To serve the unbanked population,
ensure financial inclusion, accelerate innovations, and ultimately achieve economic
growth, the fintech sector should strengthen partnership with Local Government
Units (LGU) and the public sector. This was one of the main highlights during
the second annual “One with the Nation” conference by GCash, the country’s
leading mobile wallet.
From left: Commission on Audit information technology
director Atty. Marlon Marquina; GCash AVP and head of public sector and
partnerships Cathlyn Pavia and chief commercial officer Oscar Enrico Reyes, Jr.
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
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