Globe Fintech to boost the range of financial services
Digital wallet operator Globe Fintech Innovations Inc. (GFII) announced last Monday that it was “strengthening its range of financial services”.
The company 45% owned by Jack Ma’s Alipay Singapore Holding Pte. said in a statement last Monday that it was doing so “to help individuals achieve financial freedom while giving micro and small entrepreneurs the lifeline they need to keep their businesses afloat or the extra funds to support their expansion.
GFII, the operator of the GCash app, said it is “also maximizing the use of social media in its drive to educate and engage young people on the benefits of using the app and ‘learn more about its financial services’.
The company added that its host of services will help users manage their wealth and gain financial security.
These are: a digital savings account that offers a higher savings rate of up to 2.6% per annum than traditional banks; a one-stop shop for insurance products; an easy pay later option worth up to P50,000 at 85,000 partner stores nationwide; and, easy and fast cash loans up to P50,000 repayable for up to 12 months with low interest rates.
“Young professionals are becoming more independent, budget-conscious and open to trying simple ways to earn more while MSME owners struggle to find accessible funding to grow their business and reach more customers,” said the society.
Since launching GCash in 2004, GGII said its users have grown to more than 60 million, covering 83% of the Filipino population. Among them, at least five million merchants use the mobile app to accept digital payments from customers.