The Philippine National Bank (PNB) will provide PHP2 billion ($32.4 million) to Green GSM Philippines, under Vietnam’s ride-hailing service GSM, to support the expansion of Green GSM’s all-electric ride-hailing operations across the Philippines.

In a statement on Monday, GSM said the two parties have reached a strategic partnership in financial and digital banking services for the move.

Green GSM Philippines and the Philippine National Bank have implemented digital account management and payment systems for Green GSM’s driver network through PNB’s corporate banking platform, reducing account opening and activation times as the company expands its driver base, according to GSM.

Edwin R. Bautista, President and CEO of PNB, highlighted Green GSM’s long-term development direction in the Philippines, noting that the transition toward sustainable transport would require ecosystems capable of supporting stable long-term growth alongside the financial and operational foundations to enable expansion.

Le Thi Thu Trang, CEO of Green GSM Philippines, said the partnership with PNB would strengthen the financial and operational foundations needed to enhance service quality and support the company’s continued expansion in the Philippines.

Green GSM is the Philippine brand of GSM, a Vietnam-based all-electric ride-hailing company operating VinFast electric vehicles. The company also operates as Xanh SM in Vietnam and Laos, and Green SM in Indonesia. In the Philippines, Green GSM previously signed a strategic partnership with Xentro Group in 2025 and launched the Green Xentro fleet in Rizal earlier this year.

Ride-hailing service GSM launches electric mobility platform in Indonesia, Philippines