The Philippines’ top finance super app joins other global fintech players in talks about accelerating MSME growth
Supporting the growth of micro, small, and medium enterprises (MSMEs) from their inception through to maturity is crucial in building a stronger and more inclusive economy in the Philippines.
This was the key message shared by GCash, the Philippines’ leading finance super app and largest cashless ecosystem, at the recent Singapore Fintech Festival (SFF 2024). This premier global fintech event brought together industry leaders, innovators, and stakeholders to discuss the future of financial technology.
During a panel discussion at the main stage titled “Safeguarding the Economy’s Backbone: Accelerating Global SME Financing through Digital Services,” GCash President and CEO Martha Sazon emphasized that supporting MSMEs is about more than just offering products or services—it’s about enabling these businesses to unlock their full potential.
“We journey with our customers from the beginning of their dreams to the moment they realize them. At GCash, we stand by them, from small and struggling to growing and thriving,” Sazon explained.
Sazon shared the stage with prominent global figures, including Doug Feagin, President of Ant International, Mahendra Nerurkar, Vice President for Payments at Amazon, Hon. Paula Ingabire, Minister for ICT and Innovation of Rwanda, and H.E. Dr. Serey Chea, Governor of the National Bank of Cambodia.
Enabling the Success of MSMEs
With over 94 million Filipinos having used the app, GCash has long recognized that MSMEs are the backbone of the Philippine economy. Sazon referred to the economy as “highly micro-enterprise,” underscoring the importance of these businesses.
GCash has registered 6 million merchants within its ecosystem, including many social sellers who face challenges accessing traditional banking services and credit facilities. Through simplified onboarding processes, GCash bridges this gap, enabling MSMEs to access essential financial and merchant services.
A standout feature GCash proudly introduced is its innovative approach to evaluating creditworthiness. Using a proprietary AI-enabled credit scoring model, GCash assesses merchants’ digital behavior to provide access to fair lending without the need for collateral.
Supporting Financial Inclusion and Sustainable Growth
During a separate session titled “Harnessing the Power of Technology Innovation to Propel MSME Sustainability,” GCash Vice President and Group Head for New Businesses Winsley Bangit joined Chen Leiming, Chief Sustainability Officer at Ant International, and Vivek Pathak, Regional Chief Risk Officer at the International Finance Corporation, to discuss how technology can help build more sustainable businesses.
“MSMEs are vital to the Philippine economy, with 99.5% of businesses being MSMEs. However, 66% of these businesses are at risk of closing within two years due to operational and external challenges,” Bangit said. “Our role is to ensure that MSMEs not only succeed but thrive sustainably through accessible digital financial solutions that enable growth.”
Looking ahead to 2025, GCash is set to continue advancing financial inclusion, particularly by providing informal merchants with the same opportunities as large corporations, ultimately building a more robust and sustainable economic foundation for the Philippines.
As part of the Philippine delegation at SFF 2024, GCash participated alongside 65,000 attendees from 134 countries, including representatives from over 10,000 organizations and more than 600 exhibitors. This global platform facilitated impactful collaborations aimed at driving positive change across borders.
To learn more about GCash’s efforts to support MSMEs and promote financial inclusion, visit GCash.com.
