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Monday, February 26, 2024

GCash bullish on international market, to expand services to 10 more countries

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GCash, the mobile wallet of Globe Telecom Inc., said Monday it plans to expand its services to 10 more countries this year.

“We are very bullish about international space. We continue to expand our international services to cater to many Filipinos abroad 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,” GCash chief financial officer Tek Olaño said.

“Right now, we have six, the plan is to add 10 countries,” he said.

GCash is currently available in Japan, Australia, Italy, Canada, the UK and the US.

The mobile wallet earlier said it filed an application with the Bangko Sentral ng Pilipinas to expand its services in the Middle East.

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GCash disbursed P118 billion worth of loans to 3.9 million borrowers in the Philippines last year. It also sold 16.3 million insurance policies in 2023, up 172 percent from 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 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.

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