GCash, operated by Globe Fintech Innovations, Inc. (Mynt), disclosed its performance indicators for 2023, showing a significant increase in loan originations. The online banking platform reported a total of 118 billion pesos (about $2.11 billion) in loans issued, more than double the 50 billion pesos ($895 million) issued in 2022. This information was shared by Globe Telecom Inc at a media briefing yesterday.
Last year, the platform provided access to credit to more than 3.9 million borrowers, a significant number of whom belonged to lower socioeconomic groups. This development demonstrates that GCash plays an important role in improving access to financial services in underserved communities.
In addition to its lending services, GCash has also seen growth in its wealth management services. The GSave service now has 9.5 million registered users, while its investment platform GFunds has attracted 5.8 million users. Insurance products offered through GCash, including 16.3 million policies sold and 4 million GInsure registrations, indicate that the platform’s reach in financial services is expanding.
According to Mynt, more than 94 million Filipinos have tried GCash, and 94% of the country’s fintech app users use GCash. The platform supports a network of 6 million merchants, and its lifestyle feature GLife includes 900 merchant partners.
Launched in October 2023, the GCash Visa card already has one million users, offering higher rates and payment convenience in more than 200 countries and regions.
Tek Orano
Mynt CFO Tek Olaño outlined the company’s international expansion plans, with plans to launch GCash in ten additional countries within this quarter, targeting areas with large populations in the Philippines.
“We are very bullish on the international market. We will continue to expand our international services to meet the needs of more overseas Filipinos, and we will launch GCash in more than 10 countries this quarter,” said Mynt CFO.
Mynt reported a 193% increase in its equity earnings in 2023, totaling 2.37 billion pesos ($42.4 million). Globe Group’s share of those earnings was 2.4 billion pesos ($42.9 million), or 7.5% of net income before taxes that year.
These figures provide a succinct summary of GCash’s operational progress through 2023, reflecting its ongoing efforts to expand financial services to a wider population.