Financial technology (fintech) unicorn GCash took a swipe at the launch of competitor Maya’s digital bank and crypto trading services, saying that such licenses are “no silver bullet” to growth.
GCash President Martha Sazon said the group—the first fintech unicorn in the Philippines—“remains unfazed over its closest competitor’s move to offer digital banking and cryptocurrency trading.”
“We don’t believe that having a digital banking license is a silver bullet or magic. It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services,” she said.
The BusinessMirror sought Maya’s comment on Sazon’s statement, but it has yet to reply to queries as of writing time.
Maya, formerly PayMaya, recently launched its digital banking subsidiary called Maya Bank offering services such as savings, credit, and investments. It has also introduced crypto trading services that allow users to invest in cryptocurrencies for as low as P1.
GCash offers savings through GSave in partnership with CIMB Bank. GSave is also set to onboard the Bank of the Philippine Islands to give consumers more savings and financial product choices.
Sazon said currently “one in every five banked Filipinos has a GSave account.”
GCash also offers investments, credit, loans, and insurance.
“We have partnered with the most innovative and the biggest institutions– CIMB, BPI, ATRAM– and various insurance companies. So while others are just about to start providing financial services, one-third of our GCash user base are already subscribed to at least one of our financial services products,” Sazon said.
She also noted that GCash has taken a slice of the crypto market by enabling Filipinos to pay across several exchanges including Binance, Philippine Digital Assets Exchange (PDAX), and Paxfulmake.
“We’re already offering up payment options for various crypto sites. And I think we lead that space. In terms of offering crypto inside our app, we’re making sure that the services we provide within the crypto space are the relevant ones and at a rate that is reasonable. We are working on it, and we’ll be able to offer what we think is what the consumers are really looking for,” she added.
