Martha Sazon, president and chief executive of Mynt, the company behind mobile wallet GCash, has been instrumental in transforming the financial landscape of the Philippines.
She believes GCash has “democratized” finance by making it accessible to nearly everyone, effectively making traditional wallets less relevant.
With around 90 million users nationwide, GCash has become a household name, largely replacing cash transactions.
Sazon attributes GCash’s success to two core principles: providing access to financial services for Filipinos who previously lacked them, and continuous innovation.
She highlighted that in 2021, only 56 percent of Filipino adults had bank accounts, underscoring the significant gap GCash aimed to fill. As a result, one in five banked Filipinos now has a savings account with GCash, and a substantial portion of mutual funds are transacted through its investment marketplace.
GCash, valued at $5 billion, is a fintech startup launched in 2015 as a partnership between Globe, the Philippines’ largest telecommunications company, and Ant Group, an Alibaba affiliate.
Ayala Corp., which owns Globe, also holds a stake. Recently, Japan’s Mitsubishi UFJ Financial Group acquired an 8-percent stake in Mynt.
Sazon took the helm at GCash in June 2020, a period of rapid growth for digital finance in the Philippines, fueled by the demand for contactless services during the global health crisis.
She has a strong background, with 12 years at Globe Telecom where she spearheaded various breakthroughs, and prior roles at GlaxoSmithKline and Del Monte.
With over 20 years of experience in general management, marketing, and sales across various industries, Sazon continues to drive GCash’s mission to address unmet financial needs in the Philippines through ongoing innovation.
Editor’s Note: Power Profile is a weekly news feature spotlighting business leaders and news makers based on research or interviews.
