GCash digital bank business model option is open
May 27, 2022
Following its closest competitor’s recent move into digital banking, mobile wallet giant GCash is not ruling out the possibility of a future partnership for GCash digital bank business model.
“We are not closing our doors, but our current format is working for now.” – referring to the GCash digital bank business model. “Rather than competing with banks and financial institutions, we can cooperate with them,” GCash president and CEO Martha Sazon stated at the Virtual Economic Forum hosted by BusinessWorld.
GCash, according to Sazon, believes in collaboration rather than competition, emphasizing the importance of collaboration among the financial institution’s players. The new model which is GCash digital bank could be of great interest in the near future.
“That’s what we want to do, to welcome banks and other financial institutions onto our platform because, as you know, the idea of financial inclusion is such a lengthy and complicated journey.” “It can’t be done by a single entity,” she explained.
PayMaya, which has relaunched to Maya in order to expand beyond payments, debuted a new all-in-one money app called Maya, as well as its digital bank Maya Bank, last month
GCash previously stated that it was unconcerned about PayMaya’s decision to offer digital banking and cryptocurrency trading. GCash digital bank could also be a big possibility.
Sazon previously claimed that getting a digital banking license is not a silver bullet or a magic wand.
“It’s not like turning on a signboard and expecting everyone to come in.” The task of recruiting users requires serious effort. “Getting them to inhabit various use cases and then teaching them on more complex financial services,” she explained
GCash, according to Sazon, has worked with some of the most innovative and largest institutions, including CIMB, BPI, and ATRAM, as well as a number of insurance businesses
GSave was founded by GCash and CIMB Bank, one of Southeast Asia’s leading banks, to meet the demand for more accessible financial services among the populace.
It has also partnered with BPI to provide customers with new savings and financial product options.
For its GInvest investing offerings, GCash has teamed with ATRAM, the Philippines’ foremost independent asset manager.
“While others are just getting started with financial services, one-third of our GCash user base has already signed up for at least one of our financial services products,” she explained.
As of the end of March, GCash had over 60 million registered users, while Maya had over 47 million throughout its consumer platforms.
