Martha Sazon, president and CEO at Mynt (pictured), operator of Globe Telecom’s GCash payment app, asserted a move by the operator to broaden the scope of the fintech unit’s services had boosted financial inclusion in the Philippines.

In a keynote, Sazon explained traditional financial services were out of reach of the majority, which prompted the company to move beyond mobile payments by offering lending, investment and insurance products.

She explained the heart of financial inclusion is providing access to credit, but the biggest barrier is many of those in need are undocumented and have no collateral.

The company developed GScore, a credit scoring tool, Sazon said enables the company to “determine credit worthiness through a person’s digital behaviour rather than traditional collateral”.

“We have given our users, especially the underserved, access to fair lending.”

She argued it is a viable alternative to loan sharks.

The digital ecosystem “democratised access to investments to as low as $1. That’s lower than what people would spend on like milk tea or iced coffee. Filipinos can now invest in local and global funds”.

Sazon noted high internet and smartphone penetration, both above 65 per cent, fuelled rapid uptake of its new financial services.

After partnering with ten of the biggest insurance companies in the world, Sazon said a third of new policies issued are purchased through its insurance marketplace.

Customers can set up a saving account on their handset without the need for documents or going to a branch, she added.