GCash expands remittance business in HK with Alipay
Globe Telecom’s e-cash services provider GCash is eyeing to tap over 180, 000 Filipino migrants in Hong Kong as it teamed up with Alipay HK for cross-border remittance business.
Anthony Thomas, Mynt president and chief executive officer (CEO), expressed bullishness with this new venture as the service is equipped with blockchain technology that allows overseas Filipino workers (OFWs) in Hong Kong to send money online in seconds. This was proven by a live demonstration in a recent media launch earlier.
In a live stream, Globe President and CEO Ernest Cu, who was in Hong Kong, said the group was “the first to use blockchain technology for remittance.”
Globe executives with the family of an OFW in Hong Kong
“Using blockchain technology, e-money transfer will reduce the cost and speed…,” he added.
Jennifer Tan, CEO of Alipay Payment Services (HK), said this collaboration with Ayala-led telco can address the “long process of physically going to a remittance booth, queuing in line for hours and filling out forms.” She noted Alipay HK currently has 1.5 million users.
Thomas said Gcash is also keen on exploring other international markets, but refused to disclose specific countries.
The ranking official said this service will be free for three months. Users can send as much as 5, 000 HK dollar per day. “[F]or overseas Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm,” he said in a statement.
With six months more left, GCash is closing to its target of reaching 10 million users this 2018 with it currently servicing 8 million users.
In 2017, the mobile wallet teamed up with retail leaders such as Ayala Malls, Robinsons Department Store, SM Malls, Megaworld Lifestyle Malls Cinema, Puregold, Ministop, to name a few.
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