GCash to expand in 10 more key markets overseas

SINGAPORE – More overseas Filipinos can soon download and use GCash using their local mobile phone numbers in the countries or territories where they live and work as the country’s leading finance super app is set to be available in 10 more key markets globally in the next two to three months.

In an interview with reporters here at the Singapore FinTech Festival 2024, Paul Albano, general manager for GCash International, said GCash would soon be available in 10 more countries in the Middle East, Asia-Pacific and Europe.

“We will continue to expand in 10 more countries in the next two to three months to service more Filipinos abroad. That will get us to about 90 percent already of where most Filipinos are,” Albano said.

To date, GCash is  available in 16 countries, namely the United States, Italy, the United Kingdom, Australia, Japan, Spain, the United Arab Emirates, South Korea, Taiwan, Germany, Hong Kong, Qatar, Kuwait, Singapore and Saudi Arabia.

The availability of GCash in  key markets worldwide allows overseas Filipinos to send money to loved ones anytime, anywhere; pay bills  including household utilities, tuition and taxes, among others; save money, invest in stocks and purchase mobile load for loved ones back home.

To encourage more overseas Filipinos to save,  GCash is also expanding GSave to international mobile numbers in partnership with digital-only commercial bank CIMB Bank.

“Life as an overseas Filipino can be demanding, with a significant portion of income often going toward remittances. GCash understands this struggle and wants to empower them to save for their rainy day in case of emergency or that one day when they’ll finally come back home,”  Albano said.

“GSave offers a safe and convenient way to grow their hard-earned money, ensuring financial security for the future,” he said.

“As a digital-only bank, CIMB is proud to partner with GCash to empower overseas Filipinos with seamless, secure, and accessible financial solutions,” said Vijay Manoharan, CEO of CIMB Bank Philippines.

“With GSave, we are helping Filipinos in select territories abroad to build a solid financial foundation, ensuring that their hard-earned money not only grows but is protected for the future they dream of. This collaboration underscores our shared commitment to financial inclusion and the well-being of all Filipinos,” Manoharan said.

GSave makes saving easier for Filipinos overseas by offering a wide range of benefits, including a competitive interest rates, which allows them to earn an interest rate of up to 25 percent per year.

“We understand the challenges faced by our Filipino heroes abroad,” Albano said. “The launch of GSave on GCash Overseas strengthens our commitment to their financial health and wellness. With GSave, they can save for unexpected emergencies or even their dream of returning home with a secure financial cushion,” he added.

GCash is the Philippines’ only double unicorn with a valuation of $5 billion. Its parent firm, Mynt, recorded P6.7 billion in net income in 2023.

The Singapore FinTech Festival is one of the largest fintech gatherings globally. It aims to bridge connections between leading industry players, regional trade visitors, innovators and startups to catalyse growth for the fintech ecosystem. The fintech festival is organized by the Monetary Authority of Singapore, Elevandi and Constellar in collaboration with the Association of Banks in Singapore.