Philippines - GCash, the Philippines’ number one finance app and largest cashless ecosystem, has forged a strategic partnership with South Korea'⁵s leading cross-border money transfer fintech, E9pay.
This partnership enables Filipinos residing in Korea to remit money back to the Philippines quickly, ⅘effortlessly, and at competitive rates via mobile devices.
With the direct connection between the two Asian fintech leaders, Filipinos living in Korea could send money to their friends and family’s GCash wallets through the E9Pay app with unprecedented ease and speed. The transaction procedure is fully online and requires only the receiver's phone number, eliminating the need for bank visits or complex paperwork.
The transferred funds arrive within a few minutes or hours, far faster than traditional banking processes. Users will also benefit from lower transaction fees and more promotional events co-hosted by the two nation’s leading service providers.
E9pay CEO, Jun Goo Hyok, expressed his excitement about the partnership: "With the Korean Government's plans to bring in more health care and housekeeping workers from the Philippines, we anticipate significant transaction growth potential with GCash soon."
Meanwhile, Paul Albano, general manager of GCash International said: “This partnership with E9Pay ensures that we will continue to serve Filipinos wherever they are in the world. This is also a big boost to the cultural and economic ties between the Philippines and Korea with monthly transactions seen growing substantially as we open the service to the over 60,000 Filipinos in Korea and over 94 million people who have tried using GCash in the Philippines.”
According to Immigration data from South Korea's Ministry of Justice, the foreign resident population, encompassing both short-term and long-term stays, stood at 2.25 million in 2022, up by 14.8% from the previous year. Among these, the Philippines ranked 6th, accounting for roughly 60,000 individuals. Furthermore, there has been a significant surge in Filipino tourists visiting South Korea, rising from 116,000 in 2021 to 308,000 in November 2023, or a substantial increase of 165.5%.
In response to increasing interactions between South Korea and the Philippines, the two companies plan to broaden their remittance services in the future. This expansion will facilitate the flow of funds from Korea to the Philippines and vice versa, accommodating various financial demands, including tourist payments and hospital fees in Korea.
GCash has been solidifying its international presence for Filipinos across the world. Aside from allowing direct and easy remittance services for Filipinos residing in Korea, GCash users visiting the country can also use the app to pay by scanning national QR codes as well as using their GCash Visa Card.
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