GCash catches eye of JPMorgan CEO

MANILA, Philippines — Innovations at Ayala-backed e-wallet pioneer GCash have caught the eye of no less than the head of financial powerhouse JPMorgan.

JPMorganChase chairman and CEO Jamie Dimon during his recent visit in Manila met with some of the country’s business leaders, including Ayala Corp. chairman Jaime Augusto Zobel de Ayala.

“It was quite actually revealing that Jamie Dimon, the CEO of JPMorgan, was recently in town and we had a chance to meet him within our Ayala offices,” Zobel said during a conference with financial executives.

“He was laser-focused on the GCash model of customer credit scores in non-traditional ways using that financial platform and he wanted to meet up with his team in London to discuss that further. It’s really very complimentary to the initiatives that we have here in the Philippines,” he said.

Zobel said GCash uses artificial intelligence (AI) to calculate customer credit scores, simplifying the credit and loan process.

He said this ensures that customers will have access to most relevant financial products.

GCash is the country’s biggest finance app, offering a portfolio of financial services, from cash transfer to instant loans.

“We cannot stop or slow down the pace of technological change. Institutions would have to embrace digital technologies or risk becoming irrelevant to increasingly digital stakeholder base,” Zobel said.

“At Ayala, our view is that AI, analytics and other forms of digital technologies should move as from automation to augmentation. Rather than replace people with machines, we aim to harness technology to enhance what our people can do,” he said.

In a social media post, Zobel also said that their recent meeting with Dimon was an opportunity to highlight the country’s strong partnership with JP Morgan, “whose deep commitment to the Philippines’ economic growth has played a pivotal role in the progress of various Philippine businesses.”

“The Ayala Group has been collaborating with JPMorganChase for over five decades – not only in our businesses, but also in different programs that uplift the communities we serve,” he said.