GCash: “Even without this license, we are already able to offer a full suite of financial services”
GCASH — The financial technology (fintech) company has no plans to get a digital banking license “at the moment”.
The fintech company was also asked what it can do that a digital bank can’t do. According to GCash, they are already able to offer a full suite of financial services even without the digital banking license, making it accessible, affordable, and easy to understand for all Filipinos.
“Our position as a platform player gives us the opportunity to continue to collaborate with other financial institutions so that they can offer their products to our 60 million and growing digitally-savvy user base.” the company said. “We believe that customers have varying needs and that is why we are providing options through having different bank partners offering various propositions.”
Having a digital banking license is “not a silver bullet“, Globe Telecom President and CEO Ernest L. Cu and GCash President and CEO Martha Sazon maintained in an earlier virtual briefing, after competitor Paymaya (now Maya) opened its own digital bank.
The fintech company reiterated that becoming a digital bank is “not a magic solution” in order to be able to address all the current problems of the industry.
As a platform, the company told Manila Bulletin that they are best served to reimagine solutions that can best work for the consumer.
“You need to build the user base and it takes more than just having a digital bank to do that. There is real work to be done in acquiring users, getting them to inhabit various use cases and eventually educating them into more complex financial services,” the company said.
Manila Bulletin reported that 1 in every 5 banked Filipinos has a GSave account at present.
GSave was created by GCash and CIMB Bank in order to address the population’s need for more accessible financial services. It also set to onboard BPI (Bank of the Philippine Islands) in order to give consumers more savings and financial product choices.