GCash, the Philippines’ number one finance app and largest cashless ecosystem, has forged a strategic partnership with South Korea's leading cross-border money transfer fintech, E9pay.
This partnership enables Filipinos residing in Korea to remit money back to the Philippines quickly, effortlessly, 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.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
