GCash, the fintech unit of Globe Telecom, eyes expanding its footprint to the Middle East and bring its e-wallet services directly to millions of overseas Filipinos working in the region.
Oscar Enrico Reyes Jr., chief executive at G-Exchange Inc., said the business filed an application with the Bangko Sentral ng Pilipinas (BSP) ony a few weeks earlier.
“We’re trying to expand further internationally. We are trying to get the BSP’s go signal to do so. When we get BSP approval, we are ready to go, hopefully this year,” Reyes said Thursday at the sidelines of the GCash Insider: Passion Forward event.
GCash earlier secured BSP approval to bring its e-wallet services using international SIM cards in Japan, Australia and Italy under beta mode. It anticipates a full launch of the service later this year.
GCash has also doubled down on its international expansion through a partnership with global payments platform, Alipay+.
Aside from GCash Overseas, the service may now be used to settle transactions in select merchants across countries like Japan, South Korea, Singapore, Malaysia and Qatar and in top European destinations like the United Kingdom, France, Germany and Italy.
GCash offers users a wide variety of accessible financial products and services such as sending money, buying load and paying bills. Users can also explore other innovative financial services to jumpstart their journey towards their financial goals through GSave, GInsure and GInvest.
Mynt, the operator of GCash, became the country’s first privately-held startup company with a value of over $1 billion in November 2021, after it raised more than $300 million from new and existing investors to fund its expansion.
The investment round, which brought Mynt’s value to over $2 billion, was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners and Bow Wave Capital, one of Mynt’s investors.
