Small entrepreneurs, 'gig economy' drive PH growth of global financial firm Payoneer

Cathy Yang, ABS-CBN News

Posted at Mar 15 2018 06:23 PM | Updated as of Mar 16 2018 08:26 AM

MANILA – Small online businesses, outsourcing and the "gig economy” drive the "tremendous growth" of global financial firm Payoneer, its CEO said on Thursday.

The country’s robust digital economy, where small players and freelancers sell goods and services to clients worldwide, made the Philippines an important market for Payoneer, its CEO Scott Galit said.

"That’s why the Philippines pulled us into the market because there was so much demand and so much activity and there’s so much potential for the Philippines to actually continue to grow and thrive as a key market globally," Galit said in an exclusive interview with ANC's The Boss.

The company provides convenient global payment options and financial services to "very, very small business owners, proprietors and individual freelancers working from home" who want to connect with clients worldwide, he said.

With operations in 200 countries, the Philippines is its 5th largest market next to China, US, Russia and Japan.

"We started to see the Philippines as a very important market providing services and I think it's based on a great heritage of global outsourcing," he explained.

Galit said the high English proficiency of the service sector workforce also creates "an environment” of success. 

Payoneer CEO Scott Galit speaks to Cathy Yang for ANC's The Boss

Galit, who is currently in the Philippines to launch the country as its regional hub in Southeast Asia said, he “wants to take the success and tools deployed here across the region.”

What makes Payoneer different from other industry players, Galit said, is its mission to incubate growth of its partners.

"We see businesses that are accessing [the] global economy in ways that weren’t possible before. That’s what we love about what we do. We have a chance to work with entrepreneurs in developing markets to help them grow," he said.

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