GCash, the Philippines’ leading financial app, is set to expand its global footprint, making its services available in 10 additional international markets within the next two to three months.
This move will bring the app closer to Filipinos overseas, enabling them to register using their local mobile numbers in the countries where they live and work.
Paul Albano, GCash International’s general manager, shared the announcement at the Singapore FinTech Festival 2024. “We aim to grow into 10 more countries over the next few months, reaching approximately 90% of where Filipinos currently reside,” Albano said.
The new markets include key territories in the Middle East, Asia-Pacific, and Europe, building on GCash’s current availability in 16 countries, such as the United States, Italy, the United Kingdom, Australia, Japan, Spain, the United Arab Emirates, and South Korea.
GCash e-wallet offers convenience for Filipinos worldwide
GCash has become a lifeline for Filipinos living abroad, offering a suite of financial services that include sending money to family back home, paying for household bills, saving, investing in stocks, and purchasing mobile loads.
The app eliminates the need for costly remittance services, allowing users to manage finances anytime, anywhere.
In partnership with CIMB Bank Philippines, GCash is also launching GSave for international users. This digital savings account offers competitive interest rates of up to 25% annually, providing overseas Filipinos with a secure platform to grow their hard-earned money.
“Living abroad can be challenging, especially with remittances often consuming a significant portion of income,” Albano further explained. “Through GSave, we’re empowering Filipinos to save for emergencies or their eventual return home, ensuring financial stability and peace of mind.”
CIMB Bank Philippines CEO Vijay Manoharan echoed this sentiment. “This partnership with GCash underscores our shared commitment to financial inclusion and the welfare of Filipinos globally. GSave ensures their money not only grows but is safeguarded for the future.”
CIMB Bank Philippines Inc. is one of ASEAN’s leading banks. It is present in over 16 global markets and is currently seeking additional partners to provide embedded banking services to more Overseas Filipino Workers (OFWs) and Micro, Small, and Medium-Sized Enterprises (MSMEs).
A double unicorn driving financial inclusion
GCash, valued at US$5 billion, currently holds the distinction of being the Philippines’ only double unicorn. Its parent company, Mynt, reported a net income of ₱6.7 billion in 2023, reflecting the robust growth of the platform.
The app’s expansion underscores its mission to connect Filipinos to accessible and secure financial services, regardless of location. The announcement was made during the Singapore FinTech Festival 2024, one of the world’s largest fintech events. The festival brings together industry leaders, innovators, and entrepreneurs to drive advancements in financial technology.
As GCash continues to innovate and expand, its commitment to empowering Filipinos both locally and globally reinforces its position as a critical tool for financial inclusion and e-wallet convenience.
According to the Bangko Sentral ng Pilipinas (BSP), around 45% of Filipinos are unable to access formal credit due to financial barriers, such as the inability to open bank accounts, a lack of documentation, or the distance to financial institutions.
The BSP also noted that traditional banking processes often intimidate borrowers, further excluding them from the financial system. These factors have left many small business owners and entrepreneurs reliant on informal, high-risk lending sources.
GCash’s digital services are directly addressing these challenges by offering a more convenient, secure, and inclusive alternative. The rise of digital wallets in the Philippines has been transformative: GCash’s user base has grown from pre-pandemic levels to over 90 million active users as of 2023, making it the first and only Philippine unicorn.
The company’s approach aligns with the BSP’s goal to increase the share of agricultural and MSME loans to 10% by 2028, up from just 1% in 2021. By providing affordable and accessible credit, GCash is playing a crucial role in advancing financial inclusion and supporting the growth of the Philippine economy.
For millions of overseas Filipinos, GCash provides a bridge to home, simplifying money management and strengthening their ties to their families and communities.
