Mobile wallet in the Philippines, GCash, owned and operated by Globe Fintech Innovations Inc. is exploring a platform that will allow its users of its mobile wallet to invest in cryptocurrencies and local & global stock equities, its CEO said on Monday, December 6, 2021.
Philippine's First Unicorn to Upsize Lending Business:
Mynt, a FinTech startup operating in five key services including payments, remittance, loans, business solutions and platforms, was valued at more than $2 billion after its latest fund-raising round, will grow its financial-service offerings and “double down on lending,” CEO Martha Sazon said in an interview with Bloomberg Television’s Rishaad Salamat and Yvonne Man.
CEO and President of GCash and Mynt, Martha Sazon has announced earlier this year that the firm is looking at offering users the ability to buy, sell and store cryptocurrencies like Bitcoin (BTC) on its platform.
GCash is one of the most popular electronic wallet platforms in the Philippines, with at least 40% of Filipinos having a GCash Account, "51 million registered users with a peak average daily transactions at 15 Million and Daily Logins reaching 23 Million", One-third of GCash’s active users subscribe to at least one financial service it offers, according to Sazon.
The platform is operated by Mynt which is a subsidiary of Globe Telecom Inc, who operates the largest mobile network in the Philippines.
The venture is a partnership between Globe Telecom Inc., the Ayala Corporation, and Ant Financial Services Co., Mynt’s growth hinges on making its electronic wallet, GCash, a gateway toward other services like loan and investments for the millions of Filipinos who are financially underserved, Sazon said.
"The company is on track to hit 3.5 trillion pesos ($69.5 billion) worth of transactions by end-2021, Sazon said, adding that it reported four straight months of “positive Ebitda” and net income after tax. Mynt’s transactions reached 1 trillion pesos in 2020.
Shares of Globe Telecom have increased about 60% this year, the fourth-best performer in the benchmark Philippine Stock Exchange Index, as investors put value on its fintech venture and demand for data stayed elevated.
The CEO also said that the company 'is set to start a product that would allow subscribers to buy now and pay at a later date, and is considering offering a “more affordable” remittance service for Filipinos abroad.'