The only challenge is to have this be available for everyone, and this is where the GCASH app comes in. This is something that can unlock your financial goals, the tools that does it all. It's the electronic wallet that does payments and seamless transactions and there's no time to do it but now. They're glad to know that people are using the name GCASH synonymous with payment, and they're introducing these new services to cater to more people that want innovation.
Easy, accessible and affordable, they introduce GLoan. Tony Isidro the CEO of Fuse Lending Inc. says "Over half of Filipinos have banking access, but only 20 percent acquire loans. If they need one, they borrow from friends, loan sharks, which puts them in disadvantage sometimes. GCash wants finance for all, so now we're introducing lending products that are transparent and fair. GLoan is something that goes to your wallet without filling up any documents. If you are qualified, just go to GLoan section on the app and get it instantly. You can use it to pay for bills, essentials, shopping, tuition, or other products and services. You can also use it for capital. There's also GGives, which you can use to pay for products without having a credit card. You can pay for it in 12 months, and there are various commercial establishments and partner merchants that accept it. You can buy furniture, TV, go out without any down payment needed. Our goal is giving everyone access to finance, it's finance for all."
Jong Layug the current Head of Wealth Management introduced existing GSave. He says "This helps people save, go without piggy banks, keeping money at home, and CIMB does a good job managing funds. You also earn interest, allows consumers to save instead of just keeping it stagnant. It's also protected by PDIC and helps you keep it safely. One out of 5 Filipinos already have a GSave account, and growing more. People also want to invest, which is why we have BPI and ATRAM so they could do investments. From local and global funds, you can start growing your wealth so you could achieve your financial goals conveniently. You can expect more in the next few months."
Head of GCash New Business Neil Trinidad introduces GInsure. Access to it is a little problematic in the Philippines because it's expensive, inaccessible, and people think they don't need it. He says "More people find insurance relevant now especially Gen Z's. GInsure is easy to discover and is in one marketplace, if you need it for live or non life items, 14 right now is available, it's affordable, and is offered in different price points. Even cover dengue and COVID for only 300 pesos. We want it easy for people to purchase, and now it takes 2 minutes to do that. This enables access for more Filipinos, our mission is to make partnerships that cover life, non-life, vehicle, even bill protect. We also have insurance plans for businesses, you can even gift it to others, and soon it'll cover policies for employees, MSME's, evolving everyday. 4 out of 10 Filipinos now have a pet, and now Pet Insurance is also available. There's also Online Shopping Insurance, so those retail frauds can be resolved fast, all in GInsure."
Here's excerpts from the press conference this morning
A lot of Filipinos will surely benefit from this, so if you're in the mood to be one of them, go download the app on the App store or Google Play today!