GCash bags BSP awards for digital transformation and innovative mobile financial services
For its innovative and responsive digital financial services, the Bangko Sentral ng PIlipinas (BSP) recognized G-Xchange Inc. as its Outstanding Partner for Digital Transformation and Outstanding Partner for Innovative Financial Services for 2019.
On top of bagging the two awards, G-Xchange, the registered entity for GCash, was also a finalist for Outstanding Partner for Digital Excellence and Top Instapay Volume Contributor, which recognizes InstaPay participants that contributed significantly toward the realization of the BSP’s 20% by 2020 vision under the National Retail Payment System project.
The 16th Awards Ceremony and Appreciation Lunch for BSP Stakeholders was held on July 10 to recognize banking and non-banking institutions who have supported the BSP’s initiatives and advocacy programs. This year’s theme was “One Team One Goal: Resilient Partnership Towards Inclusive Economic Growth.”
“This recognition from the BSP affirms our commitment to find ways to reach the unbanked, underserved Filipinos and to develop mobile platforms that will open access to financial services. In partnership with the government, we are confident that we can make growth more inclusive and more beneficial to the ordinary Filipino,” Anthony Thomas, Chief Executive Officer of Mynt, which counts G-Xchange as a subsidiary, said.
The Outstanding Partner for Digital Transformation Award cements GCash’s position as a leading mobile wallet that “delivers a suite of innovative technologies without compromising the security requirements and adopts a digital transformation strategy that seeks to improve process efficiency, cut operational costs and ultimately redefine the customer banking experience.”
The BSP also chose G-Xchange Inc. as Outstanding Partner for Innovative Mobile Financial Services – Non-Bank because it “provides mobile financial services that are responsive to the needs of its customers, offers the widest range of options through the mobile app, and uses innovative solutions to manage account security.”
GCash is known for its financial services, which include the first fully mobile credit line through GCredit; the highest interest earning on savings through GSave; and accessible insurance and investment options through Invest Money and GCash Insure.
By making a full suite of financial services available through its app, GCash removes the barriers to savings, credit, insurance and investment—a huge step in a country where 66% of the population have no bank accounts and 34% of municipalities have no access to physical banks.
“At the core of what we do is our desire to deliver finance for all. As a fintech company, we strive to equip people not just with the technology but with the literacy they need to better access and manage their finances, even while on the move,” Thomas said.
“By maximizing the mobile penetration in the Philippines, we work around the geographical and social hindrances to financial inclusion,” he said.
GCash has 20 million users and more than 50,000 merchant partners. As the leading mobile wallet in the Philippines, it is a long-standing partner of the BSP in creating a cashless ecosystem that will promote financial inclusion.