Globe-backed financial technology giant Gcash is looking to expand its offerings to include bonds, grow its international presence, and further invest in artificial intelligence (AI) technology.
In an interview with Bloomberg TV on the sidelines of the World Economic Forum (WEF) in Davos, Martha Sazon, GCash president and chief executive officer, outlined the company's strategic priorities.
Gcash has been instrumental in increasing financial inclusion in the Philippines, leveraging technology to provide financial services to the underserved.
"We've been leveraging technology, particularly AI, in order to give identity, or proper identity, to the underserved in the Philippines," Sazon said during the intercuew.
"More than 90 percent belong to the lower economic class, and therefore, more than 50 percent of them are undocumented, and so we're working with the government to give them proper identification,” she added.
One of the key initiatives is the introduction of government bonds (Gbonds) with a minimum investment as low as $9, making them accessible to Gcash's 90 million subscribers.
Sazon said this move aims to provide an alternative investment option to the platform's users, who can already buy stocks through the app.
International expansion is another major focus for Gcash, particularly targeting the 10 to 12 million Filipinos working or living abroad.
Sazon noted that Gcash aims to "address the friction in remittances or in also paying bills" by enabling overseas Filipinos to pay bills in the Philippines through the app.
Gcash recently raised nearly a billion dollars in funding, valuing the company at $5 billion. Sazon said the funds will be used to expand the company's lending business, which has been "doubling the past two, three years," and invest in AI platforms.
While an initial public offering is possible, Sazon explained that there are no definite plans yet.
"We're looking at options and timing as well," she added. "We're talking to our banks, but regardless of IPO or not, our focus is really to grow this, to grow Gcash on the next level, and look at the new revenue pools that will propel the growth of Gcash even further."
Sazon also noted the importance of AI governance and cybersecurity in the company's future.
"It also needs proper governance as well, so we don't want it to go haywire with all the excitement that's been happening," she said. "So we've been working with various institutions and countries to to help put the proper governance on AI."