GCash banners overseas expansion in London Tech Week 2023
Philippines’ financial super app, GCash, banners its global expansion at London Tech Week 2023, highlighting its mission of providing Filipinos access to financial services wherever they may be.
During the event, GCash chief technology and operations officer, Pebbles Sy, shared with tech leaders and movers the fintech firm’s push for financial inclusion.
“GCash’s story is about how we support the Philippines’ journey to become a digital, cashless, and financially inclusive economy,” Sy said. Sy talked about how the e-wallet is solving the everyday problems of Filipinos, while it seeks to reach the over 10 million Filipinos abroad.
“GCash Overseas, allows Filipinos to use their international SIMs to use GCash. We launched it in six countries, the UK included, where there are 200,000 Filipinos,” she noted. “We also introduced Global Pay, our cross-border payment experience, so that OFWs and overseas travelers in 9 countries including Japan, France, and the UK can pay seamlessly via QR with real-time forex charging.”
GCash Overseas allows Filipinos abroad to send money to their loved ones, pay bills, and buy load credits wherever they are.
GCash president and CEO Martha Sazon and key executives were also in the UK for the event. The GCash delegation attended receptions led by the The Rt Hon Rishi Sunak MP at 10 Downing St., as well as events hosted by Rt. Hon. Kemi Badenoch MP, the Secretary of State for the Department for Business and Trade, and His Majesty’s Trade Commissioner for Asia Pacific, Natalie Black. Cybersecurity was also a top agenda with talks on latest technologies to combat financial crimes led by UK Cybersecurity Ambassador Juliette Wilcox CMG.
As the leading financial super app in PH, GCash allows Filipinos gain access to financial services – increasing the country’s banked population to 56%.
It has disbursed P74B loans to 2.8 million Filipinos as of Q1 2023. Two out of every three borrowers are women, located outside Metro Manila and are part of lower socio-economic classes. Likewise, one in four banked Filipinos own a bank account through GCash’s savings feature, GSave while three out of four unit investment trust funds (UITF) are conducted through GCash.
GCash is PH’s only double unicorn – a valuation of over USD$2 million.
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.
