Globe GCash partners with global crowd funding source Kiva

On its 10th year anniversary, GCash, the mobile money service of Globe Telecom, has partnered with Kiva, an international non-profit organization that uses its online platform to generate donations for funding loans. To date, Kiva has over 1.2 million users from 80 countries worldwide. These users have funded loans worth over US$620 million to 1.4 million beneficiaries. Now, GCash targets to bring its 3 million GCash users into the Kiva network and eventually expand the use of its electronic cash in other countries, according to G-Exchange, Inc. (GXI) President Paolo Eugenio J. Baltao. [caption id="attachment_199562" align="aligncenter" width="504"] GLOBE GCASH, KIVA TEAM UP – Globe Telecom, through its mobile money service GCASH, teamed up with global non-profit organization Kiva to help provide loans to people without access to traditional banking systems. GCASH will be used as a platform to receive donations which will be used as funding capital for micro and social enterprises. Shown in photo handing over the US$10,000 donation of the leading telecommunications company is Globe President and CEO Ernest Cu (2nd from right) to KIVA partner Philippine Cooperative Center (PCC) represented by its Chairman Emeritus Sen. Agapito “Butz” Aquino. Joining them are GXI President Paolo Baltao and GXI Vice President for M-Commerce Consumer Business Cecilia Grace Castillo.[/caption] “We want to educate Filipinos in crowd funding starting with donations translated into loans,” added GXI Vice President for Business Development Cecilia Grace Castillo. Already, Kiva has donated a total of USD$40 million in the Philippines since 2005, but this was the first time electronic cash will be used to make the donations and disburse them to beneficiaries. “This will simplify the process for Filipinos,” she stressed. GXI is the first and only company based in Southeast Asia to partner with Kiva. Less than 10 percent of Globe’s 44 million subscribers are using G-Cash to date, so there’s much room for growth. This is especially now that GCash has scrapped its one percent per transaction phone to phone transfer charges. “Starting today (October 20, 2014), it will be free,” Baltao announced. Globe, through GXI, launched its own lending team, #TeamGlobe, now available online, as the launch pad for Filipino donors wanting to fund micro and social enterprises. “This is our contribution to nation-building. By partnering with organizations like Kiva and using GCash, we can be a bridge between those capable of helping and those in dire need of assistance,” says Ernest Cu, Globe President and CEO. Globe itself donated USD10,000 to Kiva yesterday for the use of 166 beneficiaries.