PayPal to enter China market through local acquisition

HONG KONG -- US digital money transfer platform PayPal Holdings Inc has obtained Beijing's approval to buy a controlling stake in a domestic payments firm, which would make PayPal the first foreign firm to enter China's payment services market.

Gopay Information Technology, PayPal's acquisition target, has received approval from China's central bank to sell a 70 percent stake to PayPal, both companies said on Monday.

Gopay has licenses for mobile, online and cross-border yuan payment services, the Chinese company said in its statement.

PayPal will make the acquisition through a subsidiary in Shanghai. No financial terms were disclosed.

The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions, PayPal said.

Early last year, China's central bank announced that it was opening the country's domestic market to foreign third-party electronic payment firms, a move intended to promote competition in the retail payments industry. 

source: news.abs-cbn.com

PayPal to buy digital money transfer provider Xoom

SAN FRANCISCO - PayPal Inc said it would buy digital money transfer provider Xoom Corp. for $890 million as it muscles into a growing international remittance market and expand in countries like Mexico, India and China ahead of a spinoff from eBay Inc.

The offer price of $25 per share in cash represents a premium of about 21 percent to Xoom's Wednesday closing price of $20.70.

Xoom shares surged on the announcement and were trading around the offer price in extended trading.

"Our aim is to bring the companies together to make it a true consumer champion in remittances," PayPal President Dan Schulman said in an interview with Reuters.

Xoom, which has 1.3 million customers and a presence in 37 countries, allows users to transfer money via desktop, mobile phones and tablets. The acquisition would allow Xoom to expand into new markets with less execution risk, Xoom CEO John Kunze said on Wednesday.

Xoom will operate as a separate service within PayPal after the completion of the deal.

PayPal faces increasing competition from rivals like Stripe and Square, which is popular with smaller businesses, and Apple Inc.'s Apple Pay. Online commerce foe Amazon.com Inc. is also beginning to explore in-store payments.

The San Jose, California-based company said holders of about 18 percent of Xoom's outstanding shares, including all executive officers and directors of Xoom and certain entities affiliated with Sequoia Capital, have agreed to vote for the deal. It intends to fund the transaction with cash on its balance sheet.

PayPal said the deal, expected to close in the fourth quarter of 2015, will slightly hurt its adjusted earnings per share for 2016. The company is slated to separate from eBay this month and list as an independent company.

J.P. Morgan Securities LLC is financial adviser to PayPal, while Sidley Austin LLP is its legal adviser. Qatalyst Partners is financial adviser to Xoom and Goodwin Procter LLP is its legal adviser.

source: www.abs-cbnnews.com

Transfer Money Overseas The Smart Way

Whether you are new to transferring money overseas or you are seasoned expat transferring money between bank accounts, it pays to transfer the smart way. Just as you might find when using any financial service, there are some sure fire ways to get ripped off and some sure fire ways to maximize the value of your transfers.

The first thing you need to know about money transfers is that there is no such thing as a free lunch. You will need to pay for your transfer in some way – after all, banks and money transfer companies need to turn a profit in order to keep their services going. It’s the way that these profits are made that counts and with a little inside knowledge you can be sure you are not handing over too much of your cash in charges.

Don’t Be Fooled By 0% Offers Or Free Transfer Deals

There are many money transfer companies offering 0% transfer deals and these are best avoided if you can help it. These companies will factor in a poor exchange rate and it could cost you dearly. Treat these signs as marketing gimmicks. It’s the classic bait and switch.

Instead, shop around for a good non-bank money transfer specialist who can give you an exchange rate that is as close to the interbank rate as possible. This is the rate that fluctuates every day on the currency markets, and should be viewed as the ‘real’ rate of exchange.

An FCA authorized money transfer specialist will give you the best rates, professional guidance and transparent charges. They will also be able to give you access to currency contracts such as forward contracts that save you even more money over time.

Opt For A Forward Contract And Lock In Your Exchange Rate

Did you know that you can lock in your exchange rate for a fixed period of up to 12 months in advance? This gives you total peace of mind that your regular payments and other money transfers will always stay in budget. That’s great if you are using a currency that fluctuates wildly each week. You can usually set your exchange rate for up to 12 months, requiring only a 10% deposit


Save Money On Your Next Overseas Money Transfer

Saving money is important when you make any financial transaction and sadly currency transfers are one of the hardest hit transactions when it comes to opaque charges. Foreign exchange is commonly known as one of the last areas of financial services where the customer doesn’t know what it’s costing their bottom line. Exchange rates are inherently designed to confuse.

The good news is that trading with an FCA authorized money transfer specialist can help you to save hundreds and often thousands on your money transfer deal. In fact, you could save up to 5% on each transactions versus the high street bank. In real money terms, that’s savings of up to £5,000 if you were to transfer £100,000. Banks set their exchange rates only once or twice per day whereas currency brokers call into the live markets, accessing wholesale exchange rates.

source:  everythingfinanceblog.com

MoneyGram eyes key markets to expand growth

MANILA – International money transfer company MoneyGram is bent on expanding its market share by further boosting its products and services to reach more potential clients in key markets in the Asia Pacific and the Middle East regions.

“The company continues to gain market share. We believe that we have a positive brand message that resonates well with our consumers,” said Grant Lines, senior vice president for Asia Pacific, South Asia and Middle East.

Lines, who was just recently appointed to his new position, hopes to bring the regions, the markets and its consumers closer to the company.

“My role is a new role for the organization. My responsibility for Asia pacific, South Asia and the Middle East I think that is a reflection of how those markets have grown today. There’s tremendous growth opportunity that our company sees so were moving forward,” he said.

Lines cited World Bank data in 2012 that ranked the Philippines as 3rd after China and India in terms of highest remittances received, totaling $24 billion.

He said “MoneyGram's goal is to be the preferred money transfer provider,” that would cater to the needs of its consumers by offering a variety of money transfer options like the traditional cash to cash and innovations such as direct to account online, mobile, kiosk and ATM.

“Our company is growing. In 2012 we added 43,000 agent locations. At the start of 2013, we have 310,000 agent locations,” he said.

In the Philippines, MoneyGram has an extensive coverage of 9,500 locations nationwide, with 3,000 offering convenient services such as US dollar payout; and 200 locations providing a 24-hour service.

Alex Lim, MoneyGram’s country manager for the Philippines, projects double digit growth this year.

“There's a high demand of Filipinos everywhere you go. As long as there is a demand, MoneyGram will make sure that we have the right product and service,” he said

Remas Ho, MoneyGram’s regional director for Asia, said that they see growth in different channels. "What MoneyGram is trying to do is we provide all the convenient options for senders and receivers to make sure their money go though the process and receive safely here in the Philippines," Ho said.

Lim further said that they plan to expand in terms of locations and get more new agents to join MoneyGram.

“We have those two things in plan and next few weeks or months we'll be announcing our new partners,” Lim said.

Operating in 197 countries, MoneyGram has more than doubled the numbers of their agent locations from 143,000 in 2007 to 310,000 at the start of 2013.

MoneyGram’s other value-added services include a 24-hour toll-free hotline, as well as a 10-minute money transfer guarantee.

source: abs-cbnnews.com

Xoom and Philippine Airlines’ Mabuhay Miles announce special offer for Filipino remitters

SAN FRANCISCO, CA – Premier online money transfer company Xoom.com is excited to
announce its partnership with the national carrier, Philippine Airlines. First-time Xoom customers who send money to the Philippines between April 10, 2012-December 31, 2012 are entitled to 2,500 bonus Mabuhay Miles.

“We are excited to have Xoom.com as a Mabuhay Miles partner,” said PAL Assistant Vice President for Product Loyalty Marketing, Ria Domingo.

Xoom has launched several successful promotions in the last few months including offers for the last two Pacquiao fights and Goldilocks . Xoom Marketing Director, Pia Guter said, “I hope Filipinos take advantage of this offer and discover for themselves how convenient, fast and secure it is to send money with Xoom.com. We are proud to partner with Philippine Airlines and hope this offer will help our kababayans travel home or help their family and friends in the Philippines travel as well.”

For more information on this special offer, please visit www.xoom.com/pal. Terms and conditions apply.

Press release from Xoom.com

source:gmanetwork.com

Western Union recognizes top 10 outstanding maritime students for 2011

MANILA, Philippines — The top 10 outstanding maritime students for 2011 were identified in a nationwide search by Western Union, a global leader in money transfers, in support of upholding the Philippines as one of the largest contributors of seafarers globally.

Western Union concluded a nationwide search for the best graduating maritime students in the Philippines last September 22, 2011. The top 10 students identified were presented to Vice President Jejomar Binay on National Seafarers’ Day, September 23, 2011, in recognition of their achievements as model citizens of the seafaring population.

The nationwide pool of nominees includes undergraduates recognized by their respective schools for being academically excellent, highly competent in practice, in good moral standing and active in their respective communities. The finalists also mirror Western Union’s important corporate values – integrity, passion, assertiveness, dependability and camaraderie.

“Congratulations to the 10 outstanding students who have exhibited great passion and dedication in honing their seafaring skills to become part of our country’s growing force of global heroes,” said Patricia Riingen, senior vice president, Pacific & Indochina, Western Union.

“Congratulations also to their teachers and mentors who have greatly contributed to the advancement of the Philippine maritime industry.

“Western Union has always understood that our business doesn’t just make the world go round, it starts things for people. It helps with the day to day and the long term, converting opportunities into reality for consumers and businesses alike.

“Through recognizing the accomplishments of the maritime student community, we hope to instil a lifelong love for learning for the next generation of seafarers as they begin their journey to make a difference to their loved ones, and to make a difference to the world.”

Each of the top 10 students has a special story of their own, but all share the dream to succeed. “I wanted to have a chance to uplift my family from poverty so I grabbed the opportunity to become a Marine Engineer. Although it hurts to know that I’ll be away from them for a long time, I accepted it,” says Luis Nico Enciso, a student of the Mariners’ Polytechnic Colleges Foundation in Camarines Sur.

Some students aspire to give back to their community through knowledge exchange. “One day, I want to be able to send my older siblings to school, become a Chief Engineer, take my master’s degree and earn a doctorate in education to be able to teach and, perhaps, even become a school dean,” says Allyson Agustin from the Technological Institute of the Philippines in Manila.

Source: mb.com.ph