Mynt to serve as one-stop shop for financial services using every Pinoy’s mobile phone
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Mynt, a wholly-owned subsidiary of Globe Telecom, is leveraging on the immense popularity of cellular phones in offering a one-stop shop for financial services to boost financial inclusion among Filipinos.
At present, mobile penetration in the Philippines has already reached 113 percent as compared to banking penetration of only 31 percent. In fact, three-out-of-four Filipinos aged 15 and above do not have bank accounts while 95 percent do not have credit cards.
Such ongoing shift to digital lifestyle, therefore, presents Mynt with a unique opportunity to address these gaps and equalize access to financial services using mobile and digital technology.
“Mobile is a key enabler to provide access to the unbanked and underserved segments because almost everyone has a mobile phone or knows someone who has one. Imagine a world where consumers, merchants, and retailers benefit from mobile wallet capabilities, partnered with innovative loan constructs to further drive the cashless ecosystem. That is what Mynt is all about. We want to become a one-stop shop for financial services using every Pinoy’s mobile phone,” said John Rubio, President and CEO of Mynt.
Rubio is one of the key speakers at the Digital Transformation Summit organized by the Cebu Educational Development Foundation for Information Technology (CEDFIT) in partnership with the Cebu Chamber of Commerce and Industry. It was attended by players in the Information Technology-Business Process Management sector, academe, and local government units in Cebu.
Talking about digital disruption readiness, Rubio said Mynt is pioneering initiatives to provide financial services that were not available previously to most Filipinos.
“For instance, most Filipinos do not have credit history on which future financial transactions may be based. This, in turn, leads to poor access to legitimate credit facilities and proliferation of informal lenders who charge a monthly interest payment of 20 percent or about 350-400 percent per annum. We are changing this scenario,” he said.
Mynt currently utilizes mobile phones via its GCash mobile money service to provide a platform where customers can access consumer loans in a non-traditional manner, send and receive remittances more efficiently, buy online and offline, pay their bills, among others. It is also set to enter into strategic partnerships and build new subsidiaries to complete its financial services portfolio.
“We add more value to Globe customers by complementing their digital lifestyle with other mobile services and we can see the potential of this large untapped market for financial services. Eventually, we want to realize our vision of full financial inclusion starting from a secure wallet,” Rubio said.
As a company, Mynt also targets specific segments that are early adapters to financial technology, specifically students and employees. Mynt provides them with affordable and convenient solutions that is built in within their mobile phones. This is further strengthened by building cashless ecosystem solutions in schools and companies.
Mynt has so far, close to two million customers doing P1-billion transaction value weekly being serviced through more than 10,000 partner outlet network, and has more than 10,000 loan borrowers.
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