions to online communications.

 

“What’s good about Southeast Asia is that there are a lot of categories ripe for digital disruption – transportation, logistics, e-commerce, retail, etc. And every day, consumers are looking for the right solutions,” Bangit explained.

He added: “Because various formal and informal categories are under-penetrated with regards to digital services, I believe Super Apps have a role to play in making things either accessible in one space or making transactions seamless across all categories.”

 

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Another trend in financial services that Bangit believes will lead growth in the region is consumer and business lending.  “I think that’s a very big space. We see it being adopted not just by local players but also by players moving into the region,” he said.

 

Many people and micro businesses do not have proper documentation to get a credit score and uplift themselves.  With its vision of access and inclusive finance, GCash has introduced various innovations in lending – from installments, Buy Now, Pay Later (BNPL) solution, personal loans, merchant loans, and short-term credit.

 

“We’re trying to explore the range of how we could empower individuals and help make their dreams or goals come true. We also want to empower businesses, especially the small ones,” Bangit said. So far, GCash has tapped and digitized more than five million local businesses.

 

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Although Southeast Asia is a mix of markets, Bangit said the spotlight has begun to shine on developing countries, not just the region’s powerhouse. Investors are already capturing such opportunities.

 

“There’s a thriving startup scene in Indonesia and Vietnam. And in a span of half a year, the Philippines gave birth to two unicorns, one of which is GCash. I think that the appeal of other Southeast Asian markets is already there.  As fintech players, we will continue defining the industry and creating a lasting impact. I think that’s where the genius and magic of fintech will be, particularly in the region,” he said.

 

To learn more about GCash, visit www.gcash.com.

 

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GCash

GCash, Sakahon Empower Agricultural Sector Through Affordable, Convenient Loans for Farmers in Floridablanca, Pampanga

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With its clear vision to promote financial inclusion and digital adoption for all Filipinos, GCash, the country’s leading mobile wallet, has launched a pilot Farmer Loan initiative which aims to empower and improve the financial literacy and capabilities of the agricultural community in Floridablanca, Pampanga.

The launch was done in collaboration with Sakahon, an award-winning agritech  social enterprise that enables farmers to analyze and use data to know what the market needs ahead of time.

GCash, Sakahon Empower Agricultural Sector Through Affordable, Convenient Loans for Farmers in Floridablanca, Pampanga

GCash assisted over 30 partner farmers in creating their own accounts to allow them to avail of quick and easy cash loans offered by GCash’s credit affiliate, Fuse Lending. Likewise, the farmers were introduced to other GCash services like Send Money, Pay QR, as well as savings and investment solutions.

Nanay Gemma is among the first Filipino farmers who will benefit from these digitally inclusive loans. She said in Filipino, “this program of GCash will enable us to transact faster. We don’t need many documents and no more long lines. We are grateful for this opportunity so that we are better connected to the market and to the digital world.”

Through this initiative, farmers can easily avail of additional capital for their crops through GLoan; save money and enjoy interest rates as high as 7.2% per annum through GSave; grow their money by investing in a market fund with GInvest; and protect themselves and their families by getting insured through GInsure.

GCash, Sakahon Empower Agricultural Sector Through Affordable, Convenient Loans for Farmers in Floridablanca, Pampanga

“Thanks to our partnership with Sakahon, we’re making sure every Filipino, especially our farmers, have access to affordable and safe loans, helping improve their livelihood and the lives of their families,” said Tony Isidro, CEO of Fuse Lending. “As the Philippines grapple with food security issues, it’s now more important than ever to support our farmers and empower them with innovative digital financial solutions.”

Elaine Timbol, CEO of Sakahon also highlighted, “GCash has been instrumental in bridging the gap between farmers and more affordable formal loans. Through this program, we hope to have a meaningful and lasting impact on the lives of our farmers, as we help them secure their financial future. Through financial literacy programs and bringing formal financial services closer to farmers, not only will their families benefit, but also the Philippine economy, which has been suffering from a stagnant agricultural sector.”

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With over 71 million registered users to date, GCash has been tirelessly working to democratize access to important financial services like formal lending through GLoan, GGives, and GCredit.

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#GCash #GrabPhilippines Join Forces for More convenient Direct Cashless payment Option

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Grab users can use GCash to pay for the leading superapp’s services by February

Paying for your ride and food orders will soon be easier and hassle-free as the country’s leading mobile wallet GCash partners with Grab Philippines, the country’s leader in transportation and deliveries.

The landmark partnership will give Grab users access to the easiest, most convenient, and secure cashless transactions when they add GCash as a direct payment method on the Grab app. GCash will be officially available as a mode of payment on the Grab platform by February.

Through this partnership, users can simply choose GCash as their payment method, and pay cashless for GrabCar, GrabFood, GrabMart, GrabExpress and other Grab services with just a few taps on their smartphones. Moreover, this partnership enables users to avoid transfer fees which go as high as Php 50.

“With this partnership, we once again realize our commitment to make the lives of Filipinos better each day by delivering a  more convenient, secure, and cost-efficient way to pay for their rides and food and grocery deliveries. We look forward to this partnership and we will continuously innovate and build more

To make their cashless transactions more convenient and rewarding, customers of Grab also get to avail of GCash exclusive deals, and get special treats when they pay for their transactions using GCash.

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Grab GCash Payment Option Philippines

GCash and Grab mark their milestone partnership with GCash available as a direct payment option in the Grab app by February. (L-R) GCash Chief Marketing Officer Neil Trinidad, GCash Head of Commercial Sales and Operations Luigi Reyes, GCash Chief Commercial Officer Ren-Ren Reyes, GrabFin Philippines President Martha Elaine Borja, Head of GrabPay Philippines Cris Alcaraz, and Grab Philippines Country Marketing Head Justine Anne Aruta

Country Head of Grab Philippines Grace Vera Cruz shared, “Grab Philippines is dedicated to empowering our stakeholders in a digital-first economy, and key to this is driving a deeper and wider cashless adoption in the country. With more Filipinos transacting via cashless means, we are accelerating our prospects of digital transformation. We look forward to collaborating with like-minded partners such as GCash on this agenda, and we are optimistic that through this partnership, we can improve the lives and livelihoods of many of our kababayans, while building a cashless, digital-first economy for all Filipinos.”

Grab is Southeast Asia’s leading superapp for ride hailing, food delivery, and on-demand grocery delivery. It touts strong foothold in markets like the Philippines, Thailand, Singapore, Malaysia, Indonesia, and Vietnam. Prior to this development, GCash and Grab have already established a strategic collaboration. Their initial partnership has provided Filipinos safe, seamless, and secure digital experience by allowing users to transfer money from their GCash wallet to their GrabPay wallet, and vice-versa.

Building on GCash and Grab’s shared mission of addressing Filipinos’ daily needs, this partnership also helps in creating a more cash-lite and digitally driven economy.

As part of its vision of achieving “Finance for All”, GCash will continue to innovate and establish partnerships to offer affordable, convenient and safe services – making Filipino lives better every day and beyond, in the new normal.

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#GCash Beefs up User Protection with Certification from Int’l Data Security Standards Firm

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The leading mobile wallet is now Payment Card Industry Data Security Standard certified

GCash, the country’s leading mobile wallet, recently achieved a compliance certification from the Payment Card Industry Data Security Standard (PCI-DSS), assuring every Filipino of the e-wallet’s commitment to the highest  quality standards on data security.

PCI-DSS is a standard that is being administered by the Payment Card Industry Security Standards Council (PCI-SSC) which includes  top global credit card brands such as MasterCard, Visa, American Express, JCB International, and Discover Financial Services

#GCash Beefs up User Protection with Certification from Int'l Data Security Standards Firm

GCash receives PCI-DSS certification from ControlCase, Inc (L-R) GCash Chief Information Security Officer Mark Frogoso, GCash Chief Commercial Officer Ren-Ren Reyes, GCash Chief Technology and Operations Officer Pebbles Sy, ControlCase President Suresh Dadlani, ControlCase Head of Business Development Michelle Mascardo, GCash Head of Customer Experience Management Joanne Avendano, GCash Head of Wealth Management Jong Layug, and GCash Chief People Officer Robert Gonzales.

The standard ensures that all companies which accept, process, store, or transmit credit/debit cardholder information maintain a secure environment to protect customers. Compliance is validated annually by an external Qualified Security Assessor (QSA) such as ControlCase Inc., a global provider of certification, cybersecurity, and continuous compliance services, which also conducted the assessment of GCash.

“This certification is a testament to our commitment of adhering to only the highest standards in safety and security. This is proof that, at GCash, we take data privacy and cybersecurity very seriously, as it is one of our key pillars in ensuring our customers have the best experience when they use our services. GCash will continue to pursue more global industry best practices to better serve our 71 million customers,” GCash President and CEO Martha Sazon said.

#GCash Beefs up User Protection with Certification from Int'l Data Security Standards Firm

GCash CEO Martha Sazon with ControlCase President Suresh Dadlani (L-R) GCash Head of Customer Experience Management Joanne Avendano, ControlCase Head of Business Development Michelle Mascardo, ControlCase President Suresh Dadlani, GCash President and CEO Martha Sazon, and GCash Chief Technology and Operations Officer Pebbles Sy

The formal awarding ceremony was held at the GCash headquarters. It was attended by key officials of the company as well executives from Globe Group, the parent firm of Mynt which operates GCash.

The ceremony was also graced by ControlCase president Suresh Dadlani and its head of business development Michelle Mascardo. Also present at the event were project team members from GCash’s Information Security Group, Technology and Operations, along with other business support teams.

As it continues to expand its services and reach more unserved individuals, GCash remains steadfast in boosting the app’s safeguards while continuously strengthening its sense of accountability, ethics, and compliance to further improve customer’s experience and provide them safe, secure, and more convenient digital financial solutions.

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