SINGAPORE—Filipinos abroad will have more remittance channels in the coming year as popular e-wallet brand GCash intends to make its money transfer and other financial services available in 10 more markets.
Paul Albano, general manager of GCash International, told reporters here at the Singapore Fintech Festival that GCash Overseas would be live in three new jurisdictions in the next two or three months.
From there, Albano said they would gradually roll out in the other seven markets to reach more Filipinos working overseas.
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The e-wallet brand, which also offers savings, loan and bills payment services, has secured the approval from the Bangko Sentral ng Pilipinas for the expansion.
Albano declined to identify the specific countries, but said they were targeting those in the Middle East, Asia-Pacific and Europe.
The fintech player is expanding its presence abroad amid the rise of personal remittances. According to data from the Bangko Sentral ng Pilipinas, money sent home by overseas Filipinos grew by 3 percent year-on-year in the January to August period to reach $24.74 billion.
Over 100,000 users
Currently, GCash Overseas is available in 16 markets, including the United States, Canada, the United Kingdom, Australia, Italy, Japan, Germany, Spain, the United Arab Emirates, Qatar, Hong Kong, Taiwan, Korea, Saudi Arabia, Kuwait and Singapore.
The GCash official said over 100,000 Filipinos are currently subscribing to GCash Overseas.
To sign up, users who live abroad can use their international mobile numbers and Philippine passport or other Philippine valid ID as proof of identity.
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Having fully verified accounts will allow the users to send money home for free via the app. Users can also pay bills and buy load credits, among others.
Apart from this, GCash is available as a payment platform in select merchants in several markets including Japan, South Korea, Singapore, Malaysia, Hong Kong, Macau, Qatar, UAE, US, France, Italy, Germany, Switzerland and UK.
The e-wallet also has partnership with international payment gateway Visa, enabling its users to pay in over 100 million merchants across 200 countries and territories.
In August, GCash achieved a valuation of $5 billion after receiving capital infusion from Ayala Corp. and MUFG Bank Ltd. Analysts said this could make the company more attractive to investors when it decides to finally launch its initial public offering (IPO).
The subsidiary of Globe Telecom Inc. has yet to finalize its IPO plans, saying it is still waiting for the right market conditions.