Globe Telecom ties up with Japan’s Softbank

By: Paolo G. Montecillo
Philippine Daily Inquirer

MANILA, Philippines—Ayala-led Globe Telecom Inc. has forged a partnership with one of Japan’s financial institutions to set up a remittance service for Filipinos working in Japan.

In a statement, the company said the partnership with Softbank Payment Service Corp. (SBPS), a subsidiary of Softbank Corp., would give Filipinos in Japan another way to conveniently and safely send money to their loved ones in the Philippines.

SBPS said it had started accepting membership registration applications from users of GCash Remit, Globe’s mobile transactions brand in Japan.

“By using Gcash Remit, a customer can deposit money in yen in advance and remit the required amount in pesos from the deposit to the Philippines any time 24/7 from the service website,” SBPS said in a statement.

While membership applications are already being accepted, SBPS said commercial operations would start on November 1.

A beneficiary can receive the amount remitted in 10 minutes at the earliest through the more than 18,000 cash pick-up outlets in the Philippines, mobile money platform GCash and bank transfer.

The minimum remittance charge is 500 yen per transaction, which is among the lowest in the industry.

SBPS said its partnership with G X-Change Inc., Globe’s mobile payments subsidiary, would provide Gcash Remit services mainly to Filipinos living in Japan. This will enable them to send money securely to their family and friends who were experiencing difficulties in accessing banking services in the Philippines.

Remittances sent by relatives working overseas are a major source of income for many Filipino families. Remittances are also a main source of foreign exchange for the country, which help prop up the economy.

The country’s more than eight million migrant workers are expected to send about $20 billion in remittances to the Philippines this year, higher than the $18 billion sent last year.

The World Bank estimates that the Philippines is currently the fourth-largest remittances recipient in the world, next to China, India and Mexico.