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GCash marks 20 years of pioneering digital financial inclusion in the Philippines and beyond

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The Philippines’ top finance super app makes history as country’s only $5 billion unicorn

MANILA, Philippines, Oct. 8, 2024 /PRNewswire/ — Rooted in its mission to democratize financial services, GCash, the leading finance app in the Philippines, celebrates 20 years of commitment to digital financial inclusion as the nation’s first unicorn with a valuation exceeding $5 billion. This milestone highlights GCash’s global influence and its role in empowering users in the Philippines and across the world.

By consistently delivering innovative and accessible financial solutions, GCash stands out as one of the few financially sustainable fintech companies worldwide, dedicated to bridging the financial divide for underserved communities.

Key investments from Ayala Corporation, one of the Philippines’ largest and most diversified conglomerates, and Mitsubishi UFJ Financial Group (MUFG), Japan’s leading financial institution, have more than doubled GCash’s valuation from $2 billion in 2021. This recent funding round, which saw Ayala and MUFG each acquire an additional 8% stake in Mynt, the parent company of GCash, further solidifies GCash’s position as a trailblazer in financial inclusion across Southeast Asia.

“These past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we want to take it a step further and be their partner towards financial health and wellness,” GCash President and CEO Martha Sazon said. “Encouraged by the vision set by the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, we will keep innovating to help Filipinos thrive everyday, be ready for a rainy day, and prepare for one day.”

Redefining financial access

Since its inception, GCash has prioritized how technological innovations can help promote financial inclusion. Before the pandemic, only 29% had bank accounts, less than 1% had access to investments, and 2% held credit cards. With 47% of the population still unbanked, GCash leveraged digital tools to significantly broaden access to digital financial services. Beyond basic transactions, the finance super app offers innovative in-app credit services and affordable lending products like GCredit, GLoan, and GGives and has disbursed PHP 155 billion to 5.4 million unique borrowers, including underserved segments.

In wealth management and insurance, GFunds has on boarded 6.6 million users and handles 3 in 4 UITF transactions. Meanwhile, GStocks represents 1 in 5 PSE accounts with 682,000 users and GInsure protects 7.8 million Filipinos with 28 million policies sold, making investment products and financial protection more inclusive and responsive to the needs of Filipinos.

Financial empowerment across the Philippines and beyond

GCash’s influence extends far beyond the country, solidifying its position as a global player in fintech. Through international remittance services, GCash Overseas, and Global Pay, GCash caters to the needs of millions of Overseas Filipino Workers (OFWs) and provides seamless financial services across borders. GCash Overseas allows Filipinos abroad to create GCash accounts using their international mobile numbers and send money back home, pay bills, and more from 16 countries and territories. Meanwhile, Global Pay enables Filipinos to use their GCash app in 47 countries at over 3 million merchants worldwide. This global expansion has also allowed GCash to become the second most-used finance app in the UAE, underscoring its global relevance.

GCash’s services have not only increased the number of accounts but also redefined the demographics of financial inclusion. In fact, 90% of GCash users come from lower-income classes, 57% are women, and 74% reside outside Metro Manila. This inclusivity is a testament to GCash’s commitment to being a “champion of digital financial inclusion,” helping Filipinos thrive in their everyday lives, wherever they are.

A sustainable and inclusive future for all

Beyond financial inclusion, GCash is also committed to environmental and social sustainability, making it one of the few financially sustainable fintech companies globally. Through its GForest initiative, GCash has mobilized 17 million users to plant over 2.8 million trees, reducing carbon emissions by 138,000 metric tons. This reforestation effort not only contributes to environmental conservation but also provides livelihoods for over 8,600 farmers.

By continually evolving and expanding its offerings, GCash is poised to solidify its status as a leader in the global fintech arena, driving transformative change that not only helps Filipinos thrive every day but also enhances the broader financial ecosystem beyond the Philippine borders.

About GCash

GCash is the Philippines’ #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.

GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/gcash-marks-20-years-of-pioneering-digital-financial-inclusion-in-the-philippines-and-beyond-302270796.html

SOURCE GCash

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Technology

ACT³ to Embrace the GIGA and AI eras

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October 9, 2024

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SAO PAULO, Oct. 9, 2024 /PRNewswire/ — At 2024 LATAM Fiber Broadband Leaders Summit, Gary Lu, President of Huawei Carrier Network Marketing & Solution Sales Dept, delivered a speech titled “ACT3 to Embrace the GIGA and AI eras”. “ACT” is the revenue model of fixed broadband business. A means ARPU, C is about coverage of service, and T stands for take-up rate. Coverage multiplies Take-up rate is about user base, and ARPU is the key to increase the revenue.

Gary Lu analyzed the rapid development of carriers’ optical broadband networks and AI technologies in LATAM and across the world. He also proposed three development strategies — all-optical transition, gigabit transition, and scenario transition. “ACT” to the power of three, means the three transitions is the way to increase the user base and the revenue of FBB service, and it will also bring the quality of digital life to LATAM.

All-Optical Transition: Accelerating Cable-to-Fiber Transition to Secure Business Success of Broadband Services

Currently, the number of FTTH users in LATAM is experiencing a significant increase. Fiber broadband has replaced traditional cable broadband as the leading form of broadband. The fiber broadband service is one of fastest-growing business in LATAM and the CAGR of FTTH subscription is over 20% since 2021. Many local carriers have greatly improved O&M efficiency, and gained significant business returns by developing FTTH services. The fiber broadband market has great potential. Meanwhile, with large-scale production, the cost of FTTH equipment is being optimized. Therefore, now is a good time to invest in the construction of FTTH.

Gigabit Transition: Acceleration and Quality Improvement, Meeting Digital and AI Service Requirements

Gigabit optical broadband achieves higher network speeds, and plays a critical role in meeting digital and AI service requirements. For example, 4K/8K live streaming, VR service, and home office require sufficient bandwidth. Wi-Fi 6, Wi-Fi 7, and Huawei’s iFTTR F50 solution, can help carriers expand Wi-Fi coverage and explore business opportunities for gigabit smart home. So, the gigabit transition is also an opportunity for the future.

Industry predicts that in the next three years, the proportion of 500Mbps+ broadband users will reach 30%, while the proportion of gigabit broadband users will reach 10% in LATAM.

Scenario Transition: Providing Diversified and Scenario-Specific Services to Explore Personalized User Market

The application scenarios of optical broadband are no longer limited to traditional home entertainment. Amid the continuous growth of network speeds and Internet services, many diversified application scenarios like home office and live streaming emerge. In LATAM, the growth of the live streaming economy and rider economy intuitively showcases the business potential of optical broadband for carriers in new scenarios. Huawei is willing to explore innovative business models and provide services that better meet users’ personalized requirements with carriers.

In the AI era, its development relies on massive data, powerful computing, and high-speed networks, which happen to be the carriers’ strengths. Carriers can build home hub with media computing hosts to connect smart devices, and provide better services. Provide high-speed and stable network support for AI applications through technologies such as FTTR. Use powerful AI in the cloud with smart devices to offer personalized services. Within these, carriers can seize the opportunity of the AI era.

Huawei is developing ICT business in LATAM over 20 years, and willing to share business experience and the support technology. Huawei will be one of the best strategic partners for carriers to embrace more business opportunities in the GIGA and AI era for digital LATAM.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/act-to-embrace-the-giga-and-ai-eras-302270845.html

SOURCE Huawei

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The Asia Pacific Enterprise Awards 2024 Regional Edition Honors Thailandpost Co., Ltd. with Awards Under the Corporate Excellence and Inspirational Brand Categories

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October 9, 2024

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SINGAPORE, Oct. 9, 2024 /PRNewswire/ — Presented by leading regional NGO Enterprise Asia, the Asia Pacific Enterprise Awards (APEA) 2024 Regional Edition proudly celebrated Asia’s leading business leaders and enterprises that are guiding the future of inclusive entrepreneurship.

At the APEA 2024 Regional Edition, Thailandpost Co., Ltd. (THP) gained recognition under the Corporate Excellence and Inspirational Brand Categories. The organization’s business is divided into five categories: (1) Transport and logistics services, focusing on Domestic Express Mail Service; (2) Mail services with Domestic Letter Post being the main service; (3) International services focusing on International Express Mail Service; (4) Retail business with envelopes and carton boxes being the main products; and (5) Financial services focusing on Cash on Delivery Service.

THP positions its brand as “Your Trusted Power” by maintaining its value as a companion to Thai people since its early days. The company creates value by being an organization of stability and a brand that’s ever-ready to deliver power to Thais by providing a diverse range of quality services, and an ability to meet the diverse needs of customers through its varied business groups.

Through its success in operations covering both enhancement of service quality and long-term commitment to the creation of a reputable brand image, THP was able to enjoy profits again in 2023, after being affected by constant price competition in 2021-2022.

The company also considers it essential to develop its personnel in line with its operational direction to drive the organization to sustainability. This is done either by encouraging the personnel to attain lifelong learning skills, learning the skills required to carry out their duties and develop new skills, or by constantly evaluating the personnel’s competency in order to prepare a development plan in accordance with their determined career paths.

THP is determined to be a navigator that connects every business-customer relationship to success at every destination. It will also be working to continuously develop by adjusting its operational direction in order to increase its service network from a physical network to a digital one via its significant projects.

PR Newswire is the Official News Release Distribution Partner of the Asia Pacific Enterprise Awards (APEA) 2024 Regional Edition.

About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are an investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplift the economic status of people across Asia, and ensure a legacy of hope, innovation, and courage for future generations. Please visit www.enterpriseasia.org for more information.

About Asia Pacific Enterprise Awards
Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/regions and markets all over Asia. For further information, please visit www.apea.asia.

View original content:https://www.prnewswire.com/apac/news-releases/the-asia-pacific-enterprise-awards-2024-regional-edition-honors-thailandpost-co-ltd-with-awards-under-the-corporate-excellence-and-inspirational-brand-categories-302270870.html

SOURCE Enterprise Asia

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Technology

JMGO Launches the PicoFlix: A Truly Portable Battery-Powered Projector with FlexiSmart Intelligent

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October 9, 2024

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PicoFlix Features Iconic Gimbal Design, FlexiSmart Intelligent, Built-in Google TV, and 4.5-Hour Unplugged Playtime for Ultimate Portability

SHENZHEN, China, Oct. 8, 2024 /PRNewswire/ — JMGO, a pioneer in smart projector technology, proudly announces the launch of PicoFlix, the latest battery-powered portable projector. It signifies a major milestone for JMGO in the portable projector industry.

True Portability: Compact Size, Iconic Gimbal Design, and Extended Unplugged Use

PicoFlix features a durable aluminum alloy body in a deep black finish, weighing just 1.3 kg and measuring 24 cm in length and 8 cm in diameter, ensuring strength without sacrificing portability.

The projector incorporates JMGO’s iconic gimbal design, offering a 127-degree range of adjustability. Users can project onto any surface—wall, ceiling, or unconventional angles—simply by rotating the knob, while real-time image correction ensures a smooth viewing experience.

Supporting three power modes—Eco, Standard, and Increased—PicoFlix provides up to 4.5 hours of uninterrupted playtime, allowing users to watch two movies without recharging. A Type-C interface enables 65W fast charging for convenience.

FlexiSmart Intelligent: The Game-Changer for Effortless Projection

PicoFlix features a cutting-edge intelligent system with Instant Auto Keystone Correction, using advanced algorithms to adjust the image in milliseconds. This ensures automatic realignment for optimal viewing, enabling seamless setup without manual adjustments.

Additional features include Auto Screen Fitting, which perfectly aligns the image with the screen, and Smart Eye Protection, which reduces brightness when people or pets approach the light source to enhance safety and eye protection.

High-Quality Visuals with Licensed Google TV

PicoFlix features a high-quality LED light source with 450 ANSI lumens and 1080P FHD resolution, projecting up to 150 inches. It transforms any space into an immersive viewing experience—whether on a living room wall, bedroom ceiling, or during outdoor activities.

With built-in Google TV, PicoFlix offers access to 10,000+ apps, including Netflix. Remote shortcuts provide instant access to Netflix, YouTube, and Prime Video directly, making it a complete one-stop entertainment hub.

Availability and Pricing

The new PicoFlix are now available on Amazon and global websites in the US and Europe (Germany, France, Italy, and Spain). It is priced at $599 USD and  €599 Euro.

About JMGO

Since 2011, JMGO has been dedicated to delivering immersive large-screen experiences. It aims to create a premier all-in-one home entertainment ecosystem encompassing hardware, content, and software for a global market.

View original content to download multimedia:https://www.prnewswire.com/news-releases/jmgo-launches-the-picoflix-a-truly-portable-battery-powered-projector-with-flexismart-intelligent-302270862.html

SOURCE JMGO (HONG KONG) SMART TECHNOLOGY DEVELOPMENT LIMITED

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