GCash, the mobile wallet of Globe Telecom, said it plans to expand its footprint to the Middle East this year to serve the overseas Filipino market.
Oscar Enrico Reyes Jr., chief executive of G-Xchange Inc., said the company filed an application with the Bangko Sentral ng Pilipinas “a couple weeks ago” to expand in the Middle East.
“We’re trying to expand further internationally. We are just trying to get BSP’s go signal to do so. When we get approval from BSP, we are ready to go, hopefully this year,” Reyes said at the sidelines of the GCash Insider: Passion Forward event.
GCash earlier secured the green light from the BSP to deploy the e-wallet overseas using international SIM cards in Japan, Australia and Italy under beta mode, while the full launch is expected later this year.
GCash has also been doubling down on its international expansion through partnership with global payments platform, Alipay+.
Aside from GCash Overseas, it can now be used to pay in select merchants across countries like Japan, South Korea, Singapore, Malaysia and Qatar as well as 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 unicorn or privately-held startup company with a value of over $1 billion in November 2021, after it raised more than $300 million in its latest funding round from new and existing investors to fund aggressive 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.