Global financial services firm Payoneer has selected the Philippines as its hub for Southeast Asia, Pakistan, Sri Lanka and Bangladesh given the rise of outsourcing and freelance businesses in the country.
The New York-based company, which entered the country in 2016, designated the country as its hub starting this year. It said it has seen a 472% growth in the number of active monthly users, leading to a record 483% growth in monthly core payment volume and 663% year-over-year Billing Service payment volume growth since its start of its operations. This growth was primarily driven by freelancers and service providers.
Chief executive officer Scott Galit said that trends of cross-border working and online jobs with 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.
He added that they are optimistic with the growing number of freelancing and small business process outsourcing (BPO) centers in the country. The company will open a customer center in addition to its head office.
Payoneer provides digital payment services and online transaction services. Its main clients are small and medium enterprises (SMEs) in the Philippines.
It has cited a study by Let’s Talk Payments LLC that its account users can save due to a low currency conversion fee, with the local transfer payments at the low rate 2%. — Patrizia Paola C. Marcelo