MANILA, Philippines, October 8, 2024 – GCash, the leading finance app in the Philippines, proudly commemorates its 20th anniversary, marking two decades of pioneering efforts in digital financial inclusion. As the first unicorn in the nation with a valuation exceeding $5 billion, GCash has significantly impacted the financial landscape, empowering users both locally and globally.
Empowering Filipinos Daily
GCash’s mission is to democratize financial services, particularly for micro, small, and medium enterprises (MSMEs). By offering digital financial tools, GCash helps wet market vendors and other small businesses to earn more, grow their operations, and effectively manage their finances.
The app has become a beacon of sustainability in the fintech sector, bridging the financial divide for underserved communities. With key investments from notable entities like Ayala Corporation and Mitsubishi UFJ Financial Group, GCash’s valuation surged from $2 billion in 2021, showcasing its influence in Southeast Asia’s financial inclusion landscape.
A Commitment to Financial Health
GCash President and CEO, Martha Sazon, emphasizes the company’s evolution: “Over the past 20 years, we’ve made strides to provide more Filipinos with access to financial services. Now, we aim to be their partner in achieving financial health and wellness.” This commitment aligns with the goals of the Bangko Sentral ng Pilipinas and the United Nations towards advancing digital financial inclusion.
Redefining Access to Financial Services
Since its inception, GCash has focused on leveraging technology to enhance financial inclusion. Before the pandemic, only 29% of Filipinos had bank accounts, and less than 1% had access to investments. With 47% of the population still unbanked, GCash has significantly broadened access to digital financial services.
The app’s offerings extend beyond simple transactions, featuring innovative products such as GCredit, GLoan, and GGives. GCash has disbursed PHP 155 billion to 5.4 million unique borrowers, including those in underserved segments.
Broadening Wealth Management and Insurance
In the realms of wealth management and insurance, GCash’s GFunds has onboarded 6.6 million users, handling a significant portion of unit investment trust fund (UITF) transactions. Furthermore, GStocks accounts for one in five Philippine Stock Exchange (PSE) accounts, while GInsure protects 7.8 million Filipinos with 28 million policies sold.
Global Expansion and Influence
GCash’s reach extends far beyond the Philippines, catering to millions of Overseas Filipino Workers (OFWs) through international remittance services like GCash Overseas and Global Pay. GCash Overseas allows Filipinos abroad to create accounts using their international mobile numbers, facilitating money transfers, bill payments, and more from 16 countries. Meanwhile, Global Pay enables users to transact at over 3 million merchants in 47 countries, underscoring GCash’s global relevance.
Promoting Inclusive Financial Demographics
Remarkably, 90% of GCash users belong to lower-income classes, with 57% being women and 74% residing outside Metro Manila. This demographic diversity showcases GCash’s dedication to being a “champion of digital financial inclusion,” empowering Filipinos in their daily lives, regardless of their location.
A Sustainable Future for All
Beyond its financial goals, GCash is committed to environmental and social sustainability. Through initiatives like GForest, GCash has mobilized 17 million users to plant over 2.8 million trees, reducing carbon emissions by 138,000 metric tons. This effort not only promotes environmental conservation but also supports livelihoods for over 8,600 farmers.
Looking Ahead
As GCash continues to evolve and expand its offerings, it aims to solidify its status as a leader in the global fintech arena, driving transformative changes that benefit Filipinos and enhance the broader financial ecosystem beyond the Philippines.
About GCash
GCash is the Philippines’ #1 Finance Super App and the largest cashless ecosystem. With the GCash App, users can easily purchase prepaid airtime, pay bills, send and receive money, and access savings, credit, loans, and insurance, all from their smartphones. Its mobile wallet operations are managed by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.
GCash supports the United Nations Sustainable Development Goals (SDGs), focusing on financial inclusion, diversity, equity, and urgent climate action.
Related Topic:
