GCash targets equal revenue shares from payments and financial services
Payments account for 57% of revenue, while lending and wealth management contribute 43%, according to the Philippine mobile wallet.
Philippine mobile wallet GCash expects lending and wealth management to match its payments business in revenue contribution within five years, Joseph Tang, its head of Capital Markets and Investor Relations, said at a briefing in Taguig City.
Tang said payments currently generate 57% of total revenue, compared with 43% from digital financial services. The latter includes lending through Fuse Financing and wealth management through WealthTech. GCash expects these businesses to drive revenue growth as it seeks to widen access to financial services.
About 50% of Filipinos remain outside the banking system and 40% still use informal lenders, according to Tang. He said GCash wants to give those Filipinos a fair opportunity to obtain loans.
The plans follow parent company Mynt's Philippine Stock Exchange debut. Its initial public offering raised over ₱60 billion, the largest in the exchange's history, and its market capitalisation stood at ₱441.5 billion.
More than 140,000 GCash users joined the IPO through the app's GStocks PH feature, placing orders worth nearly ₱1.1 billion. The offer allowed a minimum board lot of 100 shares at ₱660 and capped each user's orders at 1,500 shares to broaden retail participation.
Mynt president and CEO Martha Sazon said the company's priorities include increasing engagement across GCash's services and investing in technology-enabled growth.
