GCash set the record straight about its ownership after Senator Raffy Tulfo expressed concern about its possible ties with a Chinese firm.
In a statement, the Ayala-owned firm said its holding company, Mynt, is a “homegrown” Filipino financial technology company.
“Through our shareholders Globe Capital Venture Holdings, Inc. (Filipino), AC Ventures Holding Corp. (Filipino), Alipay Singapore Holding Pte. Ltd., Antfin Singapore Holding Pte. Ltd., and various other global investment management firms, we are able to reach unbanked Filipinos across the Philippines and overseas,” the e-wallet said.
“Leading Filipino corporations remain the biggest shareholders of Mynt, which is compliant with the ownership mandates of the Securities and Exchange Commission (SEC) and the law,” GCash added.
During the Senate finance subcommittee’s hearing on the Department of Information and Communications Technology’s (DICT) proposed budget for 2024 Tuesday (September 19), Tulfo asked whether it was true that GCash sold 80% of its stake to a Chinese entity.
“Is it true na yung GCash, binenta yung 80% ng stake niya sa isang… people from China?” Tulfo asked.
“I think Gcash is known to be part of AntPay. AntPay is a China… Hindi siya sindikato. Malaki siyang kumpanya,” said Mary Rose Magsaysay, a director at the Cybercrime Investigation and Coordination Center.
Tulfo said there might be data privacy issues if GCash is found to have ties to China because of the maritime row in the West Philippine Sea.
“Alam naman natin na may problema tayo sa China ngayon sa West Philippine Sea. Itong GCash, lahat ng info pumapasok diyan. Sino ba namang walang GCash? Halos lahat tayo [meron]. Hindi natin alam hina-harvest na pala ‘yung mga information diyan sa GCash ng mga kasosyo na mga China men at dinadala sa China,” he said.
DICT Secretary Ivan John Uy said concerns about GCash should be raised with the Bangko Sentral ng Pilipinas since it regulates e-wallets.
Tulfo, however, said DICT also has a responsibility to monitor technology portals that access personal information.
“Lahat ng mga kumpanya na kung saan nagagamit o nakikuha yung ating information ng mga Pilipino then yun ay from China itong kumpanya, owned by Chinese, then you should monitor… we should be watchful about that,” he said.
