Newsletter: GCash, Security Bank partnership to expand access of Filipinos to formal loan products

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(L-R) Security Bank SVP secured lending division head Paz Gonzales, SVP customer segmentation head Patricia Tan, Fuse Lending president and CEO Tony Isidro and head of business development Racquel Holazo.

To give more Filipinos convenient access to a portfolio of loan products, GCash, through its lending arm Fuse, has partnered with Security Bank, one of the leading universal banks in the country. The alliance will enable select GCash users to have direct access for application to Security Bank credit cards, and soon, to its home and auto loans.

Through this groundbreaking partnership, qualified GCash users can now take a significant step toward financial empowerment by applying for their first Security Bank credit card directly within the GCash app. This initiative offers a seamless way for users to access financial products, including credit cards, and soon, auto and housing loans, all in just a few simple steps. Additionally, applicants can unlock exclusive rewards, with the added benefit of Security Bank’s newest no-annual-fee credit card.

"Our partnership with Security Bank helps us strengthen our ongoing efforts to provide innovative and accessible financial services to millions of Filipinos," said Fuse Lending president and CEO Tony Isidro. "By making Security Bank's reputable loan products available on the GCash app through our Loans Marketplace, we are able to provide many of our users with their first access to a bank loan, and a seamless and inclusive experience that meets their needs."

Since its initial launch, credit card approvals have exceeded expectations, with GCash ads reaching a wide audience of users each month.

“We are excited to partner with GCash as we continue to provide valuable services to our customers. This partnership allows us to leverage our banking expertise to reach more Filipinos, offering them customized financial solutions through a platform that is both accessible and innovative for everyone,” said Security Bank EVP and retail banking segment head, Rahul Rasal.

GCash and Security Bank’s collaboration ensures a convenient and streamlined experience, allowing Filipinos to easily discover and access relevant financial solutions through the GCash Loans Marketplace.

Likewise, the alliance between GCash and Security Bank, which currently has over 328 branches and 662 ATMs nationwide serving retail, commercial, corporate, and institutional clients, also serves as a significant step toward their shared commitment to expanding access to quality, fair loans and retail banking products for Filipinos, particularly the 44% still unbanked sector in the country.

For its part, GCash through its lending arm Fuse, has disbursed more than PHP 155 billion worth of loans to over 5.4 million Filipinos, including those in the grassroots sector, namely, sari-sari store owners, public market vendors, and farmers, putting the app well on its way toward its mission of “Finance for All.”

With its drive to bridge the financial gap in the country, GCash together with its partners continues to intensify its endeavors to foster an inclusive digital economy that leads to financial freedom where people have different ways and options of increasing their wealth and giving them a shot at their dreams for a better future – all with just a few taps on their phone.

For more information, please visit www.gcash.com.

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