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
