Globe Fintech to boost financial services array

DIGITAL-WALLET operator Globe Fintech Innovations Inc. (GFII) announced last Monday it is “ramping up its line-up of financial services.”

The company that is 45-percent owned by Jack Ma’s Alipay Singapore Holding Pte. said in a statement issued last Monday it is doing so “to help individuals achieve financial freedom while giving micro to small entrepreneurs the lifeline they need to keep their business afloat or the additional 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 the youth on the benefits of using the app and learning more about its financial services.”

The company added its slew 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 percent per annum than traditional banks; a one-stop shop for insurance products; an easy pay-later option worth up to P50,000 from 85,000 partner stores nationwide; and, an easy and fast cash loans up to P50,000 repayable 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 owners of MSMES struggle to find accessible financing to expand their business and reach more customers,” the company said.

Since launching Gcash in 2004, GGII said its users have increased to over 60 million, covering 83 percent of the Philippine population. Among them are at least five million merchants using the mobile app to accept digital payments from customers.