GCash marks two decades of pioneering virtual monetary inclusion within the Philippines and past

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

MANILA, Philippines, Oct. 8, 2024 /PRNewswire/ — Rooted in its project to democratize monetary services and products, GCash, the eminent finance app in the Philippines, celebrates two decades of constancy to virtual monetary inclusion because the population’s first unicorn with a valuation exceeding $5 billion. This milestone highlights GCash’s international affect and its function in empowering customers in the Philippines and the world over.

By means of persistently turning in cutting edge and available monetary answers, GCash stands proud as one of the most few financially sustainable fintech corporations international, devoted to bridging the monetary divide for underserved communities.

Key investments from Ayala Company, one in every of the Philippines’ biggest and maximum diverse conglomerates, and Mitsubishi UFJ Monetary Workforce (MUFG), Japan’s eminent monetary establishment, have greater than doubled GCash’s valuation from $2 billion in 2021. This fresh investment spherical, which noticed Ayala and MUFG each and every achieve an supplementary 8% stake in Mynt, the mum or dad 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 admission to

Since its inception, GCash has prioritized how technological inventions can backup advertise monetary inclusion. Ahead of the pandemic, simplest 29% had store accounts, not up to 1% had get admission to to investments, and a couple of% held bank cards. With 47% of the people nonetheless unbanked, GCash leveraged virtual equipment to seriously increase get admission to to virtual monetary services and products. Past plain transactions, the finance tremendous app trade in cutting edge in-app credit score services and products and inexpensive lending merchandise like GCredit, GLoan, and GGives and has dispensed PHP 155 billion to five.4 million distinctive debtors, together with underserved areas.

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

Monetary empowerment throughout the Philippines and past

GCash’s affect extends some distance past the rustic, solidifying its place as an international participant in fintech. Thru global remittance services and products, GCash In another country, and World Pay, GCash caters to the desires of thousands and thousands of In another country Filipino Employees (OFWs) and gives seamless monetary services and products throughout borders. GCash In another country permits Filipinos in another country to build GCash accounts the usage of their global cell numbers and ship a reimbursement house, pay expenses, and extra from 16 international locations and territories. In the meantime, World Pay allows Filipinos to usefulness their GCash app in 47 international locations at over 3 million traders international. This international growth has additionally allowed GCash to grow to be the second one most-used finance app within the UAE, underscoring its international relevance.

GCash’s services and products have no longer simplest greater the choice of accounts but in addition redefined the demographics of economic inclusion. In truth, 90% of GCash customers come from lower-income categories, 57% are girls, and 74% are living 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, anyplace they’re.

A sustainable and inclusive year for all

Past monetary inclusion, GCash may be dedicated to environmental and social sustainability, making it one of the most few financially sustainable fintech corporations globally. Thru its GForest initiative, GCash has mobilized 17 million customers to plant over 2.8 million timber, decreasing carbon emissions by way of 138,000 metric lots. This reforestation attempt no longer simplest contributes to environmental conservation but in addition supplies livelihoods for over 8,600 farmers.

By means of frequently evolving and increasing its choices, GCash is prepared to solidify its condition as a pacesetter within the international fintech area, riding transformative alternate that no longer simplest is helping Filipinos thrive each week but in addition complements the wider monetary ecosystem past the Philippine borders.

About GCash

GCash is the Philippines’ #1 Finance Tremendous App and Greatest Cashless Ecosystem. During the GCash App, customers can simply acquire pay as you go airtime; pay expenses by means of spouse billers national; ship and obtain cash any place in the Philippines, even to alternative store accounts; acquire from over 6 million spouse traders and social dealers; and get get admission 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 by way of 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 Construction Objectives (SDGs), in particular UN SDGs 5,8,10, and 13, which center of attention on protection & safety, monetary inclusion, variety, fairness, and inclusion in addition to taking pressing motion to fight shape alternate and its affects, respectively. 

SOURCE GCash

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