GCash marks Savings Consciousness Week by promoting a culture of saving among unbanked and under-banked Filipinos, giving them access to easy, convenient, safe, and high-earning savings.
Today, 1 out of 4 bank account holders in the Philippines have an account under GSave, the innovative, in-app savings marketplace feature of GCash powered by Bank of the Philippine Islands and Maybank, and popular digital banks UNO Bank and CIMB Bank.
GSave offers higher interest of up to 4%-6% per annum, helping users earn up to 10 times more than a traditional savings account. Through this feature, GCash ensures users get the most out of those deposits with higher returns and can help them save up for an emergency fund, education fund, health and medical expenses, retirement fund, business capital, and more.
“With GSave, no maintaining balance is needed and anyone can open a GSave savings account via the GCash app. Transfer of money from GCash to GSave is free of charge also, allowing one to deposit or withdraw anytime and anywhere. Using only their mobile phones, Filipinos have the power to achieve their financial goals and dreams and provide better financial security for themselves and their loved ones,”
said GCash market education head Mark Ilao.
As 7 out of 10 Filipino households still do not have a savings account according to the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectation Survey 2023, making sure all Filipinos have access to financial services remains an important goal for GCash and its partners.
On top of providing access to essential financial services, GCash is also helping improve financial literacy among Filipinos through its Learning Hub which gives users learning materials on how they can better manage their finances.
To start saving via GSave, users simply need to tap its icon on the GCash dashboard and tap their preferred bank. Then, click "Open a Savings Account." On the Save Money Registration page, tick the box under Bank Policies to agree to the Terms and Conditions and tap Open a Savings Account. Lastly, tap "OK" after the confirmation message has been displayed.
In 1994, the BSP declared June 30 to July 6 as Savings Consciousness Week in the Philippines. This year’s initiative, with the theme “A Saving Culture Leads to a Successful Future” has grown into a symbolic national event that will once again call on banks and financial institutions to come together and raise awareness of the importance of saving and the role it plays in shaping the country’s economy.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
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This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
