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GCash Value Reaches $2 Billion, Would It Set Up Its Own Digital Bank?

GCash Remains Focused on its Goals

GCASH – The operator of the virtual wallet app spoke on the possibility of it having its own digital bank after reaching $2 billion in value.

Nowadays, there are several online apps available for public use that allow people to avail themselves services like storing money in a virtual wallet, sending it to a bank account at any time of the day, using the account for transactions like the purchase of food and the payment of bills, etc.

One of these online apps that offer such services is GCash which is operated by Mynt, a fintech arm of the telecommunication services-provider giant Globe. Are you one of those who enjoy the services of this online finance app?

GCash has several competitors in the field including PayMaya which has already secured a license from Central Bank to set up its own bank, the Maya Bank. Does the Mynt app also have a plan of setting up a digital bank?

GCash

Based on a report on ABS-CBN News, Mynt clarified that GCash has no plan of setting up its own digital bank. It is amid the finance app’s value reaching $2 billion now.

According to Mynt CEO Martha Sazon, GCash is already able to offer “a full suite of financial services” even without the app having a digital bank of its own. She stressed that a digital bank is not an instant address to the struggles in the industry and having no bank of its own allows the app to be more flexible with choices to make its own loans or partner with other banks.

The Ayala-led fintech affirmed that it already makes money even without having a digital bank of its own but it is willing to lose money and invest more to grow the business, boost the use cases, and grow the user base which are the main goals of the operator.

Previously, an official of Globe said that the company is planning to let an IPO assist its fund expansion. Meanwhile, its good standing now brings them in no rush to some things.

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