ELECTRONIC wallet giant GCash is eyeing to expand in the Middle East this year to boost its market presence, according to its operator G-XChange, Inc.
“We have many Filipinos in the Middle East. We really want to be able to serve them. Of course, we need clearance from the Bangko Sentral ng Pilipinas (BSP),” G-XChange President and Chief Executive Officer Oscar A. Reyes, Jr. told reporters in a chance interview in Taguig City on Wednesday.
Mr. Reyes said GCash is hoping that it would be able to push through with the expansion within the year after sending its application to the BSP.
“When we get approval from the BSP, we’re ready to go… We’re trying to expand further internationally. We’re just trying to get BSP’s go-signal to do so,” Mr. Reyes said.
Currently, GCash is available in France, Germany, Japan, Australia, Italy, the United States, the United Kingdom, and Canada, with users being able to access the e-wallet using an international subscriber identity module or SIM card.
Meanwhile, Mr. Reyes said GCash’s plan for an initial public offering (IPO) still has a long way to go before engaging in the full process.
“There are still a lot of things that we need to do, especially from a regulatory standpoint,” he said.
Mr. Reyes said GCash is making sure that it is IPO-ready, adding that the plan is also market-dependent.
“The important thing there is that we are ready. So, we are IPO-ready as a company. We need to make sure that all the businesses are doing well and everything internally is doing well. Compliance as well,” Mr. Reyes said.
He added that the platform has yet to determine where it would use the proceeds to be generated from an IPO.
“That is still to be determined. I think there’s a lot of things that we can do for the market. That would have to go through some strategic planning,” Mr. Reyes said. — Revin Mikhael D. Ochave
