Globe ties up with fintech startup

Globe Telecom announced a partnership with EMQ, a remittance-focused financial technology startup based in Hong Kong, in a bid to make further inroads in the country’s massive overseas Filipino worker market.

Globe, which sealed the partnership through its mobile commerce unit G-Xchange Inc. (GCash), said the tie-up would enable EMQ users to send funds to GCash account holders. Those users, in turn, can use the money to pay bills and make online purchases across 12,000 GCash partner outlets in the country.

“Remittances provide a lifeline for millions of households and drive financial inclusion in the developing countries such as the Philippines, currently the third largest recipient of remittances according to the World Bank,” Max Liu, co-founder and CEO of EMQ, said in the statement.

“Our expansion with GCash complements our existing capabilities in the Philippines, while offering the best possible choices and flexibility for the overseas workers to send money home effortlessly within minutes,” he said.

EMQ is present in Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines and it plans to expand across other key business markets first in Asia and then globally, covering North America, Europe and the Middle East.

Globe has been keen on growing its digital money business through partnerships.

Recently, Alipay Singapore Holding Pte. acquired 45 percent of Globe Fintech Innovations Inc. That transaction was recently approved by the Philippine Competition Commission.

After the deal, Alipay owned 45 percent of Globe Fintech, Globe held the other 45 percent and Globe’s owner, Ayala Corp., had 10 percent.

Alipay is a unit of Ant Financial Group, owned by Chinese billionaire and Alibaba Group founder Jack Ma. —MIGUEL R. CAMUS