GFII targets OFS as users of e-wallet

GCASH app operator Globe Fintech Innovations Inc. (GFII) launched the beta version of its electronic wallet targeting overseas Filipinos (OFS) who don’t have a subscriber identity module (SIM) registered in the Philippines.

Still under a beta launch, GFII initially targets the first 1,000 users from Japan, Australia, and Italy to access Gcash with an international SIM card.

Once they’re fully verified, Filipinos overseas regardless of their SIM card can begin signing up for Gcash.

According to GFII President Martha Sazon, the company fully targets the 10 million Filipinos living abroad, “even as they use international SIMS.”

“We strive to remove more barriers,” Sazon was quoted in a statement as saying.

She added the platform is also “doubling down” on its international expansion via its partnership with Hangzhou, China-headquartered Ant Group. The latter, formerly Ant Financial Group, operates the digital platform Alipay, which allows users to pay select merchants in different countries like Japan, South Korea, Singapore, Malaysia, and Qatar as well as top European destinations like the United Kingdom, France, Germany, and Italy.

In 2017, the Philippine Competition Commission approved the acquisition by Alipay Singapore Holding Pte. Ltd. of shares in GFII.

Upon closing of the transaction, Alipay, GFII parent firm Capital Venture Holdings Inc. and Ayala Corp. will hold 45 percent, 45 percent and 10 percent respectively of the issued and outstanding share capital of Mynt on a fully-diluted basis.

GFII said the beta mode of its app segment called “Gcash Overseas” will run for a limited time but executives expect the full launch later this year.