Manila, Philippines, August 19, 2022 /PRNewswire/ — The unprecedented growth of the digital economy during the COVID-19 pandemic has been a phenomenon that GCash, The Philippines’ the #1 mobile wallet app, has been ready for. Through its collaboration with Amazon Web Services (AWS), the e-wallet application has been able to further enhance the skills and expertise of its consultants, engineers, architects and developers to keep up with the rise of digital transformation in the country.
At the AWS Summit ASEAN, an event attended by technology and business decision makers to gain insight into cloud technology, the CEO of GCash Marthe Sazon shared, “As the pandemic has accelerated the adoption of digital services, it has led to the rise of the internet economy. Anticipating the move to online, we ensured that GCash was ready for the ramp-up and ready to be a lifeline for Filipinos and Filipino businesses.”
The partnership with AWS has facilitated more effective digital business solutions and innovative digital financial services by streamlining its business process, which is crucial in the digitally driven world. GCash was able to take advantage of the well-built framework of AWS to minimize expenses and save approximately $3.8 million cloud spend in 2021.
Using advanced robotic process automation on AWS, GCash was able to rapidly automate its financial processes, experiencing approximately an 85% improvement in processing time for recounts, refunds, and resettlements, enabling the company to save more than 2,600 hours of work per month.
Sazon pointed out that the benefits of using cloud technology have helped GCash further develop its platform to empower Filipinos with the introduction of innovative and accessible financial solutions like GGives, a “buy now, pay later” product. », and GCashPera Outlet (PO), its digital solution. for micro, small and medium-sized enterprises (MSMEs).
In a separate interview conducted by Foo Boon PingEditor-in-Chief of Asian Banker, a leading strategic intelligence provider and platform builder in the financial services industry, Sazon also said, “We are constantly innovating to empower Filipinos, especially people unbanked, access to financial services, and improve their lives. Through AWS, we empowered millions of Filipinos when the world shut down. We will continue to work with AWS as the world slowly continues to open up, and we will continue to provide opportunities to improve the lives of every Filipino.
Managing Director AWS ASEAN Conor McNamara also shared his views on working with GCash.
“When you’re scaling as fast as Mynt, you want to make sure you’re able to scale quickly and support their fast-growing customer base, and they also have a very aggressive product innovation roadmap. We’re very focused as well as training and improving developer productivity and ensuring that we provide access to our local, regional and global team so that AWS and Mynt can be as productive as possible in terms of launching new products , on-demand access to industry-leading cloud infrastructure and services,” said McNamara.
With its vision of financial inclusion for all, GCash today has more than 66 million users in The Philippines who trust the app for their essential transactions, which include sending money, buying prepaid charges, paying bills, and making bank transfers. In addition to these, the e-wallet application also offers a full suite of financial products such as GSave, an online savings bank; GInvest, an easy investment function; GCredit, a personal line of credit with a credit line of up to P30,000 and up to 3% pro-rated interest rate, and GLife, the e-commerce functionality of the GCash app that allows users to buy exclusive offers from retail, food and gaming brands. , leisure and transport.