HOLY ANGEL UNIVERSITY

SCHOOL OF BUSINESS AND ACCOUNTANCY

6362-YINTBUS A-337

GCASH AT UAE

Submitted by;
Group 9

Canaveras, Clarissa Mae M.

Calma, Nicole D.
Henson, Hart Kathlyn M.
Miranda, Josiah Alj A.
Velasquez, Pamela Kathleen M.
Zabayle, John Clark V.

PROFESSOR
Ms. Joy Anne Evaristo

DATE OF SUBMISSION
October 21, 2024

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Table of Contents

Company and Market Assignment Page 3

Globalization and Regional Integration Page 5

International Analysis Page 6

Market Entry Strategy Page 8

Global marketing Strategy Page 10

Risk Assessment and Mitigation Page 15

Conclusions and Recommendations Page 19

Appendices Page 22

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I. Company and Market Assignment

Brief Company Overview

Mynt, a Globe Telecom subsidiary, created the mobile wallet service GCash. Almost 76
million users, or 67% of the country's population, are registered as of 2023, making it the most
widely used digital wallet in the Philippines. Users can transfer and receive money, pay bills,
purchase items, and shop online with GCash. In addition, it provides a wide range of additional
features, like insurance and investment goods, that make it an application from fintech that offers
services outside of the financial services industry.

List of Services

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Why this Market

The country UAE is an advanced country which is also the reason why they are close to
becoming cashless payments. According to a Bank in Dubai, two-thirds of UAE customers
believe that by 2030, the country will have completely moved to cashless transactions. The
banking system is becoming more digital as more customers want a more customized experience
and the convenience of accessing a large range of financial services from home.

Market Research

Since PayPal is the only electronic payment they have we can introduce GCash to them, Gcash
also offers money transfers, pay bills, purchase items, and many more. Giving them some options
to choose from. Using their cell phones, consumers may instantly make payments, eliminating the
need to carry cash or visit ATMs. Businesses gain from the instant shift to digital transactions as
well because it speeds up payments and enhances their cash flow.

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II. Globalization and Regional Integration

Impact of Globalization:

The UAE is one of the main partners of the Philippines for OFWs. And if people work abroad,
they always send money at home. As globalization rises in parallel with the advancement of technology,
the usage of smartphones, the internet, and the idea of sending money and remittances with just the tip of
your finger heavily influence G-cash to have a big potential to push into international services of
transferring money and compete to the other remittance services such as Western Union and other
PeraPadala companies. The Idea of sending money anytime and anywhere through the use of technology
will give G-cash a big advantage. For the world economic effect, the increase of fast movement of money
by easily sending money and remittances using technology compared to previous decades also increases
the world economy drastically, and this is also one of the main opportunities to ride on this trend to create
a stable business as many countries will support and keep this kind of services on the international
market.

Regional integration impact:

G-cash primary and initial target customers will be the OFWs and other Filipino
businessmen. UAE has been maintaining a strong friendship with the Philippines and a good
diplomatic relationship, especially with the OFW-related diplomatic code and agreements. This
strong tie between the two countries will assure G-cash of stable performance and a secure
relationship with consumers as the OFWs and other businesses will love the idea of G-cash
transfer money in a very convenient and fast way. UAE -Philippines bilateral relationship also
keeps on improving ties by extending and adding more agreements for OFWs and labor codes.
This continuity of good relationship between both countries can also give G-cash a great
opportunity of an idea to invest in a long-term business and possibly expansion of other possible
services internationally by adding more products such as internet and telecom products.

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 III. International Environment Analysis

A. PESTLE Analysis

Political Economic Social Technological Legal Environmental

-Government - Financial - Digital - Technological - Consumer - Sustainability

Assistance Market Adoption Innovation Protection
- Stability of - Growth - - Security - Data
Government of Digital Pandemic Privacy
Payments Impact

Political

To provide an advantageous environment for GCash's expansion, the PH government is

encouraging digital transformation, including cashless transactions. Political stability is
necessary for GCash and other digital services to succeed. Changes in politics may have
an impact on economic policies that affect laws affecting financial technology. GCash is
obliged to abide by UAE laws pertaining to digital wallets and financial services. GCash
must guarantee compliance with the banking and remittance regulations of the UAE.

Economic

One of the main reasons supporting the money transfer market is the big OFW
population. GCash's usefulness is increased by providing a practical and economical
means of receiving payments. Convenient digital payment options like GCash are in high
demand in the Philippines due to the growth of e-commerce and money transfers.
Because of the UAE's greater average income, there may be more financial services
available through GCash, including credit, investment, and savings options.

Social

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As more individuals use digital wallets for accessibility and convenience, GCash's
growth has been pushed by the growing use of smartphones and internet connectivity in
both urban and rural areas. Since the pandemic the use of GCash and other digital
payment platforms has significantly increased as a result of the pandemic pushing people
toward cashless transactions for concerns of safety and health. The UAE's high internet
and smartphone adoption rate supports GCash's mobile-first strategy.

Technological

To deliver smooth transactions, loans, savings accounts, and other services, GCash
utilizes the most recent advancements in financial technology. The user experience can
be improved by continuing developments in financial and mobile technologies. GCash
must consistently make investments to protect its systems from fraud, hacking, and data
breaches. The UAE is a technologically advanced nation that offers an inviting
environment for financial and digital wallets.

Legal

To comply with consumer protection regulations and transparency of legal issues, GCash
must guarantee equal treatment of users, clear fees, and strong customer support. To
protect customer data, GCash must strictly abide by the Data Privacy Act of the
Philippines. This entails managing user consent and stringent data management
procedures. It is important to make sure that data privacy laws in the Philippines and the
UAE are followed.

Environmental

Despite being a digital platform, GCash may support environmental sustainability by

decreasing the need for physical bank branches and transactional paper use. GCash's
digital format can appeal to UAE citizens who want to lessen their environmental effects.

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B. Cultural Analysis

UAE's main cultural difference that always needs to be considered is being a Muslim country.
These cultural differences mostly affect food and other physical services industries. But for
Gcash, since it will only provide remittances and money transfers, the only thing that they need to
avoid is the business cultural differences which are very minor such as business hours for praying
time, holidays and business etiquette that can easily adapt without adjusting or changing any
business operations for Gcash.

C. Legal and Regulatory Considerations

One of the legal aspects and regulations created by the UAE for accepting foreign businesses is
the freezone which are considered as economic zones. These are Abu Dhabi and Dubai. Gcash
can apply its business to these freezone to have a 100% ownership for a foreign business
application which will give a high profitability and avoid possible conflict of interest if they need
to share its ownership. Benefits of obtaining freezone business license:

 Strategic Location
 Streamlined Business Setup
 Favorable Tax Environment
 100% Foreign Ownership
 Business-Friendly Environment
 Simplified Regulatory Compliance

Another regulation that Gcash needs to consider is the tax system. UAE is also
implementing Value added tax (VAT), and other income tax that might cause a double
taxation (one is from UAE and the 2nd will be on Philippine Tax). But this can be avoided
as the newly implemented law was signed which is the double taxation treaties for
foreign businesses to give tax.

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IV. Market Entry Strategy

 GCash, a leading mobile wallet service from the Philippines, has expanded its services
to the UAE to reach the Overseas Filipino Workers (OFWs) market. Its strategy
includes:

 Targeting OFWs in the country, GCash focuses on addressing the remittance needs of
the Filipino population in the UAE, allowing them to send money seamlessly to their
families in the Philippines at a low cost. The partnership with local remittance
companies simplifies this process for OFWs.

 Strategic Partnerships, GCash collaborates with international remittance platforms like

Remitly, Al Ansari Exchange, and MoneyGram. This helps build a broader network for
easier cross-border transactions.

 Localized Services, In addition to remittance services, GCash aims to localize its

offerings by providing features such as bill payments, e-commerce support, and savings
options, catering to the unique needs of the Filipino community abroad.

 Digital Financial Inclusion, GCash promotes financial inclusion by offering micro-

loans, insurance, and savings products, helping OFWs and their families in the
Philippines gain better access to financial services.

 User-Friendly Mobile Interface, With its user-friendly mobile app, GCash enhances the
customer experience by making transactions seamless and secure. Its focus on ease of
use ensures strong adoption in a tech-savvy migrant market.

 These strategies allow GCash to solidify its presence in the United Arab Emirates,
offering valuable financial services to Filipinos working abroad while fostering a
connection with their families back home.

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V. Global Market Strategy

Primary Target Market: Overseas Filipino Workers (OFWs)

Demographic Characteristics

Nationality: Primarily Filipino expatriates (OFWs)

Age: 25-45 years old (typical age range for overseas workers)
Gender: Both male and female, with a slight skew towards males due to the nature of jobs in
the UAE
Income Level: Low to middle-income bracket, typically earning between AED 2,000 to
AED 10,000 per month
Education: Varied, ranging from high school graduates to college-educated professionals
Occupation: Domestic helpers, construction workers, hospitality staff, healthcare
professionals, and other service industry roles

Geographic Characteristics

Location: Primarily urban areas in the UAE, with high concentrations in:

Dubai: Largest concentration, especially in areas like Deira, Bur Dubai, and newer
developments
Abu Dhabi: Second largest concentration, spread across the city and industrial areas

Sharjah: This significant Filipino community, often chooses to live here due to the lower
cost of living

Other Emirates: Smaller but notable presence in Ajman, Ras Al Khaimah, and Fujairah

Population Density: High, as most OFWs live and work in densely populated urban
centers

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Climate: Hot, arid desert climate, which may influence spending patterns and lifestyle
choices

Psychographic Characteristics

Values: Strong emphasis on family ties, financial security, and sending remittances
Lifestyle: Work-oriented, with a focus on saving money and supporting family back
home
Interests: Staying connected with family, career advancement, financial planning
Attitudes: Tech-savvy, open to digital financial solutions, cost-conscious
Social Class: Working class to lower-middle class

Behavioral Characteristics

Technology Adoption: High smartphone penetration and comfort with mobile

applications
Financial Behavior: Regular remittance senders, price-sensitive when it comes to
transaction fees
Brand Loyalty: Strong affinity for Filipino brands and services
Usage Rate: Frequent users of digital financial services, especially for remittances
Benefits Sought: Low-cost transactions, convenience, security, and integration with
Philippine financial systems

The target market for GCash in the UAE is primarily composed of Filipino expatriate
workers, characterized by their strong ties to their home country, regular remittance
habits, and openness to digital financial solutions. This segment presents a significant
opportunity for GCash to establish a strong presence in the UAE market by addressing
the specific needs and preferences of OFWs.

Positioning and Branding:

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Positioning Statement: GCash positions itself as the premier digital financial services
platform for Filipino expatriates in the UAE, offering a seamless, cost-effective, and
trusted solution for remittances, bill payments, and digital transactions. Our platform
bridges the financial gap between OFWs and their families back home, providing a taste
of home through familiar, user-friendly Filipino fintech services.

This positioning aligns with GCash's brand values of financial inclusion, technological
innovation, and customer-centricity, as evidenced by its success in the Philippines. It also
resonates with the target market's need for reliable, affordable financial services that
maintain their connection to the Philippines.

Branding Adaptations:

1. Localized Messaging: Emphasize the platform's ability to serve as a financial bridge

between the UAE and the Philippines, focusing on the ease and security of cross-border
transactions.
2. Cultural Sensitivity: Incorporate UAE cultural elements in marketing materials to
show respect for the host country while maintaining the Filipino essence of the brand.
3. Trustworthiness: Highlight compliance with both UAE and Philippine financial
regulations to build trust among users and local authorities.
4. Partnerships: Showcase collaborations with reputable UAE-based financial
institutions to enhance credibility.

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 Marketing Mix (4Ps):

Product:
 Maintain core services such as money transfers, bill payments, and online shopping.
 Adapt to local needs by integrating with UAE-based banks and payment systems.
 Introduce UAE-specific features like dirham-based transactions and local bill payment
options.
 Develop new products tailored to OFWs, such as goal-based savings accounts for
sending children to school in the Philippines.

Price:

 Implement a competitive pricing strategy, offering lower remittance fees compared to

traditional banks and other digital wallets.
 Introduce a tiered pricing model with incentives for frequent users to encourage loyalty.
 Offer promotional rates for new users to drive adoption.

Place:

 Primarily distributed through the GCash mobile app, available on iOS and Android
platforms.
 Partner with local telecom providers to offer GCash as a pre-installed app on new
mobile devices.
 Establish physical touchpoints through partnerships with Filipino-owned businesses in
the UAE for cash-in and user support services.

Promotion: Implement a multi-channel promotional strategy:

Digital Marketing: Targeted social media campaigns on platforms popular among

Filipinos in the UAE (e.g., Facebook, Instagram).

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Community Engagement: Sponsor Filipino cultural events and partner with Filipino
associations in the UAE.
Influencer Partnerships: Collaborate with Filipino influencers based in the UAE to
promote GCash services.
Content Marketing: Develop educational content about financial management for
OFWs, distributed through blogs and social media.
Referral Program: Implement a "Refer-a-Friend" program with incentives for both the
referrer and the new user.
Traditional Media: Advertise in Filipino-language newspapers and radio stations in the
UAE.

By implementing this carefully crafted global market strategy, GCash can

effectively position itself in the UAE market, catering to the unique needs of Filipino
expatriates while adapting to local market conditions. The combination of a strong
positioning statement, tailored branding, and a well-balanced marketing mix will support
GCash's expansion goals and help establish a strong presence in this key international
market.

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VI. Risk Assessment and Mitigation
1. Political Risks
Risk: Regulatory Changes
The UAE government may introduce new regulations affecting fintech operations or
foreign companies.

Mitigation:
To manage potential regulatory shifts, the company will create a regulatory compliance
team, maintain open communication with local authorities, and develop adaptable
systems to quickly align with new policies.

Risk: Geopolitical Tensions

Regional conflicts or diplomatic issues could affect business operations.

Mitigation:
Operations will be diversified across multiple Emirates, and contingency plans for
various geopolitical scenarios will be prepared, with the business maintaining political
neutrality.

Risk: Influence of regional trade blocs

The UAE's involvement in the Gulf Cooperation Council (GCC) may have an impact on
cross-border digital services policies.

Mitigation:
A specialized compliance department will monitor GCC policies to stay updated, while
efforts will be made to explore cross-border opportunities by integrating GCash with
regional digital frameworks.

2. Economic Risks

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Risk: Currency Fluctuations
Volatility between the UAE Dirham and the Philippine Peso could affect remittance
services.

Mitigation:
The company will introduce dynamic exchange rate systems, offer hedging options for
large transactions, and maintain reserves in different currencies to manage volatility.

Risk: Market Competition

Established local and international fintech players may pose significant competition.

Mitigation:
GCash will focus on unique features that cater to Filipino expatriates, build strategic
partnerships with local businesses, and invest in marketing to enhance brand awareness
and customer loyalty.

3. Cultural Risks

Risk: Cultural Misunderstandings

Differences in business practices and social norms could lead to misunderstandings.

Mitigation:
Staff will receive cultural sensitivity training, and local employees will be hired to guide
business operations and ensure that marketing strategies align with local preferences.

Risk: Language Barriers

Arabic is the official language, which may pose challenges for Filipino-centric services.

Mitigation:

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Multi-language support including English, Arabic and Filipino will be offered, with
bilingual staff handling customer service and legal documents accurately translated to
avoid misunderstandings.

4. Legal Risks

Risk: Data Protection and Privacy Laws

UAE has strict data protection laws that may differ from Philippine regulations.

Mitigation:
A thorough review of UAE data regulations will assure compliance, which will be backed
up by strong data security measures and frequent audits to secure client information.

Risk: Licensing and Compliance

Failure to obtain proper licenses or comply with local financial regulations.

Mitigation:
Local legal specialists will help with getting necessary permits, while a compliance
checklist matched with UAE regulations will guide operations, with regular internal
audits to ensure compliance.

5. Technological Risks

Risk: Integration with Local Systems

Challenges in integrating with UAE's existing financial infrastructure.

Mitigation:
Partnerships with local tech firms will facilitate smooth integration, and systems will be
thoroughly tested before launch to ensure flexibility for future adaptations.

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Risk: High User Expectations for Flawless Technology
A lot of users in the UAE are technologically adept and want their mobile apps that run
smoothly, quickly, and reliably. Any errors or downtime could result in unfavorable
feedback.

Mitigation:
Regular app testing and updates will be performed to prevent glitches, with 24/7
customer support available to quickly resolve any issues.

6. Operational Risks

Risk: Supply Chain Disruptions

Delays in hardware or software updates due to international logistics.

Mitigation:
Redundant supply chains will be established, with critical components locally stored and
cloud-based solutions implemented to minimize hardware dependency.

Risk: Talent Acquisition and Retention

Difficulty in finding skilled local talent familiar with both markets.

Mitigation:
Comprehensive training programs, competitive compensation packages, and exchange
programs between UAE and Philippine offices will help attract and retain skilled talent.

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VII. Conclusions and Recommendations

Our analysis of GCash's potential entry into the UAE market has revealed several key
insights and led to the development of targeted strategies:

1. Market Opportunity: The UAE presents a significant opportunity for GCash, driven by:

 A large Filipino expatriate community (estimated at over 700,000)

 The UAE's rapid progression towards a cashless economy
 Growing demand for digital financial services

2. Competitive Landscape: The UAE fintech market is competitive, with established local and
international players. GCash's unique positioning as a Filipino-centric service provider offers a
distinct advantage.

3. Regulatory Environment: The UAE's financial regulations differ from those in the
Philippines, requiring careful navigation and compliance.

4. Cultural Considerations: Adapting to local cultural norms and preferences will be crucial for
success in the UAE market.

Proposed strategies to address these insights include:

 Phased market entry focusing initially on Filipino expatriates

 Strategic partnerships with local entities
 Robust compliance and localization efforts
 Leveraging data analytics for personalized services
 Focus on Financial Inclusion.

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Recommendations:

Recommendation # 1:Launch a phased market entry strategy.

GCash should implement a phased approach to entering the UAE market. This could
involve initially focusing on serving the Filipino expatriate community before gradually
expanding to other expatriate groups and local users. This approach allows GCash to
build a strong foundation and reputation in the market while learning and adapting to
local needs and regulations.

Recommendation #2: Develop strategic partnerships with local entities.

To overcome the challenges of limited brand recognition and intense competition, GCash
should forge strategic partnerships with established UAE-based companies. This could
include collaborations with local banks, popular retailers, or telecom providers. Such
partnerships can provide GCash with immediate credibility, access to a broader customer
base, and insights into local market dynamics.

Recommendation #3: Invest in robust compliance and localization efforts.

To address regulatory challenges and cultural barriers, GCash should invest heavily in
compliance and localization efforts. This includes hiring local legal experts, establishing
a dedicated compliance team for the UAE market, and adapting the app's interface and
features to align with local preferences and needs. Offering the app in multiple languages
(including Arabic, English, and Filipino) and providing culturally sensitive customer
support will be crucial for success.

Recommendation #4: Leverage data analytics for personalized services.

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To differentiate itself in the competitive UAE market, GCash should harness the power
of data analytics to offer highly personalized financial services. By analyzing user
transaction patterns and preferences, GCash can provide tailored product
recommendations, personalized financial advice, and targeted promotions. This data-
driven approach can enhance user engagement and loyalty, setting GCash apart from
competitors.

Recommendation #5: Focus on Financial Inclusion.

GCash should extend its successful financial inclusion initiatives to the UAE market,
particularly targeting underbanked expatriate communities. This could involve
developing micro-loan products, offering low-cost remittance services, and providing
digital savings solutions tailored to the needs of expatriate workers. By positioning itself
as a champion of financial inclusion, GCash can differentiate its offerings, attract a loyal
customer base, and potentially collaborate with UAE government initiatives aimed at
increasing financial access for all residents.

Long-Term Market Potential

Expanding User Base: As GCash establishes itself in the Filipino expatriate community, there's
potential to expand to other expatriate groups and local users, significantly increasing the
addressable market.

Diversification of Services: The UAE's advanced financial ecosystem provides opportunities for
GCash to introduce new services beyond remittances, such as investment products, digital
banking services, and cross-border e-commerce solutions.

Regional Expansion: Success in the UAE could serve as a springboard for expansion into other
Gulf Cooperation Council (GCC) countries, leveraging similar expatriate demographics and
regulatory environments.

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 Technological Innovation: The UAE's emphasis on technological advancement aligns well with
GCash's innovative approach, potentially leading to the development of cutting-edge fintech
solutions.

Strategic Value: Establishing a strong presence in the UAE enhances GCash's global profile,
potentially attracting international investors and partners.

VIII. Appendices:

References:

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Development Bank. https://www.adb.org/publications/harnessing-digitization-
remittances-asia-pacific

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Mahmoud, M. A., Khrais, L., & AlOlayan, M. (2022). Factors affecting the adoption of
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ARN News Staff. (2024, October 10). Dubai launches Cashless Payment Strategy. Dubai
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