GCash is unfazed over Paymaya’s move to open a digital bank.
GCASH — The financial technology (fintech) company is unfazed over Paymaya’s move to open a digital bank.
To recall, Paymaya (now Maya) has rebranded as it goes beyond digital wallet and payments services with the integration of its digital bank and cryptocurrency (crypto) trading feature within its app.
“We are not just launching a brand, app, and digital bank. We are unleashing the power of financial technology to benefit all Filipinos,” PayMaya CEO and founder Orlando Vea said last April.
The fintech company also launched Maya Bank 6 months after it secured a digital banking license from BSP (Bangko Sentral ng Pilipinas) last September 2021.
GCash is unfazed over its closest competitor’s move to open a digital bank.
“We don’t believe that having a digital banking license is a silver bullet or magic,” GCash President and CEO Martha Sazon maintained. “It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services.”
Sazon also pointed out that 1 in every 5 banked Filipinos has a GSave account at present.
GSave was created by GCash and CIMB Bank. It is also set to onboard the BPI (Bank of the Philippine Islands) in order to give consumers more savings and financial product choices.
Furthermore, the fintech company has partnered with ATRAM for its GInvest investment solutions. Currently, 77% of the country’s Unit Investment Trust Fund (UITF) accounts are on GInvest.
GCash also created an insurance marketplace with GInsure, wherein its customers can avail of over 24 different traditional life and non-life insurance policies from some of the biggest insurance companies in the country.
At present, 1 out of 3 traditional life insurance policies in the country are purchased from GInsure.
On the cryptocurrency front, the fintech company is already available as a mode of payment across several exchanges such as Philippine Digital Assets Exchange (PDAX), Binance, and Paxfulmake, with many more to be added soon.
This makes it more convenient for its users to pay for their cryptocurrency transactions.