GCash’s Lending Arm, Fuse, Recognized at The Asset’s Triple A Digital Awards

Fuse Lending, the credit arm of #GCash the Philippines’ leading finance app and mobile wallet, was recently recognized for its innovative products at The Asset’s Triple A Digital Awards in Hong Kong. The awards, organized by the Hong Kong-based financial journal The Asset, honor companies and institutions that have excelled in innovation and developed a unique digital experience for customers across the Asia-Pacific and the Middle East.

Fuse Lending received the Best Emerging Digital Technologies Award for GLoan Sakto, a nano-loan product designed to provide Filipinos with easier access to credit. This product specifically targets Filipinos who prioritize their families’ daily needs or require support until the next payday.

Launched in August 2023, GLoan Sakto offers a fast and easy cash loan solution for Filipinos. GCash users can borrow amounts as low as Php100 up to Php500, with repayment periods of 14 or 30 days, zero interest, and a processing fee starting at Php6.50. This service allows users to access smaller amounts and shorter-term funding without applying for the loan. Users can also use GLoan Sakto to purchase items from over 200,000 GCash partner merchants.

“We are honored to receive this prestigious award, which affirms our commitment to delivering financial inclusion for millions of Filipinos,” says Fuse CEO Tony Isidro. “We cater to the various financial needs of Filipinos, big or small, by completely digitalizing the loan process, from application to disbursement and repayment. Our ultimate mission is to make credit accessible to every Filipino.”

GLoan Sakto is part of GCash’s financial inclusion efforts. The company is expanding its loan services to all socioeconomic classes, especially sectors with less access to credit, such as women, farmers, and microenterprises.

“Research has shown that historically, only 2% of Filipinos have had access to credit, leaving a massive portion of the population with unmet needs. Our products and solutions are helping address the needs of Filipinos, no matter how small they may be,” adds Isidro. “Usually, these borrowers are excluded from the loan services of traditional banks. However, through digitalization, anyone with a mobile phone can have access to credit through GCash. These solutions are responsive to the needs of millions of Filipinos and ultimately help them realize financial progress.”

GCash’s loan services, powered by Fuse, include GLoan, GCredit, GGives, GSakto Loans, and Borrow Load. As of the end of 2023, Fuse has provided credit to more than four million GCash users, disbursing over Php118 billion worth of loans. 64% of the loans are from the C2DE socio-economic classes, 55% from women, and 60% from young people. Meanwhile, two out of three borrowers come from outside the National Capital Region.

FAQs

What is Fuse Lending? Fuse Lending is the credit arm of GCash, the Philippines’ leading finance app and mobile wallet.
What is GLoan Sakto? GLoan Sakto is a nano-loan product designed to provide Filipinos with easier access to credit. It allows GCash users to borrow amounts as low as Php100 up to Php500, with repayment periods of 14 or 30 days, zero interest, and a processing fee starting at Php6.50.
Who can avail of GLoan Sakto? GLoan Sakto is available to all GCash users. It specifically targets Filipinos who prioritize their families’ daily needs or require support until the next payday.
What other loan services does GCash offer? In addition to GLoan Sakto, GCash’s loan services, powered by Fuse, include GLoan, GCredit, GGives, GSakto Loans, and Borrow Load.
How many users have availed of GCash’s loan services? As of the end of 2023, Fuse has provided credit to more than four million GCash users, disbursing over Php118 billion worth of loans.