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GCash hits rival Maya: Digital banking license is no silver bullet to fintech business success

The country's leading finance app GCash is unbothered by the latest offerings of its main competitor Maya involving digital banking and cryptocurrency trading.
GCash hits rival Maya: Digital banking license is no silver bullet to fintech business success
File photo: GCash mobile app

GCash "unfazed" over rival's new offerings

During a recent briefing, GCash President and CEO Martha Sazon expressed confidence the company could still keep its dominance despite Maya securing a digital banking license from the central bank.

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, Sazon said.

In September last year, Maya, previously known as PayMaya, received its digital bank license from the Bangko Sentral ng Pilipinas.

Maya Bank is the country's sixth digital lender, which seeks to focus on the unbanked and underserved population of consumers and micro, small, and medium-sized enterprises.

The group said Maya Bank will provide mobile-first digital banking services using PayMaya's established networks, including Smart Padala.

GCash, however, boasted that one in every five banked Filipinos has a GSave account. GSave was created by GCash and CIMB Bank, one of Southeast Asia’s largest banks.

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 added.

The GCash official also noted that on the cryptocurrency game, GCash is already available as a mode of payment across several exchanges such as Binance, Philippine Digital Assets Exchange (PDAX), and Paxfulmake.
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