To serve the unbanked population, ensure
financial inclusion, accelerate innovations, and ultimately achieve economic
growth, the fintech sector should strengthen partnership with Local Government
Units (LGU) and the public sector. This was one of the main highlights during
the second annual “One with the Nation” conference by GCash, the country’s
leading mobile wallet.
This year’s conference with the theme
“Innovative and Inclusive: The Future of Digital Financial Services” made a
bigger splash this year with a hybrid set-up held at the SEDA Hotel in
Bonifacio Global City in Taguig and streamed simultaneously online via Zoom,
with public sector partners and members of the media in attendance.
During the event, industry leaders and top government officials, led by Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, gathered in one venue to share crucial insights on the future of digital financial services.
“The Philippines has made progress in
digitizing retail payments while broadening financial inclusion. Recently, the
BSP observed that more Filipinos are choosing to pay through digital means. In
fact, the share of digital payments to total retail payment volume in the
country grew from 20.1 percent in 2020 to 30.3 percent in 2021. The government
continues to lead the path to digitalization with 96.7 percent of its total
payment transactions and disbursements already in digital form,” Medalla said.
Given the rapid growth of digital
payments and services, the conference also put a spotlight on how LGUs can
integrate safe online payments into their services.
“The adoption of digital payments by the
local government is, I think, really, the best way to expand the digital space
in the country - where the local government really opt for e-wallets and
payments in paying taxes or business registration. That’s something that LGUs
can do a lot more,” Department of Trade and Industry assistant secretary Mary
Jean Pacheco shared.
In her speech, GCash president and CEO
Martha Sazon acknowledged that there’s still a long way to go to fully achieve
financial inclusion.
“There’s still so much more we can do. We
ask for your support once again as we continue to work to make a positive
impact in the lives of Filipinos, especially those who need our help the most.
We look to you, our partners, as we continue together onward and upward with a
shared vision of a better future for Filipinos.” Sazon said.
Addressing the importance of partnerships between public and private sectors, GCash chief customer officer Winsley Bangit also said that joint effort from these sectors is crucial in its pursuit of finance for all.
“At GCash, we remain steadfast in being a
partner with the central bank’s drive for financial inclusion as well as
digitalization. And of course, your presence here today really shows that the
partnership between private and public sectors are really important in nation building,
in making sure that nobody gets left behind, especially sa economic recovery ng
ating bansa. More and more Filipinos are realizing the benefits of digital
payments, specifically 66 million Filipinos or around 4 out of 5 adults now put
their trust in GCash”, Bangit said.
While more and more Filipinos are
becoming more receptive to digital financial services, GCash also takes this as
an opportunity to continue improving and innovating its services. For instance,
beyond convenient digital payment options, GCash also offers millions of
Filipinos a wide range of financial services from insurance to investment, and
loans, and lifestyle needs with GInsure, GInvest, GLoan, GGives, GLife, and so
much more.
In terms of reaching more communities,
including micro, small, and medium enterprises, tricycle drivers, and market
vendors which have a big contribution to the acceleration of economic growth of
the country, GCash also helps in easy access to cashless payments through the
promotion of the government's Paleng-QR Ph initiative.
Through continuous collaboration with
LGUs and the public sector, GCash remains firm in its mission of making
financial inclusion a reality for all Filipinos – building a reliable digital
ecosystem that fosters sustainable economic growth.
For more information, visit www.gcash.com.ph
About GCash
GCash (G-Xchange, Inc.) is
the #1 Finance App in the Philippines. Through the GCash App, 66M registered
users can easily purchase prepaid airtime; pay bills at over 1,600 partner
billers nationwide; send and receive money anywhere in the Philippines, even to
other bank accounts; purchase from over 5.2M partner merchants and social
sellers; and get access to savings, credit, loans, insurance and invest money,
and so much more, all at the convenience of their smartphones. GCash is a
wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first
and only duacorn in the Philippines.
GCash was recognized by The Asian Banker (TAB)
and by the IDC in 2021 for its outstanding digital financial inclusion
programs.
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