SUNDAY, 02 OCTOBER 2011 18:53 JUN VALLECERA / REPORTER
G-XCHANGE INC., the fully-owned remittance unit of Globe Telecom, has
partnered with Japan's Softbank Payments Service Corp. in an alliance
seen to boost the flow of remittances between Manila and Tokyo.
The agreement links Globe Telecom's GCash remittance brand with Softbank
Corp.'s fund-transfer facilities and the competitive rates they offer to
clients in Japan and around the world.
Softbank Payments Service is a subsdiary of Softbank Corp., a leading
telecommunications and media company in Japan.
Softbank Payments Services president and chief executive officer
Shinichi Ata, in tandem with its Manila partners, announced the alliance
in a statement sent by email on Sunday following the completion of its
registration in Japan under that country's Act on Financial Settlements.
The agreement permits the remitting units to engage in the trassmission
or receipt of Japanese yen and Philippine peso to and from each other.
A customer using GCash Remit in the Philippines may deposit money in
Japanese yen in advance and remit a given amount in pesos from the
deposit to the Philippines on a 24/7 basis by using either a personal
computer or a Smartphone.
The remitting units commit to deliver the remittance to recipients as
quickly as inside of 10 minutes in some 18,000 pick-up outlets
throughout the Philippines, or directly through a mobile phone
previously enrolled with Globe's GCash mobile money platform or
alternately to one's account in a bank.
According to the statement, clients are charged a minimum of ¥500
Japanese for each transaction up to ¥10,000 equivalent, considered the
lowest in the industry.
Remittances exceeding ¥10,000 up to ¥30,000 are charged a fee of ¥700
and anything above ¥30,000 are charged ¥1,350.
Globe Telecoms said the remittance tie-up will benefit Filipinos living
in Japan who may now send their earnings back to the Philippines quickly
in a secure and convenient manner.
Softbank vowed to extend the same quality services not only in the
Philippines but to other destinations in the region.
The move should help facilitate the flow of more remittances from Japan
and in many other places around the world where Filipinos have worked
for many years.
Some $20 billion worth of remittance have been expected this year by
regulators who previously forecasted resilient remittance growth
averaging at least seven percent this year no matter the disruptions in
countries in the Middle East and North Africa where a large population
of overseas Filipino workers abound.
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