Payoneer makes PH as regional hub
Payoneer Philippines, a cross-border payments firm, posted a 472% growth in its active monthly user numbers, with a 483% growth in monthly core payment volume and 663% year-over-year Billing Service payment volume growth in its two years of operation in the country.
“The Philippines is one of the most important markets around the world for businesses outside of the region to buy services from,” stressed Payoneer CEO Scott Galit. “Because it is a key market, it was crucial that we localize our offerings here, and build a strong team and a successful business.”
The Philippines acts as the company’s regional hub for Southeast Asia, Pakistan, Bangladesh and Sri Lanka, he added, noting the region’s significant contribution to Payoneer’s global business, along with its impact on the growth of freelance and outsourcing industries.
The CEO was optimistic about the opportunities in the country citing the local market’s scale and successful history of providing outsource services to buyers all over the world and the continuing trends towards outsourcing around the world.
“As Filipinos continue to be more tech-savvy, those services that are being provided are widening, from outsourcing call-center related services to being about technology-driven services,” he explained.
“There’s a whole other wave of growth that’s coming. The sophistication of the market here, the quality of education, the quality of English that’s here and the global orientation of business people mean there’s tremendous opportunity.”
Furthermore, the steady global rise of the freelance economy fuels Payoneer’s phenomenal growth, according to Payoneer Regional Head Miguel Warren.
“Payoneer’s growth parallels the trends that we see in the freelance and outsourcing industries. With our expansion came roadshows to empower small businesses, and we can’t wait to duplicate the Payoneer Philippines’ and the freelancers’ success in other countries. The goal is not just to benefit us but also to empower our core market.”
The company’s mission is to democratize access to economic opportunity for entrepreneurs, he pointed out.
“We’re helping small business owners tap into new opportunities all around the world. Our goal is to lower borders for them and make it easier to go global. Technology and internet created a new digital economy, but with international expansion come a number of logistical and operational challenges. Our payment services and network of global partners provide the tools they need to grow.”