Fintech PR
GCash marks 20 years of pioneering digital financial inclusion in the Philippines and beyond
The Philippines’ top finance super app makes history as country’s only $5 billion unicorn
MANILA, Philippines, Oct. 9, 2024 /PRNewswire/ — Rooted in its mission to democratize financial services, GCash, the leading finance app in the Philippines, celebrates 20 years of commitment to digital financial inclusion as the nation’s first unicorn with a valuation exceeding $5 billion. This milestone highlights GCash’s global influence and its role in empowering users in the Philippines and across the world.
By consistently delivering innovative and accessible financial solutions, GCash stands out as one of the few financially sustainable fintech companies worldwide, dedicated to bridging the financial divide for underserved communities.
Key investments from Ayala Corporation, one of the Philippines’ largest and most diversified conglomerates, and Mitsubishi UFJ Financial Group (MUFG), Japan’s leading financial institution, have more than doubled GCash’s valuation from $2 billion in 2021. This recent funding round, which saw Ayala and MUFG each acquire an additional 8% stake in Mynt, the parent company of GCash, further solidifies GCash’s position as a trailblazer in financial inclusion across Southeast Asia.
“These past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we want to take it a step further and be their partner towards financial health and wellness,” GCash President and CEO Martha Sazon said. “Encouraged by the vision set by the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, we will keep innovating to help Filipinos thrive everyday, be ready for a rainy day, and prepare for one day.”
Redefining financial access
Since its inception, GCash has prioritized how technological innovations can help promote financial inclusion. Before the pandemic, only 29% had bank accounts, less than 1% had access to investments, and 2% held credit cards. With 47% of the population still unbanked, GCash leveraged digital tools to significantly broaden access to digital financial services. Beyond basic transactions, the finance super app offers innovative in-app credit services and affordable lending products like GCredit, GLoan, and GGives and has disbursed PHP 155 billion to 5.4 million unique borrowers, including underserved segments.
In wealth management and insurance, GFunds has on boarded 6.6 million users and handles 3 in 4 UITF transactions. Meanwhile, GStocks represents 1 in 5 PSE accounts with 682,000 users and GInsure protects 7.8 million Filipinos with 28 million policies sold, making investment products and financial protection more inclusive and responsive to the needs of Filipinos.
Financial empowerment across the Philippines and beyond
GCash’s influence extends far beyond the country, solidifying its position as a global player in fintech. Through international remittance services, GCash Overseas, and Global Pay, GCash caters to the needs of millions of Overseas Filipino Workers (OFWs) and provides seamless financial services across borders. GCash Overseas allows Filipinos abroad to create GCash accounts using their international mobile numbers and send money back home, pay bills, and more from 16 countries and territories. Meanwhile, Global Pay enables Filipinos to use their GCash app in 47 countries at over 3 million merchants worldwide. This global expansion has also allowed GCash to become the second most-used finance app in the UAE, underscoring its global relevance.
GCash’s services have not only increased the number of accounts but also redefined the demographics of financial inclusion. In fact, 90% of GCash users come from lower-income classes, 57% are women, and 74% reside outside Metro Manila. This inclusivity is a testament to GCash’s commitment to being a “champion of digital financial inclusion,” helping Filipinos thrive in their everyday lives, wherever they are.
A sustainable and inclusive future for all
Beyond financial inclusion, GCash is also committed to environmental and social sustainability, making it one of the few financially sustainable fintech companies globally. Through its GForest initiative, GCash has mobilized 17 million users to plant over 2.8 million trees, reducing carbon emissions by 138,000 metric tons. This reforestation effort not only contributes to environmental conservation but also provides livelihoods for over 8,600 farmers.
By continually evolving and expanding its offerings, GCash is poised to solidify its status as a leader in the global fintech arena, driving transformative change that not only helps Filipinos thrive every day but also enhances the broader financial ecosystem beyond the Philippine borders.
About GCash
GCash is the Philippines’ #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.
GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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