This was one of the main highlights during the 2nd Philippine Climate Forum by the International Finance Corporation (IFC) held at the Ayala Museum in Makati City in June. The forum aims to accelerate the promotion of green lending and climate investment opportunities in the country and raise awareness of sustainability initiatives across both the private and public sectors.
In one of the panel discussions titled “Promoting Green and Inclusive Growth in the Micro, Small, and Medium Enterprises (MSMEs) Sector in the Philippines,” Tony Isidro, President and CEO of Fuse Lending, the lending arm of GCash, bannered the financial inclusion story of the country’s number one finance super app.
He was one of the key speakers at the event, along with global and local key leaders from the SME Finance Forum, Sustainable Finance and Banking Network (SFBN), and IFC.
“At GCash, we address these challenges by leveraging digital, data modeling, and AI technology to facilitate access to fair credit and pave the way for sustainable growth. More importantly, what that means is that it translates into a totally frictionless experience where eligible merchants can avail of a loan with zero documents, no waiting time. All they have to do is log in to the app, tap its services, and get access to credit and loans,”
said Fuse Lending president and CEO Tony Isidro.
According to the Bangko Sentral ng Pilipinas, starting capital is a major barrier for MSMEs, with 57% of small businesses still relying on informal loans. Through its extensive Know-Your-Customer (KYC) and lending trust rating systems, GCash can provide quick and accessible loans for aspiring business owners. They can borrow up to PHP 125,000, depending on their GScore, which is deposited straight to their GCash wallet, reducing the need for filing multiple paperwork.
Aside from MSMEs, GCash has been helping provide better opportunities to local farmers, partnering with Mayani and Farm Konekt to give farmers and fishermen access to non-collateralized loans, and to conduct financial literacy sessions to further educate local farming and fishing communities about climate investment opportunities available to them.
About Mynt
Mynt is the parent company of GCash, the #1 Finance Super App in the Philippines. It’s the first and only fintech company listed on the Philippine Stock Exchange under the “GCASH” ticker symbol. Through GCash, Mynt advances its vision of 'Finance for All' by making financial services more accessible to Filipinos. Mynt operates a portfolio of companies, including G-Xchange, Inc., the payments company responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides fair and digitally-enabled credit products and solutions.
Mynt, through its fintech operations, is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly focusing on safety & security, financial inclusion, diversity, equity, and inclusion, as well as taking urgent action to combat climate change and its impacts.
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
