Fintech is democratising access to financial services, particularly in developing nations like the Philippines, and super applications like GCash are gaining popularity as firms and people take on more debt.
According to Winsley Bangit, Chief Customer Officer of Mynt, which operates the e-wallet platform GCash, during FinTech Fireside Asia’s webinar on “Unlocking FinTech Opportunities in Southeast Asia,” these are the top trends in Southeast Asia as the region of over 600 million people becomes a top fintech market.
According to Bangit, GCash has been able to deliver financial access and an inclusive digital lifestyle to more than 50 million Filipinos, or 70% of the adult population, many of whom are unbanked. As individuals move their needs online, super applications like GCash are getting popular.
GCash, on the other hand, has pioneered a number of lending innovations, including instalment loans, the Buy Now, Pay Later (BNPL) solution, personal loans, merchant loans, and short-term credit.
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