By Bernie Cahiles-Magkilat
GCash, operated by Globe Fintech Innovations Inc. (Mynt), has introduced GCash for Good, its corporate social responsibility arm, to further develop the GCash app from a pure payment platform but also a platform for generosity that will help address issues across different levels of society.
Anthony Thomas, president of Mynt (Globe Fintech Innovations, Inc.) which operates GCash, leads the launch of GCash for Good with NGO partners on May 24, 2019 in Makati City.
“We have always strived to build a better financial ecosystem in the Philippines, and as a socially responsible corporate citizen, we want to leverage on our strength as a digital platform to help others create a better country moving forward,” Mynt president Anthony Thomas said during its launch on Friday.
GCash is well-equipped to become a springboard for donations to non-government organizations (NGOs) that champion various advocacies.
Ney Villasenor, head of corporate communications group, told reporters that there are already 35 NGOs on board. He expects this number to grow to 100 by end this year.
With GCash for Good, GCash users can use the GCash app to donate to various groups to create an impact on society. This allows GCash to be a more inclusive and open platform that will help create better opportunities for millions of Filipinos.
GCash noted that people now prefer to donate online, as this removes the hassle of having to go through long queues and processes, and gives them more time to focus on their daily lives.
According to a study by Global Trends in Giving, 54 percent of individuals prefer to donate online, while the total volume of GCash for Good aims to create a community where doing good and giving back is open to all.
Any amount will create huge opportunities for organizations that forward different issues. With GCash for Good, users will also have direct access to where their donations go. It showcases a more transparent and user-friendly interface for anyone to access.
“Our purpose for creating GCash for Good lies in our ardent desire to encourage generosity among Filipinos. We want to create more opportunities to allow people to give to and give back to the communities,” Thomas said.
Villasenor noted they have 70,000 merchants, which are actually companies using its platform for the convenience of their clients.
”Honestly, if we just want to make business out of this then we put interest rates or fees in all their transactions, but with us if you’re giving its for free. No transaction fee, no anything,” he added.
For instance, GCash is targeting to host World Vision because it has 75,000 scholars in the Philippines with 34,000 donors in the Philippines and the rest from abroad.
They are also committed to elevate the discussion of giving back, issues of environment and sustainability.
“I’d like to call it coalition of the willing,” said Villasenor.
Since a fintech company is regulated by the Bangko Sentral ng Pilippines, all NGOs who partner with them are required to submit their documentation, like the Securities and Exchange Commission and a certificate from the NGO Certification Council, and all the other due diligence materials to ensure they are legitimate and the money donated cannot be abused.
“From compliance perspective, we will have to make sure that it is non-negotiable.
Its either they submit the requirement or they won’t be part of it,” said Villasenor.
They would also like to bring forth those NGOs operating in the provinces like the Mindoro Biodiversity team.
“Those NGOs who are outside Manila and even those in Manila but are quite small,
We do not discriminate whether you are a big or small NGO for as long as you comply with requirement,” he said.
To be able to gather donations, NGOs are enjoying a QR Code. So aside from sending or paying money to another person or banks, a GCash user who would like to donate to an NGO can also send donation to these NGOs.
“With GCASH I can simply transfer money to them,” he said.
GCash is the first fintech company that is leveraging on its user base, on its reach and brand equity, but Villasenor said that the more companies do this the better for the country.
“There is no monopoly to do good,” he said.