GCash, the mobile wallet of Globe Telecom Inc. bared plans on Monday to expand its services to 10 more countries this year.
“We are very bullish on international space. We continue to expand our international services to cater to many Filipinos aboard as we launch GCash overseas in 10 more countries. And the plan is to get into 16 countries, probably covering 80 percent of the addressable market for overseas Filipinos,” Tek Olaño, GCash chief financial officer, said.
“Right now we have six. The plan is to add 10 countries,” he added.
GCash Overseas is available in Japan, Australia, Italy, Canada, UK and USA at the moment.
The mobile wallet earlier said it filed an application with the Bangko Sentral ng Pilipinas to expand its services in the Middle East.
In the Philippines, GCash disbursed P118 billion worth of loans to 3.9 million borrowers in 2023. It also sold 16.3 million insurance policies in 2023, up 172 percent compared to 2022.
GCash offers users a wide variety of accessible financial products and services such as sending money, buying loads and paying bills. Users can also explore other 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 unicorn or privately-held startup company with a value of over $1 billion in November 2021, after it raised more than $300 million in a so-called funding round from new and existing investors to fund an aggressive expansion program.
The investment round, which brought Mynt’s value to over $2 billion, was led by global investment giant Warburg Pincus, the New York-based global private equity and venture capital firm Insight Partners and Bow Wave Capital.
