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Sunday, July 14, 2024

GCash operator’s nine-month income surged 149% to P1.62 billion

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Mynt, the operator of mobile wallet GCash, posted a 149-percent growth in net earnings in the first nine months of 2023.

Globe Telecom said in a statement that its evolution from “telco” to “techco” was supported by impressive financial growth, with the company recording a 44-percent year-on-year increase in non-telco revenues, reaching P4.1 billion in the first three quarters of 2023.

It said a key aspect of Globe’s success story is GCash, operated by Mynt, whose net earnings soared to P1.62 billion in the first nine months of 2023 from the previous year.

“GCash is a testament to our customer-first approach and technological innovation. At SFF, we look forward to sharing our experiences and insights on creating inclusive financial solutions for millions of Filipinos,” said GCash president and chief executive Martha Sazon.

Globe and GCash are bringing their financial inclusion and financial technology success to the global stage at the Singapore FinTech Festival (SFF) 2023. GCash will share how it emerged as the country’s only double unicorn while making a positive impact on Filipinos’ daily lives.

Sazon and Globe president and chief executive Ernest Cu are joining a panel discussion on “Building Unicorns: An ASEAN Success Story” at the Insights stage of SFF 2023.

“In line with our vision of achieving ‘Finance for All’, GCash has made big strides in transforming the Philippines’ digital economy to make sure no one is left behind. We are excited to engage like-minded organizations at the SFF 2023 as we continue to build partnerships and boost our capabilities in spearheading efforts to build an inclusive and safe digital ecosystem,” Sazon said.

“At GCash, we continue to look for ways on how we can enhance our services and continue pushing for innovations to serve Filipinos wherever they are,” she said.

GCash is the Philippines’ only double unicorn or duacorn with a valuation of over $2 billion. It has evolved beyond its core money transfer business – offering other financial services to the country’s millions of unserved and underserved individuals. These include fair lending, investment, insurance, cryptocurrencies, and other lifestyle services.

It’s also been expanding further by offering partner marketing solutions and ramping up its services for enterprise clients. GCash has also been broadening its reach through global payments partner, Alipay+, by allowing travelers to use the e-wallet for cashless transactions in 17 countries such as Singapore, Japan, and the USA. Likewise, it’s enabled users overseas to sign up for GCash using international mobile numbers in six countries like the USA, Italy and Japan.

The Singapore FinTech Festival is organized by Elevandi, a non-profit organization set up by the Monetary Authority of Singapore (MAS), and Constellar, and in collaboration with MAS and the Associati. In its ninth year, the gathering focuses on “The Applications of AI in Financial Services” as it tackles how technologies such as AI and Web3 can help accelerate the transition to a low-carbon future; address the needs of the underserved; and secure the digital economy against risks.

It is happening at the Singapore Expo from Nov. 15 to 17, 2023. Last year, it gathered 62,000 participants from 134 countries last year. The festival focuses on the intersection of financial services, public policy, and cutting-edge technology.

“Our transformation from telco to techco reflects our commitment to innovation and solving real-world challenges. At SFF, we’re excited to demonstrate how this pivot is not just about business growth but making a tangible difference in the daily lives of Filipinos,” said Cu.

Meanwhile, KonsultaMD, one of 917Ventures portfolio companies, is also showing the potential of becoming the country’s next unicorn. KonsultaMD this year expanded into a superapp, providing comprehensive healthcare services to over 2 million Filipinos.

Globe is also optimistic about its collaboration with Gogoro of Taiwan in introducing two-wheel Smartscooters using battery-swapping technology. Gogoro Philippines recently opened the Gogoro Experience Center in Makati City, a key financial hub in the Philippines, the first outside Taiwan.

Globe is likewise laying its stake on the growing data center business through its partnership with ST Telemedia Global Data Centres. This year, STT GDC Philippines announced two major construction projects seen to boost the country’s data storage capacity, and expanded the capacity of its existing facilities by 5.2 MW.

Globe’s shift from telco to techco is exemplified by its diversified portfolio, extending into fintech, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, climate tech, media, and entertainment.

As the Globe Group continues to redefine its role in the digital era, its presence at the SFF will not only showcase its achievements but also affirm its position as a key player in the ASEAN region’s tech landscape.

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