GCash Broadens Remittance Services Expansion To Another 10 Countries

GCash Broadens Remittance Services Expansion To Another 10 Countries

by February 19, 2024

GCash has announced its continuing global expansion by securing regulatory approval to extend its services to an additional ten countries, following approval from the Bangko Sentral ng Pilipinas (BSP). This expansion enables the service to facilitate smoother financial transactions for Filipinos residing both domestically and abroad, enhancing the ease of money transfers to and from the Philippines.

The new countries in GCash’s service network include the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Qatar, South Korea, Taiwan, Singapore, Hong Kong, Spain, and Germany, adding to its existing presence in the United States, Canada, Italy, the United Kingdom, Australia, and Japan.

Oscar Reyes

Oscar Reyes

Oscar Reyes Jr., President and CEO of G-Xchange Inc., the entity operating GCash, highlighted the significance of this expansion for the primary benefit of Filipinos living overseas.

“With around 13 million Filipinos living abroad, we recognise and answer the need for them to be present for their families back home and remain in control of helping build the financial future of their loved ones,”

said Oscar.

The service aims to enable these individuals to support their families in the Philippines more effectively. To accommodate users globally, GCash permits the registration with international mobile numbers, requiring a Philippine passport or another valid form of identification for account verification.

Once verified, users can engage in several transactions without fees, including sending money, paying bills, and purchasing load credits. GCash’s reach as a payment option extends beyond the Philippines, being accepted by select merchants in countries such as Japan, South Korea, Singapore, Malaysia, and several others. The service’s partnership with Visa further allows its users to make payments to over 100 million merchants across 200 countries and territories.

In addition to facilitating payments and transfers, GCash has contributed to financial services through the disbursement of loans amounting to P118 billion to 3.9 million borrowers, offering products like Sakto Loans as an alternative to informal lending. The platform has also ventured into insurance, selling 16.3 million policies and recently introducing a policy to protect against scams in fund transfers and payments.

This expansion and the services offered by GCash reflect its role in providing financial solutions, aiming to enhance financial accessibility for Filipinos worldwide.

Featured image credit: Edited from Freepik