MANILA - GCash has no plans of applying for a digital banking license like its main competitor as it prefers to remain a platform for other financial institutions instead of competing with them, the head of Globe’s fintech arm said on Monday.
Sazon however said that not having its own bank allows GCash to be “more flexible--whether we want to originate our own loans or partner with other banks.” “GCash is one of the very few fintech companies in the world that has proven that it can make money. But moving forward, our focus really is to grow the business, grow the user base and the use cases,” Sazon said.
A Globe official was quoted earlier this year that the telco’s fintech arm was eyeing an IPO to fund its expansion.
Source: Financial Digest (financialdigest.net)
I love gcashofficial and its services. But they need to really do something with their app. It's so slow. Keeps on lagging. So irritating tbh.
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