Benise Balaoing

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GCash

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<p>MANILA -- GCash said it has released P155 billion in loans to Filipinos since it launched its credit feature in 2021. The Ayala-led fintech also said it is now using artificial intelligence (AI) to give credit scores to and collect payments from its clients.</p><p>GCash said its scoring technology analyzes users’ transaction history within the app and creates a personalized trust score based on millions of past transactions.</p><p>In a statement, the fintech giant said it has given out loans to 5.4 million Filipinos, including small business owners.</p><p>GCash, through its lending arm Fuse Lending, said it is offering Filipinos a variety of loan products like GLoan, which allows customers to borrow any amount from P1,000 to P125,000; and <a href="https://www.abs-cbn.com/business/08/30/23/gcash-partner-offer-pantawid-sakto-loans-as-low-as-p100" rel="noopener noreferrer" target="_blank">GLoan Sakto</a>, which lends users any amount from <a href="https://www.abs-cbn.com/business/2024/9/20/gcash-offers-sakto-p300-loans-for-lower-income-market-1258" rel="noopener noreferrer" target="_blank">P100 to P300</a> to pay for minor and urgent purchases such as bills groceries.</p><p>It also has GCredit, a pre-approved credit line of up to P50,000; and GGives, which gives clients flexible installment plans for groceries, bills, and appliances, allowing them to pay over up to 24 months.</p><p>GCash also uses an auto-debit arrangement to help customers avoid non-payment or unintentionally incurring late penalty charges and additional fees. The firm also said it is using a human-like conversational Voice AI or VoiceBot called Gina, which allows the collection team to call more clients and help them catch up on missed payments.</p><p>The fintech company noted that unequal access to credit hinders greater financial inclusion in the Philippines.</p><div><a href="https://www.abs-cbn.com/business/2024/7/25/gcash-extends-grace-period-for-gloans-ggivesto-help-carina-victims-1659" rel="noopener noreferrer" target="_blank">GCash extends grace period for GLoan, GGives, waives load fees to help Carina victims</a></div><p>&quot;Loan approval from traditional banks and financial institutions requires credit history, collateral, and income verification, leaving Filipinos from the lower socio-economic classes unqualified. Many also shy away from the loan application process due to lengthy procedures and excessive paperwork,&quot; it said.</p><p>It also added that these challenges push Filipinos to borrow money from informal lenders who charge high interest rates.</p><p>&quot;By using AI to assess the user’s eligibility and streamline collections, we’re able to offer a more ethical and efficient lending experience and better serve millions of Filipinos,&quot; said Fuse Lending president and chief executive officer Tony Isidro.</p><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/l5c5ncqHoaM?&amp;ab_channel=ABS-CBNNewsautoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>GCash said it has released P155 billion in loans to Filipinos since its launch in 2021.</p>

GCash said it has released P155 billion in loans to Filipinos since its launch in 2021.

GCash says using AI for credit scores; P155 billion in loans given since 2021

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GCash says using AI for credit scores; P155 billion in loans given since 2021

Benise Balaoing,

ABS-CBN News

Published December 19, 2024 12:51 PM PHT

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Updated December 19, 2024 01:15 PM PHT

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