GCash marks twenty years of pioneering virtual monetary inclusion within the Philippines and past
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GCash marks twenty years of pioneering virtual monetary inclusion within the Philippines and past


The Philippines’ manage finance tremendous app makes historical past as nation’s simplest $5 billion unicorn

MANILA, Philippines, Oct. 9, 2024 /PRNewswire/ — Rooted in its challenge to democratize monetary products and services, GCash, the prominent finance app in the Philippines, celebrates twenty years of constancy to virtual monetary inclusion because the crowd’s first unicorn with a valuation exceeding $5 billion. This milestone highlights GCash’s international affect and its position in empowering customers in the Philippines and the world over.

By means of constantly turning in leading edge and available monetary answers, GCash stands proud as some of the few financially sustainable fintech firms international, devoted to bridging the monetary divide for underserved communities.

Key investments from Ayala Company, one in all the Philippines’ greatest and maximum diverse conglomerates, and Mitsubishi UFJ Monetary Crew (MUFG), Japan’s prominent monetary establishment, have greater than doubled GCash’s valuation from $2 billion in 2021. This contemporary investment spherical, which noticed Ayala and MUFG each and every gain an spare 8% stake in Mynt, the father or mother corporate of GCash, additional solidifies GCash’s place as a trailblazer in monetary inclusion throughout Southeast Asia.

“These past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we want to take it a step further and be their partner towards financial health and wellness,” GCash President and CEO Martha Sazon stated. “Encouraged by the vision set by the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, we will keep innovating to help Filipinos thrive everyday, be ready for a rainy day, and prepare for one day.”

Redefining monetary get right of entry to

Since its inception, GCash has prioritized how technological inventions can assistance advertise monetary inclusion. Prior to the pandemic, simplest 29% had vault accounts, not up to 1% had get right of entry to to investments, and a pair of% held bank cards. With 47% of the public nonetheless unbanked, GCash leveraged virtual equipment to seriously increase get right of entry to to virtual monetary products and services. Past unadorned transactions, the finance tremendous app offer leading edge in-app credit score products and services and inexpensive lending merchandise like GCredit, GLoan, and GGives and has distributed PHP 155 billion to five.4 million distinctive debtors, together with underserved sections.

In wealth control and insurance coverage, GFunds has on enroute 6.6 million customers and handles 3 in 4 UITF transactions. In the meantime, GStocks represents 1 in 5 PSE accounts with 682,000 customers and GInsure protects 7.8 million Filipinos with 28 million insurance policies offered, making funding merchandise and fiscal coverage extra inclusive and aware of the desires of Filipinos.

Monetary empowerment throughout the Philippines and past

GCash’s affect extends a ways past the rustic, solidifying its place as a world participant in fintech. Via global remittance products and services, GCash In a foreign country, and International Pay, GCash caters to the desires of thousands and thousands of In a foreign country Filipino Employees (OFWs) and gives seamless monetary products and services throughout borders. GCash In a foreign country lets in Filipinos out of the country to form GCash accounts the use of their global cell numbers and ship a reimbursement house, pay expenses, and extra from 16 international locations and territories. In the meantime, International Pay allows Filipinos to utility their GCash app in 47 international locations at over 3 million traders international. This international enlargement has additionally allowed GCash to grow to be the second one most-used finance app within the UAE, underscoring its international relevance.

GCash’s products and services have now not simplest higher the collection of accounts but in addition redefined the demographics of monetary inclusion. If truth be told, 90% of GCash customers come from lower-income categories, 57% are girls, and 74% live out of doors Metro Manila. This inclusivity is a testomony to GCash’s constancy to being a “champion of digital financial inclusion,” serving to Filipinos thrive of their on a regular basis lives, anywhere they’re.

A sustainable and inclusive presen for all

Past monetary inclusion, GCash could also be dedicated to environmental and social sustainability, making it some of the few financially sustainable fintech firms globally. Via its GForest initiative, GCash has mobilized 17 million customers to plant over 2.8 million bushes, decreasing carbon emissions via 138,000 metric lots. This reforestation aim now not simplest contributes to environmental conservation but in addition supplies livelihoods for over 8,600 farmers.

By means of regularly evolving and increasing its choices, GCash is i’m ready to solidify its situation as a pacesetter within the international fintech area, riding transformative exchange that now not simplest is helping Filipinos thrive each and every hour but in addition complements the wider monetary ecosystem past the Philippine borders.

About GCash

GCash is the Philippines’ #1 Finance Tremendous App and Biggest Cashless Ecosystem. In the course of the GCash App, customers can simply acquire pay as you go airtime; pay expenses by way of spouse billers national; ship and obtain cash anyplace in the Philippines, even to alternative vault accounts; acquire from over 6 million spouse traders and social dealers; and get get right of entry to to financial savings, credit score, loans, insurance coverage and make investments cash, and so a lot more, all on the comfort in their smartphones. Its cell pockets operations are treated via G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the primary and simplest $5 billion unicorn in the Philippines.

GCash is a staunch supporter of the United Countries Sustainable Building Targets (SDGs), specifically UN SDGs 5,8,10, and 13, which center of attention on protection & safety, monetary inclusion, range, fairness, and inclusion in addition to taking pressing motion to struggle atmosphere exchange and its affects, respectively. 

Photograph – https://mma.prnewswire.com/media/2525390/ENABLING_FILIPINOS_TO_THRIVE_EVERY_DAY.jpg

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