The summit brought together heads of state and delegates from 11 ASEAN member countries to discuss regional priorities, including energy security, food security, regional stability, sustainability, and digital cooperation.

According to GCash, its participation formed part of efforts to support the Philippines’ ASEAN chairmanship and highlight digital payment solutions during the event.

“We are incredibly honored to be a huge part of the Philippines’ ASEAN Chairship. Our partnership with ASEAN provides us a chance to showcase Filipino innovation on the global stage and demonstrate how the Philippines is leading the charge toward a more integrated, digital ASEAN region,” GCash General Manager for GCash for Business Paul Albano said.

At the summit’s Partners Pavilion, GCash facilitated cashless transactions for booths operated by Cebu-based micro-entrepreneurs selling products such as home décor, pastries, woven goods, chocolates, dairy products, souvenirs, and artisan crafts.

“By supporting the MSME marketplace at the Pavilion and enabling cashless transactions for Cebuano micro-entrepreneurs, we are showing how digital financial inclusion creates tangible, real-world impact,” Albano added.

The company also used the event to promote digitalisation among micro, small, and medium-sized enterprises (MSMEs) by onboarding merchants to its GCash for Business platform and demonstrating digital payment tools for local businesses.

“We are powering the MSME marketplace by bringing cashless payments to Cebuano micro-entrepreneurs. When a local vendor can accept a digital payment as easily as a major retailer, that is digital financial inclusion in practice,” Albano said.

In addition to the exhibition activities, GCash joined side events during the summit focused on digital transformation and expanding financial access across the ASEAN region.

The 48th ASEAN Summit, themed “Navigating Our Future, Together”, was held this month in Lapu-Lapu City as part of the Philippines’ ASEAN chairmanship programme.

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Users no longer engage linearly across digital spaces; rather, they journey across omnichannel platforms based on marketing signals that add value to their day-to-day interactions. 

The latest State of Finance for Marketers in APAC – 2026 Edition AppsFlyer report, unveiled at the company’s first BFSI Conference in Bangkok, Thailand, held on March 26, highlighted a 193% surge in remarketing investment across Southeast Asia. This signals a stronger shift to retention and engagement for LTV customers, with acquisition costs being five times higher when attempting to onboard new users. 

With this in mind, building lifecycle growth-based ecosystems and data collaboration in a privacy-first world is the step for organisations across the BFSI industry. 

MARKETECH APAC further explored how this looks across Southeast Asia today, in an interview with Varun Budhiraja, Strategic Sales Executive for Data Collaboration Platform at AppsFlyer, and Juan Carlos Bauza, Vice President for Innovations and Adtech at GCash. 

Ecosystem interdependency

Varun highlighted how today’s BFSI industry ushers in an era where privacy is becoming more fundamental for users, who are more aware of the significance of privacy, and for organisations who hold first-party data to remain compliant with regulations.

“This really creates an opportunity for companies that have great first-party data assets to really drive collaboration in the ecosystem,” Varun commented. 

“At AppsFlyer for the last decade, our core mission has been to enable advertisers to make better marketing decisions, and our priority remains the same—to bring the larger ecosystem together, be that safe privacy infrastructure that gives confidence to companies to collaborate securely and more privately.”

With AppsFlyer supporting companies to make better and more impactful marketing decisions, GCash has been exploring avenues in the innovation and adtech space for collaboration to deliver marketing signals with real-world outcomes. 

“The new technologies we’re trying to build now with AppsFlyer in relation to the data collaboration platform support our goal to unlock how we can improve how advertising is done while bringing the right message at the right time to the right customer,” Juan Carlos shared. 

He further explained how GCash’s mission will remain the same in enabling finance for all, especially for the underbanked. To maintain this status quo, the fintech leader has been exploring more business lines for GCash while also helping other non-consumer Filipinos, such as SMEs, large businesses, and advertisers, to leverage GCash data and media to change the way marketing is delivered in the Philippines. 

Collaboration is essential for developing lifecycle-growth strategies throughout fluid ecosystems while ensuring data privacy remains at the forefront of the customer journey. 

Navigating the privacy utility paradox

As globally privacy standards and regional regulations continue to tighten, organisations in the BFSI industry are now challenged to balance providing ‘insight-driven’ experiences users expect while maintaining compliance with governance standards for financial services and measurement platforms. 

“There are technologies such as data clean rooms that allow a secure collaboration through hashed identifiers with the highest level of privacy-enhancing technologies like PII hashing or differential privacy,” Varun explained. 

“All of these technologies are built into a structure where it’s never about revealing users’ data but rather gathering insights and making the customer experience better without losing control of the data.” 

Varun added how every business today is striving for better customer experience, which is where the entire ecosystem comes into the picture to deliver personalised ads at the right time or complimentary offers that create a meaningful impact in a customer’s life. 

For AppsFlyer and their partners, such as GCash, maintaining privacy at the heart of a collaborative ecosystem remains the absolute imperative. 

“For us, we’re never going to sacrifice adherence to compliance, regulation, and compliance standards for any sort of money-making or profit endeavour,” Juan Carlos emphasised. 

“We will put our customers first. While at the same time, we are at the age of being able to innovate and find technologies that allow us to achieve our mission in a safe way.”

Providing organisations in the BFSI industry with ecosystems and technologies to collaborate with first-party data securely without the risk of compromise is essential for both customers and businesses in an era where privacy is centre stage. 

Solving for fragmented customer journeys

Customer experiences are no longer linear across digital spaces in the BFSI industry. User touchpoints are spread across multiple platforms, such as wallets, banks, and technology in Southeast Asia and the APAC markets. 

The segmentation between platforms has always been present, as Varun mentioned, “User experience always seems to be broken in some ways, but always striving to become better.” 

“Today, there are technologies that exist where you’re able to have a very seamless handoff between one partner to another to really thrive for better user experiences.” 

Modern customer journeys are not about having a ‘perfect’ experience across multiple touchpoints— rather, it’s about how the handoff between platforms can be seamlessly executed if the right partners come and use the right neutral technologies without biases or media play, to deliver a smooth transition from one platform to a partner platform.

Juan Carlos highlighted another important point: “Technology is a big part of it, definitely, but at the same time, it’s a willingness for all the ecosystem partners to work together.” 

“It will take a lot of evolution in thinking for marketers and advertisers. We still need to work with them, and the brands need to buy into the whole concept, which is where AppsFlyer’s technology can link those partners together.”

The fragmentation of customers’ journeys in BFSI spaces has no one-stop solution. However, providing seamless handoff across the ecosystem can be achieved by partners working together and reducing friction for each user touch point. 

Re-evaluating growth: From acquisition to lifecycle value

The recent AppsFlyer report revealed that it is costing organisations in the BFSI industry five times more in marketing costs to acquire new customers compared to reactivating existing users. With this, there is a shift in focus for developing lifecycle-based solutions to focus on customers who have long-term value. 

“There’s a great saying somewhere that acquisition is a vanity metric, profitable user is a sanity metric. I think we are really in a place where more companies are rethinking how to keep existing users engaged with their apps,” Varun commented. 

“I think marketers with the tools and solutions available are really able to rethink what it takes to keep users engaged and expand lifetime values through data collaboration platforms.” 

Meanwhile, Juan Carlos discussed two layers significant for GCash to focus on long-term value for customers. 

“There are two layers that you need to think about when it comes to managing user acquisition and retention. One is being able to act on what you know about the customer. The second layer is how you can get more information about the customer you didn’t know with your own data,” he explained. 

The focus shifts from monitoring app behaviours to analysing transaction behaviours that tell the story of a specific user, enabling marketers and advertisers to deliver impactful personalised experiences. 

“In order to change customer behaviour, you need to get into what will get users to change their behaviour,” Juan Carlos shared. 

****

The future of a successful digital infrastructure in the BFSI industry comes down to four areas: data, collaboration, activation, and measurement. 

Varun and Juan Carlos both emphasised the importance of a secure data infrastructure to enable collaboration with privacy guardrails through technologies such as data clean rooms, leading to impactful and personalised activation for customers, where marketers and advertisers can analyse measurements through unified platforms. 

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According to ADB, the financing is intended to support underserved and unserved segments of the population, particularly MSMEs operating in rural and hard-to-reach areas. The initiative also places a focus on increasing access to finance for women-owned enterprises, which continue to face constraints such as stricter lending terms and limited access to tailored financial products.

“Supporting MSMEs to make them part of the broader value chain is key to achieving sustainable and inclusive growth in the country,” said ADB Philippines country director Andrew Jeffries. 

“MSMEs are an important segment of the local economy—employing over 60% of Filipino workers and contributing more than a third to the country’s gross domestic product. We are pleased to support this initiative that will boost MSMEs’ contribution to economic growth,” added Andrew.

Meanwhile, Fuse, the lending subsidiary of GCash, said it will allocate 60% of the loan proceeds to women-owned MSMEs and extend financing to enterprises located in provinces with high poverty incidence. The company will also provide non-collateralised loans to small business owners, including farmers, market vendors, sari-sari store operators, and first-time borrowers, to help them establish a credit history.

In addition to the loan, ADB will provide up to USD$125,000 in technical assistance to support the development of tailored financial products and the delivery of financial and digital literacy training for women, particularly those with limited formal education.

Separately, the ‘Mastercard Impact Fund’ will contribute USD$150,000 in performance-based incentives to support Fuse in scaling its formal MSME portfolio, including initiatives targeting new women entrepreneurs.

Fuse is wholly owned by Mynt, also known as Globe Fintech Innovations Inc., which is controlled by Ayala Corporation through Globe Capital Ventures and AC Ventures Holding.  On the other hand, ADB is a multilateral development bank established in 1966, with 69 member countries, including 50 from Asia and the Pacific. It works with governments and partners across the region to support development initiatives through financing, technical assistance, and partnerships.

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The card is set to become available for ordering in December.

The debit card combines Klook’s travel services with GCash’s cashless financial ecosystem and is built on the Visa network, making it widely accepted in over 200 countries. The card aims to provide value for local and international travel through various perks and benefits.

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Cardholders will receive a ‘Welcome Pack’ valued at approximately ₱5,000 (USD $89), which includes a free airport transfer voucher up to ₱1,000 (USD $18), a Klook eSIM voucher up to ₱350 (USD $6), and a hotel voucher up to ₱1,000 (USD $18) with a minimum spend of ₱8,000 (USD $143).

In addition, users will receive an automatic upgrade to ‘Klook Rewards Gold Tier’ status, valued at over ₱6,000 (USD $107) annually, offering perks such as bonus coupons, access to free eSIMs, priority customer support, and accelerated KlookCash earnings. Combined, these benefits amount to over ₱10,000 (USD $179) in travel savings during the first year.

The card also incorporates standard GCash features for international use, including zero foreign exchange service fees, low forex rates, global acceptance for online and in-store purchases, local currency withdrawals from international ATMs, one-tap payments, and 24/7 ATM access.

To mark the launch, Klook and GCash are offering an introductory issuance fee of ₱250 for the first 10,000 users. Travellers interested in obtaining the card can join a waitlist via the Klook app and will receive the card directly at their registered address once ordering opens.

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This allows payments to be accepted at more than 150 million Mastercard-accepting locations worldwide. This new functionality for the e-wallet was enabled through a collaboration between GCash, Alipay+, and Mastercard.

Ren-Ren Reyes, president and CEO at G-XChange Inc., shared how their goal is centred on driving financial innovation as well as creating an inclusive cashless ecosystem.

“With Tap to Pay, we’re not just modernising payments; we’re empowering Filipinos with a seamless and globally competitive solution that is locally relevant and universally accessible.”

The new feature also allows users to make payments by tapping their NFC-enabled Android phone on any Mastercard-accepting point-of-sale terminal. The company also stated that this expands on its existing QR code payment system, which is accepted in more than 50 global destinations.

“GCash is a pioneer in driving digital payments, and now one of our first partners to enable Alipay+ NFC global payment capability,” said Douglas Feagin, president of Ant International. 

He added, “Alipay+’s collaboration with Mastercard is redefining a new future of global payments, enabling Alipay+ partner wallets to be accepted at Mastercard NFC merchants around the world. We believe that greater interoperability between e-wallet and card systems is a trend of the future.”

The company also shared that the new system includes robust security features, with authentication protocols and data encryption to protect against fraud.

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E-wallet platforms take action

In a public statement, GCash stated that it will comply with BSP’s latest mandate on the suspension of in-app gaming access in mobile payment apps and websites in BSP Supervised Institutions (BSIs).

With this, access to gaming via the app’s GLife services will be suspended after Saturday, August 16, 8 PM. 

Moreover, users may withdraw their funds from their gaming account back to their GCash wallet through GLife only until Saturday, August 16, 8 PM. After this, users who have remaining funds can only access this directly through the gaming merchant’s website.

“GCash supports adopting stronger safeguards on online gaming and will continue to work with regulators and industry partners to protect the financial health of Filipinos,” the company said.

Meanwhile, Maya has confirmed to MARKETECH APAC that it will also follow BSP’s orders, though they didn’t go into detail how will this rollout.

“Maya is ready to comply with the Bangko Sentral ng Pilipinas (BSP) directive to remove links to online gambling from its app. The update will be implemented in line with the BSP’s guidance. We assure customers that their accounts and transactions remain secure and fully operational. We remain focused on serving our customers while fully complying with regulatory requirements,” the company told MARKETECH APAC.

More on BSP’s actions

Earlier today, BSP revealed in a recent Senate hearing that they ordered electronic wallets including GCash and Maya to sever links to online gambling platforms in 48 hours from August 14.

In the hearing, Senate Committee on Games and Amusement Chairperson Sen. Erwin Tulfo has issued a stern warning to BSP Deputy Governor Mamerto Tangonan that could be cited for contempt if e-wallet links to online gambling apps are not removed by Sunday, August 17.

“If I see a single link to gambling apps, I will cite you in contempt. The committee is serious—we have a problem, we have a crisis,” Sen. Erwin Tulfo declared.

The senator also added, “I’m taking your word on this, we’ll give you actually more than 48 hours. So Sunday morning, we will not see online gambling games anymore and no more links of any sort will be accessible on e-wallets.”

He also added that they were seeking a clear and concise solution from governing bodies, noting that most lawmakers favoured a total ban on online gambling, while others were pushing for regulation due to potential revenue losses.

“If you ask us, we want to stop online gambling right here, right now. But we will hear every side,” he quipped.

Huge contrasts on online gambling platforms and users

In the same hearing, Sen. Juan Miguel “Migz” Zubiri presented that online gambling platforms had gross gaming revenues (GGRs) that rose from P8 billion in 2022 to P33.16 billion in 2023 and P135.71 billion in 2024, with P106.53 billion already logged in the first half of 2025. For Sen. Zubiri, these numbers translate to money lost at home of many Filipino families.

Moreover, he shared anecdotes of multiple families who have been hugely affected by online gambling platforms, from being buried in gambling-related debts, to harming themselves, and also delving into a life of crime to sustain their gambling addiction.

“These stories reveal the ugly truth of online gambling. It is not at all just fun and games, as the colorful advertisements would like us to believe,” he stated.

The senator then blamed this rise in online gambling to accessibility and ease of transactions, noting that the integration between digital wallets and online gambling sites made it extremely convenient to place bets, withdraw funds, top up accounts, and wager again with just a few clicks, all without leaving home.

Earlier in July, the Philippine Amusement and Gaming Corporation (PAGCOR) teamed up with the Ad Standards Council (ASC) to formalise an agreement aimed at regulating advertisements for online gambling platforms. This initiative also follows PAGCOR’s recent directive mandating the removal of outdoor ads promoting online gambling.

In the same month, advocacy group Digital Pinoys, alongside Cybercrime Investigation and Coordinating Center (CICC), worked with Meta to take down multiple pages of social media influencers who were rampant in promoting online gambling in their pages. This resulted in the deletion of 20 celebrity pages, whose total following amassed more than 15 million followers.

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AC is a major conglomerate in the Philippines and ACV currently holds an about 13% stake in Mynt, the parent company of GCash. Under the terms of the agreement, MC shall acquire a 50% stake in ACV and pursue future investment opportunities.

In addition, MC and AC are going to sign a memorandum of understanding (MoU) on a comprehensive collaboration in the Philippines. The MoU covers additional business developments aimed at stimulating the country’s economic growth.

MC aims to create a prosperous society and a “Smart-Life” ecosystem in the form of improved lifestyle for consumers by launching multiple attractive businesses that address social issues and consumer needs in each region and country, and organically connecting them. These ecosystem addresses both challenges faced by social issues and consumer needs, and sustainable growth of our business portfolio.

Data notes that around 80% of the country’s citizens have tried using the GCash mobile wallet, which is Mynt’s core business. With a vision to accelerate financial inclusion in the Philippines, the product has by far the largest mobile-wallet customer base in the Philippines and has grown into an indispensable service infrastructure, relied on by millions for daily payments, transfers and other financial transactions. 

In addition to its digital payments and transfers, Mynt, through its other subsidiaries, also provides access to loan services using non-traditional ways to assign customer credit scores to enable access to fair lending. It has also expanded its financial services offerings to provide users access to savings, insurance, and investment products. 

Furthermore, it has built the largest network of online and offline merchants including social sellers with over 6 million partners while hosting over 1,000 merchant partners in its app, via GLife.

With this recent partnership, both MC and AC are committed to boosting Mynt’s corporate value and leveraging other joint initiatives to create new businesses in the Philippines and contribute to its economic development. Those efforts will include continuous business development and cross-sales in C2B area like retail and healthcare, and multifaceted collaborations in mobility, renewable energy, carbon management and elsewhere.

Lastly, with the Mitsubishi UFJ Financial Group (MUFG) having also announced its investment in Mynt this past August, MC and AC shall work with MUFG as fellow shareholders to aid the company’s future growth and development.

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The GCash application will be integrated into the Toki platform, allowing convenience and payment security for its users. This will also give them access to GCredit, a mobile credit line, and GGives, the application’s installment loan service. Meanwhile, sellers can use GCash QR codes to enhance the payment process and user experience.

By the end of the year, Toki will also integrate GCash’s Webpay, which allows end-to-end transactions within the platform or during its livestream auctions. Meanwhile, Toki will also be included in the lifestyle products under the GLife feature next year. 

Toki is the first platform dedicated to collectibles in the country, founded by former GCash employees. The idea for launching the platform sprung from the founders’ experience as collectors themselves. Knowing the difficulties faced by local collectors in buying and selling, they formed a platform that is tailored to their needs.

“The founders of Toki, all former members of the GCash team, have a long-standing history with GCash, and through this global partnership, GCash is poised to significantly boost Toki’s growth journey,” Toki co-founder Frederic Levy said.

“Toki is beginning a truly remarkable collaboration with GCash, and the entire team is particularly excited about the support from the number finance super app and largest cashless ecosystem in the Philippines,” Levy added.

Toki was launched in November 2023. Since then, the company has more than 70,000 users and over 200 sellers. Collector items such as sneakers, toys, cards, and more can be found on the platform.

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The film is the latest addition to GCash Stories, a digital series that tells the modern-day narratives of Filipinos with the aim of inspiring others.

Having experienced challenges in raising funds for her international competition, Dumapong finds solutions with the help of GCash, as reflected in the short film.

”Adz is a true inspiration. Her story is a powerful reminder of the potential in every individual, regardless of their abilities. We hope this film sparks a conversation about the need for inclusion and progress for all, especially the greater support needed for the community of persons with disabilities,” Neil Trinidad, chief marketing officer of GCash, said.

GCash continues to support persons with disability by signing a memorandum of understanding with the National Council for Disability Affairs to promote an inclusive workspace. It has also partnered with women-led organisation WOW LEAP in support of its programs. 

“We are proud to partner with organisations like the NCDA and WOW LEAP, Inc. to support the PWD community. Adz’s story embodies our mission of financial inclusion and is just the beginning. We are committed to working closely with the PWD sector to provide financial education and support, ensuring that everyone has equal opportunities to thrive,” Winsley Bangit, group head of New Businesses and Wealth Management at GCash, said.

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In a disclosure released Thursday, Ayala Corporation, via its subsidiary AC Ventures Holdings, Inc., will acquire an additional 8% stake in Mynt for approximately ₱22.9 billion, valuing Mynt at ₱286.4 billion. This boosts Ayala’s ownership of Mynt to around 13%. 

According to Ayala, its increased investment in Mynt aligns with its strategy to reallocate capital to high-performing ventures. Boosting its stake in Mynt enables Ayala to capitalise on GCash’s robust long-term growth potential.

Concurrently, Mitsubishi UFJ Financial Group (MUFG), via its consolidated subsidiary MUFG Bank, Ltd., will also acquire an 8% stake following the signing of binding investment agreements.

Martha Sazon, president and CEO of Mynt, said, “We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially for the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development and its expertise in multiple industries will accelerate GCash’s mission.” 

Meanwhile, Yasushi Itagaki, senior managing corporate executive and head of the global commercial banking business group at MUFG, said, “GCash is an indispensable infrastructure for the everyday lives of Filipinos, and we are delighted to join Mynt as a strategic investor to support the growth of the company. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”

Cezar Consing, president and CEO of Ayala Corporation, also commented, “We like the long-term growth prospects of Mynt. It is a clear leader in a fast-growing space and a key contributor to the Philippines’ economic growth. Mynt is valuable because it enables underserved Filipino consumer and business segments to thrive.” 

With Morgan Stanley serving as Mynt’s exclusive financial advisor, the proposed investment is contingent upon the execution of definitive transaction documents and the fulfilment of customary closing conditions. Upon completion, MUFG will become a shareholder in Mynt, while Ayala will increase its existing stake.

Mynt has experienced unprecedented growth in its user base and transactions over the past four years, driven by innovations and a focus on customer experience. This new investment will enhance financial inclusion and spur economic growth in the Philippines. In 2023, Mynt recorded a net income of PHP 6.7 billion.

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