GCash bridges financial inclusion to economic growth through public sector partnerships
Partnerships between the fintech sector and Local Government Units (LGU) and the public sector should be strengthened in order to better serve the unbanked population, ensure financial inclusion, speed up innovations, and eventually achieve economic growth.
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