Fuse Lending, the credit arm of GCash, the
Philippines' leading finance app and mobile wallet, was recognized for its
innovative products at The Asset’s Triple A Digital Awards, recently held in
Hong Kong. The awards are a recognition by Hong Kong-based financial journal
The Asset of companies and institutions that have “excelled in innovation” and
have developed a “unique digital experience for customers across the
Asia-Pacific and the Middle East.”
Fuse Lending received the Best Emerging Digital
Technologies Award for GLoan Sakto, a nano-loan product providing Filipinos
with easier access to credit, specifically targeting Filipinos who prioritize
the daily needs of their families or need support in making ends meet until the
next payday.
GLoan Sakto was launched in August 2023 as a
fast and easy cash loan solution for Filipinos. GCash users can borrow amounts
as low as Php100 up to Php500, with repayment periods of 14 or 30 days, zero
interest, and a processing fee starting at Php6.50. The service allows users to
access smaller amounts and shorter-term funding without applying for the loan.
Users can also tap GLoan Sakto to purchase items from over 200,000 GCash
partner merchants.
“We are honored to be recognized with a
prestigious award, and this affirms our commitment to delivering financial
inclusion for millions of Filipinos,” says Fuse CEO Tony Isidro. We are there
for the various financial needs of Filipinos, whether big or small. We are able
to do this by completely digitalizing the loan process, from application to
disbursement and repayment. Ultimately, our mission is to make credit
accessible to every Filipino."
GLoan Sakto is part of GCash's financial
inclusion efforts. The company is expanding its loan services to all
socioeconomic classes, especially sectors with less access to credit, such as
women, farmers, and micro enterprises.
“Research has shown that historically, only 2%
of Filipinos have had access to credit, leaving a massive portion of the
population with unmet needs. Our products and solutions are helping address the
needs of Filipinos, no matter how small they may be,” adds Isidro. “Usually,
these borrowers are excluded in the loan services of traditional banks.
However, through digitalization, anyone with a mobile phone can have access to
credit through GCash. These solutions are responsive to the needs of millions
of Filipinos and ultimately help them realize financial progress.”
GCash's loan services, powered by Fuse, include
GLoan, GCredit, GGives, GSakto Loans, and Borrow Load. As of end-2023, Fuse has
provided credit to more than four million GCash users, disbursing over Php118
billion worth of loans. 2 in 3 borrowers are from the C2DE socio-economic
classes, half are women, and 2 in 3 are from young people. Meanwhile, two out
of three borrowers come from outside the National Capital Region.
For more information, please visit www.gcash.com
