GCash, a huge e-wallet company, is going to enter new markets in the Middle East and Europe to grow its business around the world and raise more money as part of its plan to go public.
Oscar Reyes Jr., president and CEO of G-Xchange, told reporters that the company wants to expand into 10 new countries in the next few months, most of them in the Middle East.
GCash is just waiting for the Bangko Sentral ng Pilipinas (BSP) to give its permission to do business in Qatar, Saudi Arabia, and the United Arab Emirates, according to Reyes.
GCash also asked the BSP to be allowed to do business in several European markets to serve mostly Filipinos who work abroad.
This growth is supposed to make GCash more valuable as a financial service by making its market bigger in preparation for an IPO.
GCash wants to be the first e-wallet to be listed in the main index of the Philippine Stock Exchange. He also said that the app will go public once the market gets better.
ManilaShaker is a tech media producing insightful and helpful content for our local and growing international audience. Our goal is to create a premier Philippine digital consumer electronics resource that provides the most objective reviews and comparisons globally.
