Fintech PR
Financial services are experiencing massive adoption in the Philippines through GCash
With a population of more than 100 million people, the Philippines is one of the more economically-resilient countries in Southeast Asia amid the pandemic, and among the drivers of this resiliency is its shift towards digital payments. Consumers and businesses have embraced digital services, while the country’s government has adopted it in varying levels. And, the company leading this digital revolution is GCash.
Similar to wallets in other Asian countries such as China’s Alipay and India’s PayTM, GCash allows frictionless transactions between its users, core services of which are money transfers, bills payments, prepaid airtime, and online shopping. However, one of the fastest rising use cases on the GCash app is its array of financial services, spanning credit, savings, insurance, loans, and investments.
Historically, financial services in the Philippines have a high barrier to entry, requiring multiple physical documents to apply, minimum balances, fees, and credit history. Filipinos have found it more convenient to shift to GCash for their financial needs: Thanks to GCash’s frictionless application and overall ease-of-use, many more Filipinos are now banked, now insured, have investments, and can access credit readily.
Financial services are expanding under GCash
To highlight the growth, the e-wallet company’s Assets Under Management (AUM) for its savings product, GSave, has grown to over PHP 9 billion, from PHP 5 billion in 2020 – almost double in just 6 months. GCash’s invest platform, GInvest, just launched last year with 4 new fund categories, has helped GCash immediately capture 70% of the domestic market of total UITF accounts in just 6 months.
GInsure, GCash’s microinsurance offering launched in-app in 2020, now accounts for a third of all new insurance policies issued in the Philippines. This happened in less than a year.
Lastly, the company’s in-house lending service GCredit, disburses PHP 1 billion worth of loans a month on average, with PHP 15 billion worth disbursed as of June 2021. It also boasts world-class repayment rates, and locally, has the lowest past due and non-performing loans as it is powered by GCash’s in-house Trust Platform, GScore. Partnered with CIMB Bank, a neobank, GCredit works like a pre-approved credit card to make QR and online purchases, as well as bills payment, without traditional documentation requirements, and extends 30-day credit to GCash users.
GCash also recently launched GLoan, a new service that allows pre-approved GCash users to borrow as much as PHP 25,000, with repayment spread over 12 months. The service is doing well and has shown the fastest growing revenue for its category.
In addition, GCash seeks to launch a “Buy Now, Pay Later” service in 2021, aimed at addressing financial challenges encountered by its users during the pandemic and beyond.
“We aim to ease the friction being experienced by unbanked and underserved Filipinos through innovative financial services. This leads to greater adoption, as Filipinos realize the convenience brought about by fintech, making them experience what financial empowerment and inclusivity truly means. With this in mind, we are highly confident of more market saturation in the near future,” said Martha Sazon, President and CEO of GCash.
A third of the app’s monthly active users utilize at least one of the app’s digital financial service products.
Versatility is key for financial service adoption
As a mobile wallet, GCash’s versatility lies within its platform approach. This allows the company to partner with other financial institutions in offering their products to its 46 million and growing digital-savvy user base, whereas digital banks are restricted to their own services. Aside from the neo-bank CIMB Bank partnering with GCash for GSave and GCredit, Cebuana Lhuillier, AXA (through MicroEnsure), and Singaporean insurtech Singlife, have likewise partnered with GCash as insurance providers through GInsure.
“We view GCash as an enabler to Filipinos in general rather than competition to other existing services. What we have, versatility as an app, and our tens of millions of users, are something like-minded institutions and partners can take advantage of to further widen access of financial services to Filipinos,” added Sazon.
According to Visa’s latest Consumer Payment Attitudes study, Filipinos using digital commerce platforms like GCash helped boost the usage of digital payments in the country.
GCash has been advancing the financial services front since it launched GCredit in 2018. The company is continuously investing heavily on technology and infrastructure that will address Filipino financial needs. It developed the country’s first credit scoring mechanism called GScore, which is a core component of its financial services qualification process.
The mobile wallet also has been leading financial process transformation in the Philippines, as it maintains a robust digital end-to-end application process that does away with physical documents. This is consistently experienced in the entirety of the GCash app.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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