Payoneer to make Phl a regional hub

The Philippine operations of global digital payments firm Payoneer is set to become the company’s regional hub in the ASEAN, driven by the significant growth of its business.

In a media briefing, Payoneer regional head for Southeast Asia Bangladesh, Sri Lanka and Pakistan Miguel Warren said the Philippines has displayed tremendous growth, a year after it has established office in the country.

Warren said the monthly payment volume in the Philippines has grown 359 percent year-to-date and the number of active monthly users has risen 375 percent.

Warren said the company has almost 200,000 users in the Philippines, around 60,000 of which were added this year alone.

“On the back of the strong results that we’ve seen, the local Payoneer operations is now set to become a regional hub to work with countries in Southeast Asia, as well as certain countries in South Asia, such as Pakistan, Bangladesh, and Sri Lanka,” Warren said.

The company official, however, clarified this would not include its China and Hong Kong businesses, which are operating separately.

Payoneer’s Philippine office is also the company’s first office in Southeast Asia.

Warren said the growth of the company’s Philippine operations is driven by the local freelancing market, particularly the online outsourcing market.

“Our growth means that the markets we serve are also growing. We want to maintain this upward momentum and continue helping the online outsourcing and export markets in the Philippines,” Warren said.

The New York-based financial technology firm is also setting its sights on other industries beyond its core market of freelancers. The expansion plan entails serving BPOs (business process outsourcing), ecommerce sellers and online SMEs (small medium enterprises).

To support this objective, Payoneer Philippines said it has started conducting roadshows in key cities such as Manila, Baguio, Cebu, Davao, Cagayan de Oro, Palawan and Iligan.

“We are committed to making a difference by empowering not just freelancers but also e-commerce sellers, BPOs, and entrepreneurs. We can support them by offering tools and secure payment solutions that will enable them to participate in the global economy and help them maximize their incomegenerating potential,” Warren said.

Moreover, the company is also launching Australian and Canadian currency receiving accounts to complement the other currency accounts it provides its customers.