HelloMoney targets bigger share of e-wallet market

MANILA, Philippines — Asia United Bank (AUB) is aggressively working to expand the market share of its HelloMoney e-wallet, aiming to better serve the financial needs of unbanked and underserved Filipinos through continuous innovation and an expanded global presence.

Since its launch in 2019, HelloMoney has recorded six million customers as of end-September. AUB president Manuel Gomez said this milestone is attributable to the bank’s vision of making banking effortless.

“We know we are still far off from the dominant e-wallet players in the local market, but we will relentlessly eye for bigger market share to reach more unbanked and underserved Filipinos,” Gomez said. 

“Beyond the numbers, we aim to build a reputation for our constant innovation, expanded global reach, and enhanced user experience, in line with our steadfast mission to make financial services truly accessible to every Filipino,” he said. 

According to Gomez, the bank will work on several innovations in the coming years. This includes offering micro-insurance through trusted partners for wider financial inclusion. 

AUB will also expand its global reach via Alipay+, enhance its connectivity with existing Japan and Korea corridors, forge more Southeast Asian country partnerships and offer more competitive cross-border rates.

In 2022, AUB partnered with Alipay+ to facilitate cross-border mobile payments. This enabled HelloMoney users to simply scan and pay via Alipay+ merchants in Japan, South Korea, Malaysia, Hong Kong and Singapore.

“We are very far off yet from the other e-wallet players,” he told The STAR. “We can’t put a number as far as the target. But as we continue to provide enhancements in user experience...our HelloMoney app followers will multiply just as what happened in the last five years.”

“We aim to make mobile banking easier and help more merchants grow their business globally by bringing HelloMoney closer to more users,” he said.