MANILA, Philippines, October 31, 2024 – As the Philippines’ leading finance super app and largest cashless ecosystem, GCash marks its 20th anniversary this year – celebrating the pioneers and visionaries behind the trailblazing company.
Today, GCash is the country’s trusted finance partner and only $5 billion unicorn, in a remarkable journey towards growth and innovation.
At the company’s 20th anniversary gala, GCash CEO and President Martha Sazon looked back on the immense contributions of these movers and shakers throughout the years of providing Filipinos with Finance For All since 2004.
“When Globe, led by Gerry Ablaza back then, noticed that people were paying their taxi fare through “Share-a-load” they dared to ask, ‘What if pwede nang maging wallet ang cellphone mo?” (What if your cellphone can be a wallet?) shared Sazon. “He rallied three innovators— Rodell Garcia, Erwin Locsin, and TG Limcaoco.”
This became the start of GCash, then the first-ever local mobile money transfer service in the country. Being the first of its kind, GCash earned global recognition at the Global Mobile Awards in 2005.
GCash also hit its first million users in the same year. However, Sazon noted that achieving that success was a struggle, prompting the idea that the app was too ahead of its time.
Despite the birth pains, the pioneering team constantly innovated, leading to the launch of the first GCash app in 2012. This was made possible through the efforts of Globe Telecom led by its President and CEO Ernest L. Cu. In 2015, Cu launched GCash’s parent company, Mynt, to become Globe’s Financial Services arm.
GCash recognized two former Mynt CEOs: John Rubio and Anthony Thomas. Rubio kicked off the company’s pivotal partnership with the Ant Group in 2017. It was this partnership that pushed GCash to provide more than e-wallet solutions, disrupting everyday transactions and breaking through previously inaccessible financial services. Meanwhile, Anthony pushed the massive acquisition of new users and merchants for the company.
GCash also put the spotlight on Globe Telecom and Ayala Corporation, who helped GCash scale across the Philippines, as well as other shareholders such as Bow Wave, Warburg Pincus, Insight Partners, Amplo, and MUFG.
“A lot of people couldn’t believe that GCash was already 20 years old. Some thought that we were just an overnight success, but that couldn’t be further from the truth,” Sazon remarked. “It took decades of hard work and dedication to get to this point— 20 years in pursuit of our purpose of Making Filipinos’ Everyday Lives Better.”
“To our believers, the GCash team who have been here from the beginning—I can only imagine what it feels like for you, to see the company you’ve been working for grow in front of your eyes,” Sazon stated. “You continue to be a major part of our growth.”
Sazon also thanked the GCash team for their hard work and commitment to the company’s growth. “We’ve been in the trenches together and it was your hard work and commitment that allowed GCash to reach new heights,” Sazon said. “You are the heart of GCash.”
Lastly, Sazon celebrated the 94 million GCash users, especially those previously excluded from formal financial services. “To the fishermen who have started to embrace digital, to the self-starting entrepreneurs whose businesses are now thriving, to those who needed help and received cashless aid from their community, and to the OFWs who work tirelessly to support loved ones back home, you are the reason that our work is meaningful. You inspire us to keep innovating towards a brighter future for our nation—one where every Filipino is empowered to pursue their financial freedom,” Sazon remarked.
