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South Korean cryptocurrency giant Bithumb made headlines on Saturday after mistakenly distributing over $40 billion in bitcoins to its users as part of a promotional campaign. This significant blunder briefly sent shockwaves through the virtual asset market, triggering a sharp selloff.
India-US Trade Deal Update: USTR says the interim trade pact will expand market access, cut tariffs, and open India’s economy to US farmers and producers.
Micro, small, and medium-sized enterprises (MSMEs) and women entrepreneurs across the Philippines are set to gain significantly better financial access after the Asian Development Bank (ADB) approved a P1.75 billion ($30 million) loan facility to Fuse Financing Inc., the lending arm of GCash, the country’s leading finance superapp and largest cashless ecosystem.This first-of-its-kind partnership in the Association of Southeast Asian Nations (ASEAN) region was officially launched on February 6 at the SMX Convention Center in Taguig City with the theme “Driving Inclusive Finance for Filipino MSMEs” and was witnessed by over 250 MSMEs, including sari-sari store and carinderia owners and women entrepreneurs. This milestone collaboration enables Fuse to expand its lending portfolio and scale access to credit for the country’s most critical economic drivers.**media[77510]**MSMEs are a cornerstone of the Philippine economy, accounting for around 40% of the gross domestic product and 63% of total employment. According to the Department of Trade and Industry (DTI), there are 1.24 million registered business establishments as of 2024, over 99 percent of which are micro, small, and medium enterprises.Yet, access to financing remains a key barrier. According to an ADB study, access to credit and capital ranks as the second most significant challenge for MSMEs, after access to markets . With such a financial challenge, it takes less than 12 months for a small business to shut down operations .“This fintech partnership is the first-of-its kind for ADB in the ASEAN region and marks a significant step in advancing financial inclusion in the Philippines,” said Isabel Chatterton, Director General, Private Sector Operations Department of Asian Development Bank. “By combining Fuse’s digital reach with ADB’s development financing, we are building an inclusive digital financial ecosystem that expands access to finance for women-led and rural enterprises across the country.”“We value our partnership with ADB as it strengthens our ability to expand access to credit for MSMEs and women entrepreneurs, who are underserved by the market. By combining our shared expertise and digital reach, we are advancing financial inclusion and helping more Filipinos grow their businesses,” Mynt President and CEO Martha Sazon said.ADB will also provide up to $125,000 in technical assistance to help Fuse Financing develop tailored financial products and deliver financial and digital literacy training for women, especially those with limited formal education. This aligns with the broader push of ADB and GCash for digital finance and inclusion across Asia and the Pacific.Complementing ADB’s financing, the Mastercard Impact Fund, with support from the Mastercard Center for Inclusive Growth also extended a catalytic funding to support Fuse in effectively reaching and serving the priority MSME segments.**media[77509]**Fuse Financing Inc. President and CEO Tony Isidro underscored the significance of this partnership especially in supporting Fuse’s mission of delivering fair loans and expanding inclusive credit access for underserved Filipinos.“Through our partnership with ADB, with additional support from the Mastercard Impact Fund, we are strengthening our mission to make credit accessible to every Filipino who needs it most,” Isidro said. “This investment enables us to accelerate our support for women entrepreneurs and small businesses in underserved areas, sectors with immense potential to drive the country’s long-term growth,” he added.“This collaboration brings together catalytic capital, digital infrastructure and inclusive design to unlock new pathways for financial security. By working with Fuse Financing and the Asian Development Bank to extend credit to underserved entrepreneurs, we are ensuring that growth in the digital economy is fair and sustainable,” said Subhashini Chandran, senior vice president, Asia Pacific, Europe, Middle East and Africa, Mastercard Center for Inclusive Growth.To commemorate this partnership, 10 MSMEs nominated by the Department of Trade and Industry (DTI) were awarded with capitalization support to help advance their business operations. DTI Secretary, Ma. Cristina Roque, also graced the event and delivered a keynote message to all the MSMEs in attendance highlighting how synergies like this unlock growth and inclusion.“More than the scale of financing, what makes this partnership meaningful is its intent: to ensure that capital reaches entrepreneurs who are ready to grow but have long been underserved by traditional systems. By aligning public-sector priorities with private-sector innovation, this collaboration helps widen the path to formal, fair, and sustainable access to finance for MSMEs,” Secretary Roque said in her speech.A day of FinLit for MSMEs **media[77511]**Alongside this partnership launch, Fuse gathered over 250 sari-sari store owners and women entrepreneurs to experience financial literacy workshops designed to help them manage their finances better, borrow responsibly, and build more resilient businesses.Attendees were equipped with the knowledge to access digital loans, improve their eligibility for loan access, and practice responsible borrowing. In addition, MSMEs were taught how to integrate digital platforms into their operations to improve efficiency.MSMEs are vital to national progress but remain underserved by traditional financial institutions. According to an ADB study, access to credit remains a most significant challenge for MSMEs . Leveraging GCash trust scoring system GSCore as part of the creditworthiness assessment, Fuse eliminates the traditional barriers to lending, with no collateral or documentary requirements needed to secure loans, enabling greater credit access for everyday Filipinos.The ADB-Fuse partnership aims to unlock MSME’s growth potential and contribute to inclusive economic expansion. Unlike traditional financing, the capital is designed for impact, carrying firm social mandates that ensure measurable inclusion. This serves as a model for how fintech and development institutions can align with purpose, transforming financial access by ensuring that opportunity reaches those who can create lasting social and economic change.For more information, please visit www.gcash.com.
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