A partnership between GCASH, the flagship mobile commerce service operated by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Globe Telecom and Philippine-based Korean information technology firm IT Corea, Inc. was signed on November 5, 2013. The move aims to expand the GCASH userbase by tapping the Korean community in the Philippines and providing them access to mobile money services.
Koreans remain to be one of the top foreign visitors of the Philippines but according to the Bureau of Immigration, out of 120,000 Korean residents in the Philippines, only 40,000 are able to open a bank account due to lack of required documents. This is where GCASH comes in – it will offer the first-ever Filipino-Korean debit card called CoreonCash. Linked to a Globe/TM phone with mobile money capabilities, CoreonCash can be used to send money to others, purchase from merchants, buy prepaid load, and pay bills made possible through GCASH’s safe and secure platform.
The two companies have also previously partnered to offer Coreon Mobile, a postpaid service that allows users to enjoy a mobile number in the Philippines, a VOIP number, and a local Korean mobile number.
Here’s an except of our interview with Mr. Jae Jung Jang, Chairman of IT Corea, Inc.