BIZ BUZZ: Ernest Cu toasts to GCash success

GCash, which recently celebrated its 20th anniversary, showcased its journey at the annual Singapore Fintech Festival (SFF) last week in Singapore Expo.

Its key officials, including parent company Mynt top honcho Martha Sazon, were busy manning their booth visited by a lot of individuals intrigued by the e-wallet’s success in the Philippines.

The finance super app also held a party on top of Supertree Observatory at Gardens By The Bay. Award-winning Singaporean chocolatier and chef Janice Wong served the guests with her signature desserts and tender umami-filled beef sliders, among others.

Prominent figures were in attendance, including GCash’s latest partner: Japan’s largest bank.

Globe Telecom president and CEO Ernest Cu was very excited to introduce Nobuya Kawasaki, executive officer and managing director at MUFG Bank Ltd.

“It was Nobu who led the deal, alongside Martha, myself and our CFO Tek Olano. It took us about a year to close this deal but it is a fantastic deal,” Cu said.

The Japanese bank recently injected capital into GCash, allowing the latter to achieve a $5-billion valuation.

“For a company at our stage … I think we’ve got very good strategic partners,” he said.

The Globe chief, who will retire next year, also thanked the GCash team for bringing the e-wallet brand to greater heights.

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“The progress the GCash has made, we owe it to the management team led by Martha and her team,” Cu said.

“GCash is now a verb in the Philippines and we hope to continue it that way,” he added.