GCash seeks to make financial services more accessible to Filipinos, particularly those who have yet to start investing, as the fintech company pushes for greater financial inclusion.
Michelle Fernandez, vice president for business sustainability and corporate communications at GCash, said during a Sept. 30 meet-and-greet with Davao media that limited access to financial services remains a challenge for many Filipinos.
Fernandez cited figures showing that before the pandemic, only 29 percent of Filipinos had bank accounts, while 2 percent had access to fair credit. Less than 1 percent invested, and only 23 percent had access to insurance.
She said insurance access has since risen to 51 percent, though more Filipinos still need financial protection.
“It's still far from 100 percent. But slowly, we're getting there,” Fernandez said.
To help address the investment gap, GCash offers digital access to financial products through its app, including GFunds for investment funds, GStocks for shares in publicly listed companies, and government bonds.
Fernandez said GStocks allows eligible users to invest in more than 280 companies. The platform is designed to make stock-market participation accessible through a digital account.
GCash also offers savings options through GSave, which connects users to partner banks, and an insurance marketplace that provides access to insurance products.
Fernandez said the company wants more Filipinos to develop the habit of setting aside money for their future rather than focusing only on immediate purchases.
She said making financial services accessible through digital platforms can help introduce more people to saving and investing.
The company’s approach centers on developing services that respond to customers’ needs, Fernandez said.
For GCash, expanding access to financial tools is part of its broader goal of helping Filipinos participate more fully in the financial system. MLSA