Ride-hailing service GSM raises $32 M from Philippine National Bank to increase fleet
In order to assist the growth of Green GSM’s all-electric ride-hailing operations throughout the Philippines, the Philippine National Bank (PNB) will give Green GSM Philippines, a division of Vietnam’s ride-hailing service GSM, PHP2 billion ($32.4 million).
The two parties have formed a strategic collaboration in financial and digital banking services for the move, according to a statement released by GSM on Monday.
As the company grows its driver base, Green GSM Philippines and the Philippine National Bank have reduced account opening and activation timeframes by implementing digital account management and payment systems for Green GSM’s driver network through PNB’s corporate banking platform, according to GSM.
PNB President and CEO Edwin R. Bautista outlined Green GSM’s long-term development path in the Philippines, pointing out that the shift to sustainable transportation would necessitate ecosystems that can sustain steady long-term growth in addition to the operational and financial underpinnings to support expansion.
According to Le Thi Thu Trang, CEO of Green GSM Philippines, the collaboration with PNB would fortify the operational and financial underpinnings required to improve service quality and facilitate the business’s ongoing growth in the Philippines.
VinFast electric vehicles are operated by GSM, an all-electric ride-hailing firm established in Vietnam, under the Philippine brand Green GSM. Additionally, the business is known as Green SM in Indonesia and Xanh SM in Vietnam and Laos. Green GSM and Xentro Group established a strategic alliance in the Philippines in 2025, and earlier this year, the Green Xentro fleet was introduced in Rizal.
