Digital money transfers are now an integral part of our daily transactions. However, scammers, fraudsters, and cybercriminals have devised various strategies to take advantage of users and exploit the cashless economy.
In addition to utilizing top-notch cybersecurity systems, the Philippines’ #1 finance super app, GCash, has added another layer of protection with the introduction of 'Send Money Protect' (SMP) on its in-app feature, GInsure. SMP provides users with confidence and peace of mind when sending money digitally for as little as P30 per month.
SMP provides users with comprehensive protection from the most common scams, including online shopping fraud, account takeovers, and social engineering, for their transactions done via ‘Express Send’ in the app. SMP, offered in partnership with Chubb, the world’s largest publicly traded property and casualty insurance company, can easily be availed once every 30 days.
Studies show that 45% of Filipino adults have been targeted by scams, with 11% falling victim. This has led to uncertainties towards digital payment methods among some users, hampering milestones already achieved towards financial inclusion.
“We at GCash believe in building partnerships that amplify the value we provide to our users. That's why we've teamed up with Chubb, a global insurance leader and our partner in consumer protection, to bring you an added layer of protection. This collaboration ensures that you have added financial protection from the unexpected when transacting online, giving you the confidence that your hard-earned money is in safe hands,” said GCash vice president for New Businesses Winsley Bangit.
Chubb Philippines’ Country President Mari Rachelle Canta also emphasized that, “Our partnership with GCash further strengthens our mission to serve millions of customers by providing a safety net through embedding insurance in everyday transactions. Now, GCash users have enhanced protection from cybercrimes with "Send Money Protect.”
The partnership between GCash and its consumer insurance partner, Chubb, was solidified through a ceremonial MOA signing held on September 13. Signatories included from GCash: VP for New Businesses, Winsley Bangit and GInsure Head, Joseph Nino Young; and from Chubb in the Philippines: Country President, Mari Rachelle Canta and VP & Head of Consumer Lines, Maurice Hilario.
The service aims to reinforce the confidence of users in being part of a financially inclusive cashless ecosystem that is safe from scammers, fraudsters, and cybercriminals.
While this is currently in its beta version and available exclusively to GCash and Chubb employees for now, GCash has announced that it will be fully rolled out by November 13, 2023. This milestone product will soon be available to all, promising a safer and worry-free online transaction experience.
The parent company of Chubb in the Philippines, Chubb Limited, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations and employs more than 40,000 people worldwide.
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
Legal Disclaimer & Safe Harbor Statement
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.
