GCash, the Philippines’ leading mobile wallet app has expressed support for the call by the Bangko Sentral ng Pilipinas to promote climate action through sustainable innovations in finance.
Serving over 20 million users, GCash has led financial innovations in the mobile platform, introducing the country’s first fully mobile credit line through GCredit; the highest interest earnings on savings through GSave; and accessible insurance and investment options through Invest Money and GCash Insure.
“We’re nearing the point where the impacts of climate change will become irreversible. Every sector in every country needs to change the way it does business by focusing on sustainability,” said Anthony Thomas, chief executive officer of Mynt, the company behind GCash. “We in fintech acknowledge that and we are doing what we can to get people to rethink their lifestyles.”
In June, GCash launched GCash Forest, a personal carbon tracker in the mobile wallet app which allows GCash users to plant virtual trees and earn green credits by walking, going cashless, using eco-bags and just living more consciously. The virtual tree grows with every “green” action, and for every 20,000 points reached, GCash plants a real native tree at the Ipo Watershed.
The goal of GCash Forest is to plant 365,000 trees in 365 days in an effort to reforest parts of the Ipo watershed in Bulacan, which is part of Angat-Umiray-Ipo watershed system that supplies Metro Manila’s water.
“GCash is trying to mainstream reforestation through the use of mobile financial services. We want to build a community that cares for the planet, and we want to make tree-planting more fun and more accessible to people,” Thomas said.
In a recent forum with bankers, BSP Governor Benjamin Diokno urged financial institutions to tap technology for financial innovations and to launch more green banking initiatives. He cited the BSP’s approach to promoting sustainable finance through capacity-building and awareness campaigns and enabling regulations.
“We agree that the banking and finance industry must provide the financial support needed for climate adaptation and mitigation. For its part, GCash is empowering organizations involved in sustainability work through its social and corporate arm, GCash for Good,” Thomas said.
GCash has been recognized by the BSP as Outstanding Partner for Digital Transformation and Outstanding Partner for Innovative Financial Services for 2019, recognizing the mobile wallet’s innovative and responsive digital financial services. It was also cited as top Instapay contributor.
Through its mobile-based financial services, GCash is working to remove the barriers to savings, credit, insurance and investment—a groundbreaking move in a country where 66% of the population have no bank accounts and 34% of municipalities have no access to physical banks.