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Globe, Cebuana Lhuillier, Mynt Partner to Help Filipinos Gain More Financial Services

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Globe, Cebuana Lhuillier, Mynt Partner to Help Filipinos Gain More Financial Services 1

“Financial inclusion” is the byword that this event presented the members of media, including Miniphilippines. To achieve this, it meant the need for innovative offerings, the value of convergence and the importance of technology.

At the F1 Hotel in Bonifacio Global City, Taguig City, Globe Telecom, Cebuana Lhuillier and Mynt agreed to partner together, and work together, to realize financial inclusion that helps Filipinos gain more access to the many financial services banks offer but are limiting to the average citizen, as well as business-to-business solutions that benefit micro, small and medium enterprises or MSME in the country.

Globe Telecom, Cebuana Lhuillier and Mynt partnership was presented this afternoon by Globe President & CEO Ernest Cu, Cebuana Lhuillier President & CEO Jean Henri Lhuillier, and G-Xchange President Albert Tinio, the latter of which is a subsidiary of Globe’s financial services unit, Mynt. To clarify this article even more, the commonly known micro-service payment affiliated to Globe called GCash will play a major role in this tripartite partnership.

Using Cebuana Lhuillier’s thousands of branches nationwide, GCash customers can now perform both cash-in and cash-out transactions in any of these 1,800 centers. There are solutions being developed that will allow GCash account holders to pay for Fuse loans and receive international remittances.

Both Globe and Cebuana Lhuillier have their own loyalty programs or the use of rewards points to compensate each of their loyal customers. Because of the Globe, Cebuana Lhuillier and Mynt partnership, Filipino patrons can convert these rewards points between loyalty programs.

In addition, also under development are programs like cross-selling of Cebuana Lhuillier’s microinsurance product, development of donation channels for Cebuana Lhuillier’s chosen beneficiaries, real-time posting of Globe Bills, reselling of Globe AMAX, and a mass market postpaid product, to name some.

Globe, Cebuana Lhuillier, Mynt Partner to Help Filipinos Gain More Financial Services 2

Ernest Cu: “The idea is to disrupt the traditional banking system of having to personally go to a bank, fill out forms, fall in line and pay for bills or deposit money. This initiative will create an avenue for the companies to leverage on each other’s strengths and capabilities to create a better financial system for the consumers.”

Jean Henri Lhuillier: “This undertaking is a great opportunity to address the financial concerns of many Filipinos, especially those in unbanked and underbanked communities which is very aligned to what we do as a company. I am glad that Cebuana Lhuillier, together with Globe and Mynt, is taking this big step to revolutionize the way we serve our mutual clients. I am certain that this partnership will positively impact the lives of many individuals.”

Globe Telecom presently has about 65 million mobile subscribers, while Cebuana Lhuillier has over 1,800 branches in the Philippines, and Mynt is a FinTech startup wholly-owned by Globe that offers a range of key financial services. Altogether, these three giants will be able to help Filipinos really gain a lot of conveniences and options when it comes it comes to personal and small business financial services, currently limiting or otherwise.

Sources: Press conference | Press release from Globe’s Corporate Communications Group

Photos by @miniphils | L-R: Ernest Cu, Jean Henri Lhuillier and Albert Tinio


Written by Raffy Pekson II

November 11, 2016 at 3:10 pm

Posted in Banking & Finance, ICT

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