Digital banking no silver bullet to fintech business success — GCash
May 14, 2022 - Saturday 3:05 PM by GDM
Mobile e-wallet Gcash said it remains unfazed over its closest competitor’s move to offer digital banking and cryptocurrency trading.
“We don’t believe that having a digital banking license is a silver bullet or magic. It’s not like a signboard that you just turn on then expect everyone to come in,” said Martha Sazon, GCash President and CEO.
“There’s real work to acquire users and educate them on more complex financial services,” Sazon added.
At present, Gcash said one in every five banked Filipinos has a GSave account. GCash and CIMB Bank created GSave, one of Southeast Asia’s largest banks, to address the population’s need for more accessible financial services.
GSave is also set to onboard the Bank of the Philippine Islands to give consumers more savings and financial product choices.
Likewise, GCash said it has partnered with ATRAM, the leading independent asset manager in the Philippines, for GInvest investment solutions. Now, 77% of the country’s Unit Investment Trust Fund (UITF) accounts are on GInvest.
GCash also created an insurance marketplace with GInsure, where customers can avail of over 24 different traditional life and non-life insurance policies from some of the country’s biggest insurance companies.
Today, 1 out of 3 traditional life insurance policies in the Philippines are purchased from Ginsure, the company added.
“So while others are just about to start providing financial services, one-third of our GCash user base are already subscribed to at least one of our financial services products,” Sazon added.
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