GCash stays true to its Filipino identity amid Chinese investment concerns

GCash, a leading mobile wallet led by Ayala-led Globe Telecoms, has sought to address apprehensions regarding its affiliations with a Chinese company, emphasizing that the helm of its holding firm remains firmly in Filipino hands.

GCash pointed out that Mynt, the financial technology firm behind the app, is a ‘homegrown’ Filipino company and that leading Filipino corporations remain its biggest shareholders, in compliance with the ownership regulations set forth by the Securities and Exchange Commission. and existing laws.

“Through our stakeholders—Globe Capital Venture Holdings, Inc. (Filipino), AC Ventures Holding Corp. (Filipino), Alipay Singapore Holding Pte. Ltd., Antfin Singapore Holding Pte. Ltd., and several other global investment management firms—we are poised to extend our reach to unbanked Filipinos across the Philippines and beyond.”

GCash provides a comprehensive suite of accessible financial products and services, encompassing money transfers, bill payments, and groundbreaking offerings such as GSave, GInsure, and GInvest, designed to empower users in their pursuit of financial objectives.

In a recent hearing, Senator Raffy Tulfo expressed concerns regarding GCash’s affiliations with a Chinese company, raising the specter of potential data privacy implications in light of the mobile wallet’s perceived ties to China, amid ongoing maritime disputes in the West Philippine Sea.