Breaking Barriers, Building Bridges: GCash’s 20-Year Quest for Financial Inclusion

2024-10-09 21:40:00

The Philippines’ top financial super app makes history as the country’s only $5 billion unicorn

MANILA, Philippines, Oct. 9, 2024 /PRNewswire/ – Rooted in its mission to democratize financial services, GCash, the leading financial app in the Philippines, celebrates its 20-year commitment to digital financial inclusion as the country’s first unicorn with a Valuation of over $5 billion. This milestone highlights GCash’s global influence and its role in supporting users in the Philippines and around the world.

By consistently providing innovative and accessible financial solutions, GCash stands out as one of the few financially sustainable fintech companies in the world dedicated to bridging the financial divide for underserved communities.

Key investments by Ayala Corporation, one of the Philippines’ largest and most diversified conglomerates, and Mitsubishi UFJ Financial Group (MUFG), Japan’s leading financial institution, more than doubled GCash’s valuation of $2 billion in 2021. This latest funding round, in which Ayala and MUFG each acquired an additional 8% stake in Mynt, GCash’s parent company, further solidifies GCash’s position as a pioneer in financial inclusion across Southeast Asia.

“Over the last 20 years, we have made great efforts to enable more Filipinos to access financial services. Now we want to go a step further and be your partner in the journey to financial health and well-being,” said Martha Sazon, President and CEO of GCash. “Encouraged by the vision of the Bangko Sentral ng Pilipinas and the United Nations on digital financial inclusion, we will continue to innovate to help Filipinos thrive every day, be prepared for a rainy day and prepare for the one day.”

Redefine financial access

Since its inception, GCash has focused on how technological innovations can help promote financial inclusion. Before the pandemic, only 29% had a bank account, less than 1% had access to investments, and 2% had credit cards. With 47% of the population still unbanked, GCash leveraged digital tools to significantly expand access to digital financial services. In addition to basic transactions, the financial super app offers innovative in-app lending services and affordable lending products such as GCredit, GLoan and GGives and has already disbursed PHP155 billion to 5.4 million unique borrowers, including underserved populations.

In the wealth management and insurance space, GFunds has 6.6 million users on board and processes 3 out of 4 UITF transactions. Meanwhile, GStocks represents 1 in 5 PSE accounts with 682,000 users and GInsure protects 7.8 million Filipinos with 28 million policies sold, making investment products and financial protection more comprehensive and responsive to Filipinos.

Financial empowerment in the Philippines and beyond

GCash’s influence extends far beyond the country, cementing its position as a global player in the fintech space. With international remittance services GCash Overseas and Global Pay, GCash serves the needs of millions of Overseas Filipino Workers (OFWs) and provides seamless financial services across borders. GCash Overseas enables Filipinos abroad to set up GCash accounts using their international mobile numbers and send money home, pay bills and more from 16 countries and territories. Meanwhile, with Global Pay, Filipinos can use their GCash app in 47 countries at over 3 million merchants worldwide. This global expansion has also enabled GCash to become the second most used financial app in the UAE, underscoring its global importance.

GCash’s services have not only increased the number of accounts but also redefined the demographic dimension of financial inclusion. In fact, 90% of GCash users come from lower income brackets, 57% are women, and 74% live outside Metro Manila. This inclusivity is a testament to GCash’s commitment to being a “champion of digital financial inclusion” that helps Filipinos succeed in their daily lives, no matter where they are.

A sustainable and inclusive future for all

In addition to financial inclusion, GCash is also committed to environmental and social sustainability, making it one of the few financially sustainable fintech companies in the world. Through its GForest initiative, GCash has mobilized 17 million users to plant more than 2.8 million trees, reducing carbon emissions by 138,000 tons. This reforestation not only contributes to environmental protection, but also provides a livelihood for over 8,600 farmers.

By continually evolving and expanding its offerings, GCash is poised to cement its status as a leader in the global fintech arena and drive transformative changes that not only help Filipinos thrive every day, but also the broader financial ecosystem across the board improve beyond Philippine borders.

Information about GCash

GCash is the Philippines’ #1 financial super app and the largest cashless ecosystem. With the GCash app, users can easily purchase prepaid credit, pay bills through partner billers nationwide, send and receive money anywhere in the Philippines, even to other bank accounts, shop at over 6 million partner merchants and social providers, and Get access to savings, credit, loans, insurance, investments and much more – all from the comfort of your smartphone. The mobile wallet transactions are processed by G-Xchange, Inc. (GXI), a wholly owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.

GCash is a strong supporter of the United Nations Sustainable Development Goals (SDGs), particularly SDGs 5, 8, 10 and 13, which focus on security, financial inclusion, diversity, equality and inclusion, as well as urgent action to combat the climate change and its effects.

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