Top Ph e-wallet bares plans for international, B2B expansion at the Singapore FinTech Festival 2023
The Philippines’ premier finance super app, GCash, showcased its enhanced international services at the Singapore Fintech Festival 2023.
During a panel discussion at the annual event, GCash President and CEO Martha Sazon introduced a new app feature allowing users to access real-time foreign exchange rates in specific countries like Singapore, Japan, and the USA.
“Through GCash services, Filipino travelers and those living or working abroad can now enjoy the same advantages as credit card and bank account holders. They can use the app for payments at stores accepting Alipay+ or card transactions,” noted Sazon.
Expanding its reach globally, GCash has partnered with Alipay+, enabling users to utilize the e-wallet for cashless transactions in 17 countries, including Singapore, Japan, and the USA. Overseas users can sign up for GCash using international mobile numbers in six countries such as the USA, Italy, and Japan.
Through its collaboration with Visa, GCash users can conduct cashless transactions across 200 countries at more than 80 million merchants. The new GCash Card can be ordered through the app, offering convenience for users. Moreover, they can use GCash for payments at Alipay+-affiliated establishments by scanning QR codes or generating a code.
As a frontrunner in e-wallet and digital financial services for Filipino consumers, GCash is expanding its enterprise services in addition to its international growth.
“To truly transform the nation, we’re venturing into the B2B space. We aim not just to be a player but to address the pain points and friction in the B2B sphere for a more meaningful impact,” explained Sazon.
Apart from providing digital financial tools for enterprises, GCash offers partner marketing solutions for businesses of all sizes, capitalizing on the app’s extensive reach. Additionally, it’s focusing on aiding the digital transformation of nano, micro, small, and medium enterprises (NMSMEs) with innovative business solutions.
Sazon participated in a panel discussion titled “Building Unicorns: An ASEAN Success Story” at SFF 2023, alongside Ernest Cu, chairman of GCash’s holding company Mynt, and the President and CEO of Globe Group, one of the Philippines’ major telecom companies. The discussion was moderated by Ryan Huang, Assistant Finance Editor and Senior Producer and Presenter at Singapore’s MONEY FM 89.3.
As the Philippines’ sole double unicorn, GCash boasts a valuation surpassing $2 billion. Evolving from its core money transfer service, it now offers various financial services including fair lending, investment, insurance, cryptocurrencies, and lifestyle services.
The Singapore FinTech Festival, hosted by Elevandi, a non-profit organization established by the Monetary Authority of Singapore (MAS), serves as a significant global gathering for industry players and leaders, drawing participants from around the world. Last year, it attracted 62,000 attendees from 134 countries.
