PAYONEER has designated the Philippines to be its hub for Southeast Asia, Pakistan, Sri Lanka and Bangladesh, as it sees the continued rise of business process outsourcing and freelancing businesses in the country.
The New York-based financial services company, which entered the country in 2016, designated the Philippines as its hub starting this year.
Payoneer Chief Executive Officer Scott Galit said trends of cross-border work and online jobs for back-office functions bodes well for the Philippines as a market for Payoneer.
“We had to succeed in the Philippines, and the market is large here with the level and quality of English,” Mr. Galit said in a media roundtable.
Mr. Galit said the company is optimistic with the growing number of freelancing and small BPO centers in the country. The company will open a customer center in addition to its head office.
Payoneer said it has seen a 472% growth in the number of active monthly users, leading to a record 483% rise in monthly core payment volume and 663% increase in billing service payment volume since the start of its operations. This growth was primarily driven by freelancers and service providers.
Payoneer provides digital payment services and online transaction services. Its main clients are small and medium enterprises in the Philippines. — Patrizia Paola C. Marcelo
