GCash's Fuse Lending Honored at The Asset's Triple A Digital Awards
Fuse Lending, the lending arm of GCash, the best mobile wallet and finance app in the Philippines, was recently honored at The Asset's Triple A Digital Awards in Hong Kong for its innovative goods. The Asset, a Hong Kong-based finance magazine, puts on awards to recognize companies and organizations that have shown great creativity and given customers in Asia, the Pacific, and the Middle East unique digital experiences.
The best new digital technology award went to Fuse Lending for their nano-loan offering, GLoan Sakto. The goal of this product is to make it easier for Filipinos to get credit, especially those who have to focus on meeting their families' daily needs or who need money until their next paycheck.
GLoan Sakto, which started in August 2023, gives Filipinos a quick and easy way to get cash loans. People who use GCash can take as little as 100 Php and as much as 500 Php. They have 14 or 30 days to pay back the loan, there is no interest, and the processing fee is Php6.50. People can get small, short-term loans through this service without having to fill out a formal application. GLoan Sakto can also be used to buy things from more than 200,000 GCash partner sellers.
"We are honored to receive this prestigious award, which is a testament to our commitment to financial inclusivity for millions of Filipinos," says Tony Isidro, CEO of Fuse. "We want to meet the different financial needs of Filipinos, no matter how big or small, by digitizing the whole loan process, from applying for the loan to getting the money and paying it back." Our final goal is for all Filipinos to be able to get credit.
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GLoan Sakto is an important part of GCash's plan to help more people get access to money. The company is broadening its loan services to cover all socioeconomic classes, with a special focus on those with limited access to credit, such as women, farmers, and micro-enterprises.
"Studies show that only 2% of Filipinos have ever had access to credit, leaving the vast majority with unmet financial needs." "Our business and products are made to meet the small or big financial needs of Filipinos," Isidro says. "These people usually can't get loans from traditional banks." But now that everything is digital, anyone with a cell phone can use GCash to get credit. Our solutions are made to fit the wants of millions of Filipinos, which will lead to economic growth in the long run.
GLoan, GCredit, GGives, GSakto Loans, and Borrow Load are some of GCash's loan services that are powered by Fuse. More than four million GCash users had been given loans by Fuse by the end of 2023, totaling over Php118 billion. More than half of the users are women, and two-thirds are young people. Most of them are from the C2DE social class. Also, two out of every three loans are from places other than the National Capital Region.
You can find out more by going to www.gcash.com.
