Fintech should power disbursement programs as manual cash aid distribution risky

Tweet

Under the “new normal” dictated by COVID-19, contactless solutions are perceived to be the best way of distributing cash assistance to families and households greatly affected by the pandemic.

In the Philippines, the distribution of financial aid under the Social Amelioration Program (SAP) to beneficiaries is still implemented on ground. Left with no other choice, thousands of people have flocked to the Department of Social Welfare and Development (DSWD) distribution centers in their respective local government units to receive the cash grant. Social distancing protocols were impossible to follow due to the high volume of beneficiaries lining up for financial assistance, thus increasing the risk of contracting the virus.

Aside from a higher risk of spreading COVID-19 brought about by the lack of social distancing in distribution centers, using bank notes is also a possible way of transmitting the virus. Health experts found that paper money increases the risk of coronavirus transmission since harmful bacteria and viruses can survive on its surface for several days. 

“The current situation demands us to think out of the box to flatten the curve. GCash, the leading mobile wallet in the Philippines, is more than ready to help the national government shift from paper money to digital finance for quick, safe and secure data-driven transactions. This is also the best way to decongest SAP distribution centers when social distancing is a mandatory protocol we should all follow,” GCash Vice President for Enterprise Luigi Reyes said. 

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno encouraged citizens to go cashless to prevent crowds from forming in essential establishments during quarantine. In the duration of the community quarantine, foreign and local banks alike reported a sharp increase in digital transactions as more and more Filipinos discover the wonders of digital finance.

With the implementation of general community quarantine in the country’s capital and a modified general community quarantine in most areas until June 30, innovative ways of distribution are called for to support public efforts to flatten the curve and to promote public health.

Mobile wallets are not only a matter of convenience anymore. In the face of a pandemic, they have almost become a necessity, since digital fund transfer supports the government’s initiative to keep people in their homes. Aside from this, going digital also promotes transparency and efficiency in keeping track of public funds since every transaction leaves a digital footprint with both the beneficiary and the government agency.

“In a time when lower-income households are struggling to make ends meet, SAP distribution should be faster and more efficient. Digital wallets can address the urgency demanded by the current situation since all it takes is a click to send the cash assistance to the intended beneficiaries,” Reyes said. 

GCash provides a safer and better alternative to cash as it reduces costs and increases efficiency of transactions, better transparency and security, offers greater convenience, and promotes financial inclusion. 

In fact, some local governments have already resorted to contactless solutions through GCash in disbursing economic aid to their residents. Instead of manual disbursement through city hall employees or through physical facilities, Makati City has partnered with GCash to efficiently and safely provide aid to its constituents. 

Makati is the first city in Metro Manila to implement contactless financial assistance through GCash and the Makatizen Card. Beneficiaries can dispense with bank notes and just use their GCash app in buying groceries, paying bills, and other tasks. Long lines at the bank are also dispensed with since GCash allows users to transfer money to their preferred bank. 

Pasig City has also tapped GCash for the pilot implementation of the United Nations Development Programme’s (UNDP) Adaptable Digitally-Enabled Post Crisis Transformation (ADEPT) Project. This project aims to help an initial 600 families to receive their supplemental SAP via GCash. 

“GCash is always willing to partner with local government units like Makati and Pasig to support their efforts in preventing further spread of COVID-19. We look forward to collaborating with various governments, agencies, and even non-government organizations to provide contactless disbursement solutions to support the flattening of the curve,” Reyes added.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc. 

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCash provides Filipinos access to savings amid COVID-19

Tweet

The coronavirus pandemic highlighted the importance of keeping an emergency fund, studies show.

A recent consumer expectations survey by the Bangko Sentral ng Pilipinas (BSP) revealed that more Filipinos are now building their own savings accounts, with 73.9-percent of respondents setting aside money in their banks for unforeseen situations.

Aside from its impact on public health, COVID-19 is also proving to be a financial emergency. The BSP is bracing for a downturn for the national economy, as well as a 2.2-percent increase in the price of basic goods. Businesses are also taking a big hit from the lockdown, as massive layoffs are still expected to come, leaving Filipinos financially handicapped in the middle of a public health crisis.

Having reached more than two months of quarantine which last until May 31, the Philippines is one of the countries with the longest lockdowns in the world. In an effort to flatten the curve general community quarantine has been imposed in most parts of the country until June 15, while seriously affected areas remained under tighter quarantine protocols.

This has forced a lot of Filipinos to grow more mindful of their personal finances. According to a white paper released by AdSpark, Inc., a portfolio company under Globe Telecom’s 917Ventures, consumption of Personal Finances as a topic grew by 800 percent from January 2020 to end of March 2020 when most Filipinos were required to stay at home.

Mindful of these, GCash, the leading mobile wallet in the Philippines, is empowering Filipinos to efficiently manage their finance and save up for their futures.

GCash Save Money, a collaboration between GCash and CIMB Bank PH, provides an easier way for Filipinos to set up their own savings account or emergency fund. It is the first ever bank account that can be opened and maintained straight from the GCash app.

This spares verified GCash users the trouble of filling up multiple forms and lining up at the bank just to open up a bank account. GCash Save Money allows depositors to earn 3.1 percent per annum on balances, paid out monthly. This interest rate is the best in the industry, beating traditional banks that only offer up to 0.25 percent per year.

As an added bonus, GCash Save Money users who have average daily balances of P100,000 and above in the months of June or July 2020 are entitled to a 4-percent interest rate p.a. prorated for those months.

Users would also not have to worry about fees as well as there is no initial deposit and maintaining balance.

“Now more than ever, it’s important for us to practice financial literacy and make wise spending decisions in the middle of a pandemic. GCash Save Money shows us that it’s possible for all walks of life to set up their own emergency fund. Financial inclusivity is at the heart of this collaboration,” GCash Head of Data and Financial Services JF Darre said.

Any Filipino citizen above 18 years of age who owns a fully verified GCash account and a valid government ID can deposit under GCash Save Money.

GCash Save Money users can easily track their balance and transaction history through the “Save Money” button in the GCash app. They can also seamlessly move up to P100,000 per month between the deposit account and the e-wallet.

“GCash Save Money is also more secure than traditional cash handling and the Filipino habit of keeping cash in various places in their houses. Aside from being regulated by the Bangko Sentral ng Pilipinas (BSP), GCash Save Money accounts are also insured by the Philippine Deposit Insurance Corp. (PDIC) for up to P500,000,” Darre said.

As digital fund transfers increase in number as millions are in lockdown, financial technology is expected to play a big part in the new normal. Mobile wallets and e-deposit accounts are not just a matter of convenience in the era of social distancing, they have become necessities to help stop the spread of COVID-19 by making transactions go contactless instead.

“GCash Save Money is enabling more and more Filipinos to save as the days go by, especially now that they Filipinos are more mindful of their personal finances. We have seen this trend grow through our new customers and we are happy to empower them with a digital tool that allows them to financially secure themselves for the future,” Darre said.

So far, GCash has opened 2.2 million GCash Save Money accounts to date, further promoting financial inclusion in the country.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCash adopts Alipay’s risk technology to bolster security

Tweet

In keeping with the crisis-induced increase of activity in digital finance, GCash, the leading mobile wallet in the Philippines, adopted new and enhanced security and risk technologies by Alipay, the world’s leading open digital lifestyle platform.

Alipay recently upgraded its AI-powered risk engine, AlphaRisk to enhance its world-leading real-time risk detection and management capabilities.

“Security has always been at the core by which GCash operates, and as we transition to the new normal, we must provide a safer and more reliable user experience for GCash users. Through Alipay’s risk engine and technology, we are further bolstering our risk and security capabilities that will ultimately benefit our end-users,” GCash Chief Technology and Operations Officer Pebbles Sy said.

The acceleration of digital finance across the globe poses an overall concern over user security. With the integration of fintech into the new normal amid COVID-19, a new breed of fraud risks also arise due to potential cyber-attacks and identity theft, among others. This means that banks and fintech platforms have to prioritize fraud prevention and reduce vulnerability to crime in their digital strategies.

GCash responded to this by levelling up its security through Alipay’s risk engine and technology. The engine maintains a fraud loss rate of less than a 0.64 in 10 million. This means that out of P10 million pesos, only less than 0.64 centavos can potentially be lost due to fraud, which is significantly lower than industry average. 

With over 200 algorithms for risk profile adjustment thanks to the engine’s AutoPilot feature, GCash can employ the best risk management strategy as well as topnotch user experience. 

This means that GCash is almost invulnerable to losses due to fraud thanks to the enhanced technology. Since it detects all potential risks which threaten its customers’ money, it also leads to a worry-free user experience since subscribers can transact as much as they want without having to think about losing their money to fraud. 

AlphaRisk does this by quickly responding to risks detected by adjusting risk profiles within a short period of time. Not only did it help protect the 1.2 billion user accounts on Alipay and its wallet partners’ platforms, last year, over 10,000 Independent Software Vendors (ISVs) and merchants have upgraded security as well, and over RMB30 billion in funds have been protected from promotion abuse, which can damage a brand’s ability to retain and acquire customers.

In the local context, it also led to the launch of GCash Customer Protect last September, a program that ensures money-back guarantee for unauthorized transactions.

“At the beginning of our growth journey, we were facing challenges in adoption due to consumers’ lack of trust and security concerns. We have significantly decreased promotion abuse to less than 1 percent, and improved our security capability,” said Peach Lucienne Orbe, Head of Risk Decision Center at GCash. 

At present, GCash has over 20 million registered users who use the app for payment, remittance and financial services, as well as over 75,000 QR merchant partners.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

Connectivity during COVID-19 is crucial, GCash CEO says

Tweet

The pandemic has changed virtually everything -- especially the way people work.

With the firm directive to “stay at home,” individuals and companies alike have come up with different schemes to continue operations—from furniture companies, delivery services, and telecom services—every business in the country are trying to find new ways to cope with the “new normal.”

What the pandemic has translated to, in the corporate world, is the increasing implementation of remote working schemes—utilizing technology to maintain workplace culture, the rise of so-called Zoom parties, as an effective alternative to the usual office banter and the ever-present online green orb that has everyone analyzing and predicting what the future of office culture looks like for the Filipino.

As the country continues to struggle against the coronavirus, with the Philippines still suffering from losses the ECQ has incurred—there’s a looming question in every Filipino’s mind: What will change?

Industry innovators like Martha Sazon, the newly appointed CEO of GCash-operator Globe Fintech Innovations Inc. (Mynt), see this situation as an opportunity to further strengthen interpersonal relationships between colleagues.

GCash is more relevant than ever, Sazon said at ReStart, a live learning series powered by Project Ripple Philippines, that gathered leading executives from different industries to discuss how to improve work-from-home processes during these tumultuous times.

“We're in a good place as a business because we're in demand, and we are able to help other businesses as well,” she added. “We have successfully gone through a major platform migration without having to be physically together.”

Globe and GCash continue to launch necessary services catered to a community going through the “new normal,” aimed at creating ways to provide the Filipino people comfort, ease, and convenience during these uncertain times.

“We complement the shift in online behavior, as we offer safe and secure cash transactions," Sazon said.

As the world continues to understand and adapt to the new environment the pandemic has thrust upon people, Sazon recognizes how employees of Mynt have continued to work through this crisis, creating and thriving in a world of digital collaboration despite being apart.

True to Mynt’s core values, fostering inclusiveness through financial technology to bridge the gap between the banked and unbanked, connectivity has always been Sazon's main concern.

“It requires a lot of checking in, mental health is very important,” Sazon emphasized. “People try to cope differently.”

There are over 700 Mynt employees as of today, and almost all of them are working from the comforts of their own homes. Mynt conducted a survey on how it can further help employees adapt to this arrangement.

Weekly activities such as non-related engagements like games and creative contests were also provided to ensure the mental health of Mynt employees. Leaders also engage in online huddles and provide learning activities to help each employee grow. Town Hall meetings are also being held on a regular basis

Zoom sessions with GCash employees have become more than just virtual meetings for productivity, Sazon said. They also include “kumustahan” sessions that have helped her maintain and boost the morale of her team.

"We need to reimagine the way we operate, and with that comes new skills, it’s about helping each other so we can cope with the new skills we need," Sazon added.

Despite the firm emphasis on social distancing, Sazon believes that work at GCash cannot be done alone, even with the physical hurdle of not being able to be in close proximity to each other.

“Above all the safety and well-being of our employees remain our priority, we need to keep our employees highly connected,” Sazon said.

Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCash powers biggest mobile app summit in PH

Tweet

GCash, the leading mobile wallet in the Philippines, sponsors the biggest and most anticipated mobile app summit and expo in the country—the SIGN UP! SUMMIT 2019 on September 23 at the World Trade Center, Pasay City.

SIGN UP! SUMMIT 2019 aims to support aspiring online businessowners in establishing their own companies and enterprises. It targets to educate around 12,000 micro, small, and medium enterprises (MSMEs) about the essential elements in growing and expanding an e-business.

“By far, SIGN UP! is the biggest gathering of mobile platforms and mobile applications in the Philippines. We want to empower more Filipinos to go digital and help them improve their livelihood,” said Ney Villaseñor, chief corporate affairs officer of GCash.

As the biggest digital alliance in the country today, SIGN UP! attendees can expect to familiarize themselves with various mobile applications, platforms and solutions, as well as be inspired by success stories of other e-preneneurs who are going to be featured at the event.

“GCash is known by many for buying mobile load, paying bills, remitting money and the like, but GCash is more than just these financial services that it offers,” explained Villaseñor. “You can actually do more with your business by expanding it through the app. There’s so much opportunity for GCash when it comes to growing your online shop. Because with GCash, what can’t you do?”

The SIGN UP! SUMMIT is open to anyone, from students to stay-at-home parents. In addition, GCash has prepared a lot of surprises that the attendees can look forward to.

Interested participants can sign up for free and be part of the biggest mobile app summit and expo in the Philippines at www.signup.ph

Millennial money matters: Experience economy or financial stability?

Tweet

Communications research student Diego Fodulla beams proudly as he presents his most recent prized possession: his new Nintendo Switch.

The 20-year-old gaming enthusiast saved up for four months for this. Viewing gaming as a de-stressor, Fodulla thinks the purchase was worth the wait and the hefty price tag, as the console allows him to play anywhere and broadens his options as a gamer.

Since he bought it, he has played his favorite games such as Pokemon Let’s Go Eevee, Just Dance, Super Smash Bros and Overcooked.

When asked about the best part of this buy, Fodulla simply answered: “I get to play with my friends who also have Switch, and my friends also go to my place and we play.” Fodulla said that the console has given him and his friends memorable quality time, as they areable to strengthen their bond over interactive gaming.

Like most millennials, Fodulla spends on experience, placing high value in purchases that grant him real-life experiences, which in turn allow him to bond with the people he cherishes. Affirming this, Fodulla mentioned that the next thing he is saving up includes a trip to the beach trip with friends and the new Legend of Zelda game.

“I do think millennials value experiences, like travels, more than more tangible stuff like housing; with one not being any better than the other,” he said. “The millennial generation truly values the life that they were given and want to make the most of it as early as possible, which distinguishes us from the generations that came before us.”

In a study conducted by the Harris Group, 72 percent of millennials spent more on experiences rather than material things.

However, millennials also have a penchant for purchasing “experiences” through debts due to the so-called “fear of missing out,” according to the Social Enterprise Development Partnerships. Inc. Because of this peer pressure to conform, millennials rather spend than save. This has created a scenario where eight out individuals globally of 10 are without sufficient savings for emergencies such as medical expenses and car repair.

At home, roughly seven out of 10 Filipinos are still without a bank account, echoing the global trend for millennials.

Opportunity for digital savings

Despite this lamentable reality, GCash, operated by Globe Fintech Innovations Inc. (Mynt), sees a huge opportunity to bring financial services and wealth management products closer to millennials.

Through its GSave feature, GCash helps millennials unlock the opportunities in savings through their mobile phones.

“The power of mobile technology is endless. There’s a huge opportunity in providing access to young people through opening accounts via GSave. We’re very dedicated to our purpose of financial inclusion,” GCash Head of Financial Services Kim Seng said.

To promote savings among millennials and other generations of Filipinos, GSave allows users to open savings accounts via the GCash app where they can earn up to 10 times more interest rate, as opposed to traditional banks. It also has no initial deposit required, no maintaining balance and charges no additional fees for offering its services.

With GSave, users can also move their money seamlessly between their GCash wallets and their GSave account.

Savings for future proofing, investments

Thanks to its partnership with Malaysian bank CIMB, additional features are in store for GSave account holders. In the near future, users can deposit and withdraw funds in over 8,000 CIMB partners nationwide. Online transfers will also soon be available between CIMB accounts.

"Our approach to banking is tailored for this millennial generation. As the most connected generation that grew up with the information at the palm of their hands, they search for convenience and innovation, and we can provide that experience for them through GCash," Seng said.

Besides promoting convenience, GCash’s purpose is to encourage the younger generation to create a more secure and stress-free future by offering great advantages preceding generations did not have when they were their age.

Aside from having emergency cash, savings create capital for future investments, which can allow millennials to gain income and reach their personal financial goals along with a successful career and financial independence.

Moreover, savings grants millennials self-determination from credit. Because they have sufficient funds, they need not turn to loans or use credit to attain their financial targets. Aside from all these, GSave offers millennials a better experience as they are now afforded with the power banking in the palm of their hands. Since savings are usually spent in emergency situations, GSave grants users one less thing to worry about in case the unexpected happens. With ample savings, millennials can continue enjoying the experience economy they relish now when they grow older. They can travel abroad, enroll in classes and gain new and fulfilling experiences.

Hearing these benefits, Folluda considers opening up a GSave account through his GCash app.

“Coming from a family that did not start with a lot, I truly value financial security,” he said. “I know how it feels to take loans and cut costs for education, so I try to be as financially smart as I can.”

Nadine Lustre is new GCash endorser

Tweet

The country’s favorite young artist and model Nadine Lustre is the new face of the Philippines’ leading mobile wallet, GCash.

The multi-awarded actress headlines GCash’s “What Can’t You Do?” campaign to power the dreams of young adults who constantly want to do more, to expand possibilities, and to achieve beyond their own expectations.

“Nadine is the perfect fit for GCash because she represents the true aspirations of young adults and is at that point in her life where taking charge of your finances is becoming more important. She shows how young adults can be independent and take charge of their own lives, and with the help of GCash, “What Can’t You Do?” means so much more,” Chris Manguera, Chief Marketing Officer at Mynt, which runs GCash, said.

After starting out as a singer in a pop band, Lustre evolved to become a much-sought-after actress on TV, with her primetime hits "On The Wings of Love" (2015) and "Till I Met You" (2016).

The 25-year-old actress has fared as well on the big screen, winning the Best Actress awards from Young Critics Circle, FAMAS Awards and the Gawad Urian Awards in 2019 for hit movie, “Never Not Love You.” Her latest film, “Indak,” a dance musical movie, shows Lustre’s flexibility as an actress. 

Early this year, one of world’s biggest fast fashion brands, H&M, launched Lustre as its first Filipino ambassador. The actress, named by a top magazine as Sexiest Woman in 2017, has her own line of swimwear with H&M. 

“She has built her brand and can create the image of a lifestyle that everyone will want to follow. We hope for that to happen with GCash as well,” Manguera said. “We also want to activate her big fan base to help spread the word of financial inclusion and empowerment.”

Lustre, who was voted Artist of the Year and Favorite Female Artist at the Myx Music Awards 2019, is a social media savant who has 6.8 million followers on Instagram.

GCash’s “What Can’t You Do?” campaign pushes the limits of what mobile phones can do for young adults with its innovative financial services accessible through mobile. With over 50,000 partner merchants and 20 million users, GCash remains the country’s leading mobile wallet.

Like Lustre, who has won over the entire country and has kept everyone’s attention throughout the years by relentlessly adapting to change, GCash continues to evolve not just as digital platform but as a lifestyle brand. 

700,000 Filipinos using GCash Forest to help save watershed

Tweet

More than 700,000 GCash users have joined the movement to plant trees through GCash Forest, an important carbon tracking feature of GCash, to help save the watershed that supplies water to Metro Manila. 

Ney Villaseñor, Chief Corporate Affairs Officer at Mynt, which runs the country’s leading mobile wallet, said 756,370 people have signed up to collect green energy through GCash Forest as of August 19. That translates to almost 400,000 people using the new feature every month since its launch on June 25. 

GCash Forest is a personal carbon account that tracks how much emission people have avoided by living more consciously. “Green” activities—such as walking, bringing eco-bags and own utensils, going cashless, reducing paper use—earn users energy points. When they have enough points, they get to plant a virtual tree in GCash Forest, which GCash will match with a real, native tree planted at the Ipo watershed. 

“GCash Forest is the easiest way to help the environment; you don’t even have to go out of the city or to make time outside of work/school to plant a tree. You simply need to make daily choices that will lessen your carbon footprint, such as going cashless when you send money, buy load or pay bills, or walking instead of taking your car. GCash will turn these actions into reforestation efforts,” Villaseñor said. 

GCash, in partnership with WWF Philippines, has adopted 300 hectares for rehabilitation and reforestation inside the Ipo watershed. WWF will monitor and report the growth of trees sponsored by GCash for three years, which is usually how long it takes to see any changes in a reforestation or rehabilitation site. 

The 7,236-ha Ipo watershed, which spans the provinces of Bulacan and Rizal, is part of the Angat-Umiray-Ipo watershed system that supplies 98% of Metro Manila’s water. It has been declared a protected area by the Department of Environment and Natural Resources but forest cover in the watershed is now only at 40%, a drastic drop from 85% several years ago.

“Planting a tree not only helps with carbon reduction but also results in water security and biodiversity conservation. Every decision we make has an impact, whether positive or negative. In helping GCash users to adopt a more environment-conscious lifestyle, we are raising a generation of green heroes,” Villaseñor said.  

Act now, act fast: WWF PH, GCash call for participation of Filipinos in fight for PH forests

Tweet

Over the last couple of years, the Philippines has been experiencing an alarming decrease in forest area. Due to rampant illegal logging and the lack of funds to better secure protected areas, the countries forests are going nude. 

Each year, based on data from the Department of Environment and Natural Resources (DENR), around 47,000 hectares of forest cover is lost, which is equivalent to approximately 1.2 million hectares of deforested land in a hundred years. This translates to about 24 percent in deforestation rate, one of the fastest in the world. 

These figures may sound too statistical, but they are a constant and stark reminder for Filipinos of the state of Philippine forests. This is also a wakeup call for everyone that while the government pursues efforts to create a greener country, a great amount of work is still up ahead, according to the World Wide Fund for Nature (WWF).

“Without strategic measures to combat this, Philippine forests will cease to exist in the next two decades -- leaving the next generation without clean air to breath, fresh and lush sceneries to enjoy, and endemic flora and fauna will only exist in picture books,” WWF Philippines President and CEO Joel Palma said. 

The severity of the situation calls for a pursuit of collaboration among all stakeholders -- the state, organizations, companies, and even the common Filipino. For many, participating in drives for the environment may seem to measly an idea due to the gravity of work to be done, but even the slightest act can create a chain of events that could help the country bring its forests back to full life. 

“We need to act now, and we need to act fast. We are at a critical time that loudly calls for action and the participation of everyone. Our fight for a greener Philippines is not won by one group alone. It needs to be a collaborative effort,” Palma added. 

GCash, operated by Globe Fintech Innovations Inc. (Mynt), recognizes the power of its platform to create a huge impact for the environment. Placing itself at the forefront of developing financial sustainability mechanisms that aim to strengthen forest conservation efforts within its growing user base of 20 million, GCash recently introduced GCash for Good. 

Acting as its corporate social responsibility arm, GCash for Good has collaborated with World Wildlife Fund for Nature, Forest Foundation Philippines, Bantay Kalikasan, as well as Haribon Foundation to pursue their shared vision of establishing a greener Philippines.

“Through these collaborations with non-government organizations, international organizations, and various merchants, we look forward to fulfilling our vision of greening the Philippines through our platform, as this initiative shall create a significant impact not only to the environment but also in the daily lives of each Filipino,” Mynt President Anthony Thomas said.

With GCash for Good, Filipinos from all walks of life, especially the youth sector, now have the power to create a positive change for the environment and stay socially relevant. Through GCash for Good, GCash has made it possible for registered GCash users to conveniently send donations to their chosen organization. 

The platform enables Filipinos to reach out further while also creating better opportunities for the society, as it eliminates the hassle of having to endure long processes of donating through banks and institutions and allows people to focus more on what truly matters to them.

Various research has shown that there is a growing trend in crowdfunding as well as micro-donations. Such kind of initiative, while it may generate a minimal amount at a given period, would still go a long way and make a significant impact once it gets added up.

“For every person who would like to make a difference, it’s also important to recognize that working together, aiming for the common goal hand-in-hand, can result in an even greater impact. With GCash for Good, doing something for a cause becomes accessible and easier for all Filipinos,” Thomas said.

CIMB Bank Announces 500,000th Customer and expands strategic partnership with GCash

Tweet

ASEAN universal bank - CIMB Bank Philippines (CIMB Bank PH) celebrates the milestone achievement of 500,000 users of the GSave mobile savings account on its partner platform GCash, the leading mobile wallet in the Philippines. 

CIMB announced this Tuesday, August 13, that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash.

HALF-MILLION DIGITAL SAVERS. Photo shows (from left): GSave’s 500,000th user Seigfred Barcelona, CIMB Bank Philippines chief executive officer Vijay Manoharan, Mynt president and chief executive officer Anthony Thomas, CIMB Group CEO Tengku Dato’ Sri Zafrul Tengku Abdul Aziz, CIMB Group Ventures & Partnerships chief executive officer Effendy Shahul Hamid, and GCash head of savings Kim Aimei Seng. 

The all-digital, mobile-first CIMB Bank PH, was launched in early 2019 with a goal of bringing a unique and differentiated banking proposition to Filipinos. Anchored on a DNA of strong strategic partnerships and solving customer pain points digitally, CIMB Bank PH had forged a partnership with GCash, to allow GCash’s customers direct, paperless and seamless access to savings account services, a product termed GSave. GCash is an epayments platform owned by Mynt, the revolutionary fintech startup of Globe Telecom, Ayala Corporation and Ant Financial, an affiliate of Jack Ma’s Alibaba Group. 

Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, who was in Manila to celebrate this milestone said, “CIMB Bank PH is surely the fastest growing bank in ASEAN, a wonderful achievement, and a strong testament of things that can be achieved in the regime of digital-only banks. We are motivated by this and will continue to innovate for our customers. Well done to the teams.” 

In line with this, CIMB Bank PH and GCash also announced that the GSave bank account will be exclusively offered only on the GCash platform. The companies also said they will be working together to make added suites of financial services products available to GCash customers in the future. These services will be announced in due course. 

Zafrul added, “The partnership with GCash was central to us achieving this milestone. It is a live case study of bank-tech partnerships, a combination of banking expertise and technology platform plays, and the opportunities it allows both parties to access. I look forward to developing more propositions with GCash to further establish our mobile banking presence in the Philippines.” 

Anthony Thomas, President and Chief Executive Officer of GCash affirmed its shared mission with CIMB Bank to increase accessibility of financial products and services for all Filipinos. “The acquisition of 500,000 users is a clear testament that the partnership between GCash and CIMB Bank through GSave is a success. We welcome this achievement and the deepening of our collaboration with CIMB Bank, and assure our users that we will continue to provide more innovative services to address the banking and financial needs of Filipinos who aspire for financially better lives for their families.” 

The 500,000 GSave users are now enjoying the benefits of CIMB’s savings account, which is available as the Save Money feature on the GCash app. GSave offers an interest rate of 3 percent per annum, which is more than ten times higher than those interest rates offered by most Philippine banks. 

Additionally, GSave does not require an initial deposit or maintaining balance, nor does it impose service charges for transactions—greatly reducing the barriers for ordinary Filipinos to open and maintain a savings account. 

About CIMB Bank Philippines 

CIMB Bank, ASEAN’s Top 5 largest bank present in over 16 global markets, has extended its reach in 2018 by providing Filipinos a whole new banking experience. CIMB Bank Philippines Inc. is an all-digital mobile bank headquartered in Bonifacio Global City, Metro Manila, Philippines. 

CIMB Bank Philippines offers 24/7 safe and secure banking with their seamless account opening in 10 minutes, the best in market rates, no initial deposit or maintaining balance requirements, convenient deposit and withdrawal locations, and zero transaction fees, all done through OCTO by CIMB Bank mobile app. 

To learn more, visit us at www.cimbbank.com.ph or Like us on Facebook and Follow us on Instagram @CIMBBankPH. Download OCTO by CIMB Bank in App & Play stores today. 

CIMB: The Way Banking Should Be. 

About CIMB Group 

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK. 

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region. 

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand. 

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries. 

______

About Mynt 

Mynt is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending institutions. For more information, visit mynt.xyz. 

About GCash 

GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need to bring any cash. For more information, please visit https://www.globe.com.ph/gcash

Send Money and Receive Money for Free with GCash

Tweet

Leading mobile money provider shakes industry by offering first-in-nation innovation 

Remittances (a way of sending money) are a staple of Filipino culture, especially with lots of families depending on the money of their loved ones for sustenance. No matter where you are in the country, you’ll see remittance centers that offer these services from Metro Manila to anywhere in the Philippines, usually with a fee based on a percentage of the total amount to be sent. GCash realized that for these people, every peso counts, and that’s why they made sending and withdrawing money through the GCash ecosystem free. 

In a nation-first, the country’s leading mobile wallet provider GCash shakes up the local money remittance scene by innovating a free end-to-end remittance experience for their customers. 

GCash users can send money to other users anywhere in the Philippines for free via the GCash App, via the @gcashofficial Messenger official account, or by dialing *143# on their Globe or TM– from Luzon to Mindanao. In turn, the receiver can use their GCash Mastercard to withdraw at over 20,000 BancNet- or Mastercard-supported ATMs nationwide for FREE*, or cash-out PHP 20,000 per transaction on over 10,000 GCash Partner Outlets as well. ATM withdrawal fees from other financial service providers cost as high as PHP 20.00, while traditional remittance centers charge as high as PHP 500.00 for send money transactions around PHP 40,000. 

“Pinadalhan ako ng pera ng anak ko pambili ng gamot, dahil sa GCash walang bayad magpadala. No hidden charges, di nabawasan ang pera ko," said Bong Yusingco, a worker located in Quezon City. He was previously receiving his son’s remittances from a brick-and-mortar remittance center, but is now using GCash exclusively. 

Justine Concepcion, a private employee in Taguig City, is also utilizing the GCash App for other uses aside from money withdrawals, and said, “Any payment has been easy since I used GCash. I can pay my bills and enjoy my shopping without bringing my wallet! It is very convenient to use the GCash App and I save time! Not only that, I can withdraw money using my GCash Mastercard without getting charged.” 

“Sending and withdrawing money through the GCash platform is in line with Mynt’s drive for financial inclusion and enabling the unbanked. Through this, Filipinos can enjoy the services for free anywhere in the country, and ultimately show love to people who matter to them the most,” said Mynt’s President and CEO Anthony Thomas. Mynt is the operating company of GCash. 

Getting a GCash account is easy. Just download the GCash App for free from the App Store or from Google Play and sign up for an account. Alternatively, you can look for @gcashofficial on Messenger and sign up. 

Customers can get a GCash Mastercard by ordering online at www.gcash.com/mc-store/orders to be delivered to their location, or by going to participating Globe Stores with GCash Caravans, for as low as PHP 150. 

To fund their GCash account, a user can visit over 16,000 GCash Partner Outlets nationwide, like 7-Eleven, SM Business Centers, Robinsons Business Centers, Puregold branches, and Villarica Pawnshop branches, and tell the cashier to cash-in to their GCash account. Cashing-in to a GCash account is free. 

All Toby’s Sports Stores Now Accepts GCash-Alipay

Tweet

Toby’s Sports constantly evolves to keep up with the times. When it comes to store design, features, merchandise, and staff, Toby’s Sports maintains their stronghold and continues to push the limits of the sports retailing industry. 

Today, the largest sports retailer in the country has more than 150 brands and showcases more than 60,000 unique items in 56 branches nationwide. Thirty years later, far from their small beginnings, Toby’s Sports continues to serve millions of Filipinos and igniting their passion for sports. 

“We are looking forward to the incorporation of GCash-Alipay as a payment method in our physical stores nationwide. This partnership with Globe is definitely in line with our efforts to continuously innovate, improve overall customer experience, and to make it easier for everyone to pay for products they shop at Toby’s Sports, as well as in our two other retail chains—RUNNR and urbanAthletics,” said Toby Claudio, President of Quorum International Inc. 

GCash-Alipay is now accepted nationwide in all branches of Toby’s Sports, RUNNR and Urban Athletics. New GCash users can use the referral code GOTOBYS and get One Hundred Twenty pesos (P120.00) when they register to GCash and Scan to Pay! 

“With the joint GCash-Alipay QR, all stores of Toby’s Sports, RUNNR and Urban Athletics can now accept payments from GCash users as well as Chinese tourists who are Alipay users. We are committed to make the shopping experience more convenient through our Scan-to-pay technology which allows for an easier payment transaction via the QR code. This partnership is part of our drive to offer more merchants where our users can use GCash,” said Anthony Thomas, CEO of Mynt. Mynt if the company which operates GCash. 

Paying via QR code is now available in all Toby’s Sports, RUNNR and urbanAthletics branches in the Philippines. For GCash users, they can pay via the scan to pay feature in the GCash app, through very simple and easy steps. A customer with an iPhone or Android smartphone only needs to download or update to the latest version of the GCash app, register an account, and fund their GCash wallet at any of over 16,000 GCash partner outlets nationwide. Once done, the customer just needs to tap on “Scan QR,” point the phone’s camera at the partner’s QR code and pay.

GCash Offers Up to 20% Discount at Lazada 10/10 Beauty Day Sale

Tweet

Thousands of health and beauty items to have prices slashed off 

Taguig City, Metro Manila — Hot off the heels of their 9.9 Sale participation last month, mobile wallet provider GCash will headline once again on the 10.10 Beauty Day Sale for October together with Lazada. 

With unique and special finds, women have been regularly flocking the Health and Beauty category of Lazada to make it one of the most significant categories of the platform. 

Lazada will be dedicating the said date into putting on sale thousands of beauty care products, such as fragrances, hair care, make up, and skin care items to name a few. And to make the offers even more appealing, GCash is providing more discounts if people use it as their payment option. By simply using the voucher "GCASHBEAUTY100" upon checkout, customers will get an additional 20% discount on their total cart purchase (discount capped at PHP 100). 

"GCash is committed to enabling Filipinos not only with financial inclusivity, but with making their online shopping experience more convenient. With the new direct GCash checkout feature on Lazada, customers can now check out faster and never worry about not having a valid payment method again," said Anthony Thomas, President and CEO of Mynt. Mynt is the company which operates GCash. 

GCash users can now pay directly using their GCash wallet upon checking out. An existing user will just need to select GCash as the payment method, link their GCash-registered mobile number, and tap a button to confirm payment. The enrolled GCash account would then be saved as the primary payment method on future purchases, saving log-in times. 

To put money on GCash, a customer can go visit over 16,000 nearby GCash Partner Outlets nationwide, like 7-Eleven, SM Business Centers, Robinsons Business Centers, Puregold, and Villarica Pawnshop branches, and tell the cashier to cash-in to their GCash account. Cashing-in to a GCash account is free. Once funded, customers can now shop and checkout at Lazada.