MANILA, Philippines, 12 April 2024 – GCash, the Philippines’ top finance app and largest cashless ecosystem, recently received the recognition of Company of the Year Award for the Philippines' Financial Technology Industry from leading global analysis and growth strategy consulting firm Frost & Sullivan.
The award recognizes GCash’s pioneering use of digital solutions and innovative financial services and its strong overall achievements in the financial technology space—highlighting its “deployment of best practices and strategic analytics across a value chain.”
The practices and strategies identified by Frost & Sullivan, include:
- GCash’s promotion of financial inclusion through a streamlined banking application process, which entails a digital onboarding system that simply requires consumers to provide personal information such as their mobile number, address, and email address (as opposed to conventional banks’ process requiring documents such as proof of billing or income statements);
- The company’s investment in next-generation technology to deliver improved customer service experience, through its electronic know-your-customer (eKYC) service that makes use of artificial intelligence and machine learning for face matching and fake identification detection; and
- GCash’s Credit service, which has a streamlined application process with minimal requirements, lets consumers get a credit line of up to P50,000 instantly, and make credit payments at over 100,000 stores and billers
To date, over 94 million Filipinos have used GCash, making it the leader in the Philippines’ fintech industry. Across the country, digital transactions today account for close to half of total retail payments—whereas 10 years ago, that number was only at 1%.
Frost & Sullivan analysts independently evaluate candidates for the Company of the Year Award based on two main criteria: Visionary Innovation and Performance (Addressing Unmet Needs; Visionary Scenarios Through Megatrends; Leadership Focus; Best Practices Implementation; Financial Performance), and Customer Impact (Price/Performance Value; Customer Purchase Experience; Customer Ownership Experience; Customer Service Experience; Brand Equity).
“The country’s fintech industry has seen tremendous growth in over a decade. Amid the uptake of digital payments, we have been cognizant of the reality that the underbanked population remains high,” said Martha Sazon, President and CEO of GCash. “This recognition, to us, is a validation of our work in continually identifying growth opportunities, innovating solutions, and meeting ever-evolving customer needs. It motivates us even more as we continue working towards our vision of Finance for All and our purpose of Making Filipinos’ Everyday Lives Better.”
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.
