Philippine Unicorn Gcash Banners Overseas Expansion at London Tech Weekby Fintechnews Switzerland August 3, 2023
Philippines’ financial super app, GCash, banners its global expansion at London Tech Week 2023, highlighting its mission of providing Filipinos access to financial services everywhere.
At London Tech Week, PM Sunak hosted industry leaders which included GCash CEO Martha Sazon, GCash CTOO Pebbles Sy, and Makati City Mayor Abby Binay
During the event, GCash CTOO Pebbles Sy, shared with tech leaders the fintech firm’s push for financial inclusion.
“GCash’s story is about how we support the Philippines’ journey to become a digital, cashless, and financially inclusive economy,”
Sy said. Sy talked about how the e-wallet is solving the everyday problems of Filipinos, while it seeks to reach the over 10 million Filipinos abroad.
“GCash Overseas, allows Filipinos to use their international SIMs to use GCash. We launched it in six countries, the UK included, where there are 200,000 Filipinos,”
“We also introduced Global Pay, our cross-border payment experience, so that OFWs and overseas travelers in 9 countries including Japan, France, and the UK can pay seamlessly via QR with real-time forex charging.”
GCash Overseas allows Filipinos abroad to send money to their loved ones, pay bills, and buy load credits wherever they are.
GCash president and CEO Martha Sazon and key executives were also in the UK for the event. The GCash delegation attended receptions led by the The Rt Hon Rishi Sunak MP at 10 Downing St., as well as events hosted by Rt. Hon. Kemi Badenoch MP, the Secretary of State for the Department for Business and Trade, and His Majesty’s Trade Commissioner for Asia Pacific, Natalie Black. Cybersecurity was also a top agenda with talks on latest technologies to combat financial crimes led by UK Cybersecurity Ambassador Juliette Wilcox CMG.
As the leading financial super app in PH, GCash allows Filipinos gain access to financial services – increasing the country’s banked population to 56%.
It has disbursed P74B loans to 2.8 million Filipinos as of Q1 2023. Two out of every three borrowers are women, located outside Metro Manila and are part of lower socio-economic classes. Likewise, one in four banked Filipinos own a bank account through GCash’s savings feature, GSave while three out of four unit investment trust funds (UITF) are conducted through GCash.
GCash is the Philippines’ only double unicorn – a valuation of over USD$2 billion.
Featured image credit: GCash CTOO Pebbles Sy, edited from freepik