GCash Partners with BPI, Moves PH a Step Closer to Financial Inclusivity

A partnership between GCash and the Bank of the Philippines Islands (BPI) has recently been formed as part of the mobile wallet’s efforts to expand its retail offerings and present customers with more opportunities to cultivate their funds. GCash had previously introduced its GInvest feature which allows Filipinos to begin investing for as low as ₱50.

Under GInvest, the mobile wallet will now look to make investing in BPI Investment Management Inc.’s (BIMI) ALFM Global Multi-Asset Income Fund (GMAIF) and the Philippine Stock Index Fund available following its partnership with BPI. GCash users will then be able to for as low as ₱1,000 in ALFM GMAIF, which is a US dollar-denominated feeder fund offering a stable stream of dividends that also generates long-term capital growth.

“We are grateful for this partnership with BPI as we look forward to more collaboration between fintech and financial institutions moving forward,” expressed GCash President and CEO Martha Sazon. “We are hoping this can help us broaden investment opportunities for Filipinos. By democratizing our products and making it more affordable and easier to understand, we can change the mindset that financial services such as investment funds and products are only for the wealthy.”

BPI’s ALFM GMAIF invests close to 90% of its assets into a single collective scheme along with investments including fixed income and equities, which presents a prudent option for investors. Its funds are likewise handled by the world’s largest asset manager and among the global leaders in asset management BlackRock, Inc.

GCash users may also place a buy-in order in the Philippine Stock Index Fund, a tracker for the performance of the Philippine Stock Exchange Index, for as low as ₱50. This includes top holdings such as SM, Ayala, and BDO. Aside from BPI, the mobile wallet also has an existing partnership with ATR Asset Management Group (ATRAM), which handles some of the country’s best-performing funds.

“The value of fintech is being realized in retail finance; GCash is here to support financial institutions in expanding their offerings digitally through the 51 million Filipinos that use our app,” Sazon elaborated. The mobile wallet has been regarded as a valued partner by various banks and Electric Money Issuers (EMIs) that enables them to expand their retail investment offerings. This continued trust in the fintech company has likewise introduced numerous financial opportunities to unbanked Filipinos, bringing GCash closer to its goal of achieving financial inclusion in the country.

Source: Inquirer