MANILA – October 10, 2013 – G-Xchange Inc., the mobile commerce arm of Globe Telecom recently participated in the Partnerships for Digital Financial Inclusion event at the 68th United Nations General Assembly in New York, U.S.A.
The company showcased its flagship product GCASH proving the importance of this globally-recognized service for financial inclusion, Globe Telecom said in a press release.
“We in Globe continue our efforts in promoting Conditional Cash Transfer (CCT) through GCASH which is now being used by our national government as its service strategy in offering conditional cash grants to disadvantaged and resource-poor members of the society to improve their health, nutrition and education," said GXI President Paolo Baltao, who joined world leaders and major industry experts from the US, Europe, Africa and Asia.
The event’s participants included renowned business magnate Bill Gates, Her Majesty Queen Maxima of the Netherlands, Hon. Ralph Jooma, M.P. Minister of Economic Planning and Development and His Excellency Jose Cuisa Jr., Ambassador of the Philippines to the US to discuss various ways of alleviating poverty through digital technology.
The international forum led discussions on how partnerships between governments, the private sector and development organizations help promote inclusive growth using digital payments, and can be catalysts of financial inclusion, and drivers of sustainable development.
At the panel discussion, Baltao shared pointers on how to establish a successful public-private partnership, citing various incidents where GCASH, Globe Telecom’s micropayment service, has aided the Philippine government in disbursing social welfare funds to Filipinos located in far-flung areas.
"We are proud that mobile commerce innovations like GCASH are now being used to improve the lives of millions of Filipinos,” said Baltao.
The invited world leaders and major industry players agreed to include financial inclusion as part of the UN Development Goals post-2015 agenda since there are almost 2.5 billion adults who are now excluded from the formal financial services sector.
Changing the salaries, pensions, social welfare stipends and emergency relief funds from cash to electronic presents a new opportunity to help people at the base of the pyramid by delivering financial services at an affordable cost, Globe said.
The event was hosted by the United Nations Development Programme, United Nations Capital Development Fund, and Better than Cash Alliance.
In photo: GXI President Paolo Baltao (far right) joined the partnerships for digital financial inclusion event at the United Nations HQ in New York alongside other world leaders and major industry players such as (from L-R): Mr. Marc Bichler, Ms. Helen Clark, Her Majesty Queen Maxima of the Netherlands; Hon. Ralph Jooma, M.P. Minister of Economic Planning and Development; Mr. Bill Gates and His Excellency Jose Cuisa Jr.
