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As of May 2023, GCash claims to have 81 million active users and 2.5 million sellers and merchants across the Philippines. [2] [3] Since GCash does not have bank status, the ₱500,000 protection of funds deposited in a bank by the Philippine Deposit Insurance Corporation is not available for e-money issuers.
IPO proceeds raised in the Philippines amounted to $234.1 million in 2024, a surge from $72.9 million a year ago, LSEG data showed. GCash described itself as the Philippines' "number one finance ...
It further cemented its place as the Philippines' # 1 Digital Bank when it announced hauling a deposit base of P25 billion from 2.3 million clients in August 2023. Maya holds a 61% market share of deposits, a 71% share of depositors, and a 46% share of deposit balances among the six digital banks operating in the country as of the first quarter ...
GCash is now valued at $5 billion after Japan’s largest lender, Mitsubishi UFJ Financial Group, acquired an 8% stake for $393 million in early August. Mynt also owns Fuse, a lending app.
BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet.
High-yield savings: According to the FDIC, the average savings account interest rate is just 0.45% — just $4,500 annually for a $1 million balance — but high-yield savings accounts offer rates ...
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An Ohio man allegedly slammed a 15-month-old girl on the floor after she wouldn’t stop crying, fracturing her skull. Two weeks later, she died of her injuries.