Payoneer, one of the leading online payment solutions formally opened its office in the Philippines. This is a part of the company’s expansion of operations in the Asia Pacific region.
It is a New York-based global financial services firm that provides payment solutions to Google, Amazon, Upwork, and Airbnb, among others. Its presence in Manila will enable freelancers and SMEs to expand their network.
Payoneer has long recognized the rapidly growing outsourcing and export market in the country. According to World Bank Global Opportunity in Online Outsourcing report released last year, the global online outsourcing industry is set to generate revenues in the range of $15 to $20 billion by 2020. The Philippines, comprising of 18.6% of the global online workforce is listed in the same report as among the top five countries for online outsourcing. Through its cross-border payment platform built for today’s digital age, Payoneer is continuing to empower this market growth.
“Receiving international business payments in a timely and cost-effective manner is oftentimes a big hurdle for small businesses and freelance professionals,” said Miguel Warren, Payoneer Country Manager in the Philippines. “With all the global opportunities in online business, the last thing Filipino freelance professionals, online entrepreneurs and SME BPOs need to worry about is getting paid by their international clients. Payoneer can provide them with fast, flexible and low-cost solutions that will help them scale their global businesses.”
“At Payoneer, it is our mission to empower entrepreneurs and small business owners in the Philippines to connect with opportunities that will help them grow their global business and achieve their potential,” said Scott Galit, Payoneer CEO. “The freelance and outsourcing market in the Philippines sets a great example to the rest of the world and it is an honor to help their continued expansion by providing a secure, low-cost platform for cross-border payments.”
Payoneer has millions of users worldwide from more than 200 countries and is a cross-border payment between buyers and sellers in more than 150 currencies.
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