GCash gets BSP nod to enter Europe, ME

MANILA, Philippines — E-wallet leader GCash has received the green light from the Bangko Sentral ng Pilipinas (BSP) to offer financial services to overseas Filipino workers (OFWs) in Europe and the Middle East.

In an advisory, GCash announced it would broaden its reach in 10 countries in Asia and Europe after getting the regulatory approval.

GCash currently runs a beta version in Australia, Canada, Italy, Japan, the United Kingdom and the US.

With BSP’s approval, GCash is expanding to the Middle East, particularly Kuwait, Qatar, Saudi Arabia and the United Arab Emirates.

The e-wallet would offer financial services in Germany and Spain in Europe, as well as Hong Kong, Singapore, South Korea and Taiwan in Asia.

As planned, GCash is headed to countries where thousands of OFWs are based, hoping to serve their financial needs, from as simple as buying load to as complex as remitting money.

GCash’s operator G-Xchange Inc. president and CEO Oscar Reyes Jr. said the e-wallet intends to provide OFWs with a variety of financial services to help them build for their future.

“In 2024 and beyond, we are doubling down on our mission to serve our users beyond Philippine shores,” Reyes said.

In particular, GCash wants to become an alternative remittance channel for OFWs, offering them a free way to send money home as long as it is within the platform.

OFWs could also use GCash to settle the bills of their families to ensure that their hard-earned money is spent on the right expenses.

Filipinos abroad could also access GCash to save money for the future, as the e-wallet features safe and secured investment opportunities.

GCash International general manager Paul Albano said the app would soon bring in new products that fit the financial requirements of OFWs.

For instance, GCash is offering vouchers that OFWs may buy online and gift to their families.

In the Philippines, GCash is developing into a preferred lending source by millions of Filipinos, disbursing around P118 billion in loans as of 2023.

GCash is eyeing to go public as soon as market conditions permit it to, a development that would make it the first e-wallet to list with the Philippine Stock Exchange.