To give more Filipinos convenient access to a portfolio of loan products, GCash, through its lending arm Fuse, has partnered with Security Bank, one of the leading universal banks in the country. The alliance will enable select GCash users to have direct access for application to Security Bank credit cards, and soon, to its home and auto loans.
Through this groundbreaking partnership, qualified GCash users can now take a significant step toward financial empowerment by applying for their first Security Bank credit card directly within the GCash app. This initiative offers a seamless way for users to access financial products, including credit cards, and soon, auto and housing loans, all in just a few simple steps. Additionally, applicants can unlock exclusive rewards, with the added benefit of Security Bank’s newest no-annual-fee credit card.
"Our partnership with Security Bank helps us strengthen our ongoing efforts to provide innovative and accessible financial services to millions of Filipinos,"
said Fuse Lending president and CEO Tony Isidro.
"By making Security Bank's reputable loan products available on the GCash app through our Loans Marketplace, we are able to provide many of our users with their first access to a bank loan, and a seamless and inclusive experience that meets their needs."
Since its initial launch, credit card approvals have exceeded expectations, with GCash ads reaching a wide audience of users each month.
“We are excited to partner with GCash as we continue to provide valuable services to our customers. This partnership allows us to leverage our banking expertise to reach more Filipinos, offering them customized financial solutions through a platform that is both accessible and innovative for everyone,”
said Security Bank EVP and Retail Banking Segment Head, Rahul Rasal.
GCash and Security Bank’s collaboration ensures a convenient and streamlined experience, allowing Filipinos to easily discover and access relevant financial solutions through the GCash Loans Marketplace.
Likewise, the alliance between GCash and Security Bank, which currently has over 328 branches and 662 ATMs nationwide serving retail, commercial, corporate, and institutional clients, also serves as a significant step toward their shared commitment to expanding access to quality, fair loans and retail banking products for Filipinos, particularly the 44% still unbanked sector in the country.
For its part, GCash through its lending arm Fuse, has disbursed more than PHP 155 billion worth of loans to over 5.4 million Filipinos, including those in the grassroots sector, namely, sari-sari store owners, public market vendors, and farmers, putting the app well on its way toward its mission of “Finance for All.”
With its drive to bridge the financial gap in the country, GCash together with its partners continues to intensify its endeavors to foster an inclusive digital economy that leads to financial freedom where people have different ways and options of increasing their wealth and giving them a shot at their dreams for a better future – all with just a few taps on their phone.
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.
