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Article: GTEL Targets $7.6 Billion Filipino Remittance Market; Bankard and GTEL Sign Agreement to Issue Stored Value Cards for Remittances in the Philippines.
- Article from:
- Business Wire
- Article date:
- September 7, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIAMI -- Bankard, Inc. and GlobeTel Communications Corp. (GTEL) (OTCBB:GTEL) announced today the signing of a definitive Memorandum of Agreement which will allow GTEL to issue and process stored value cards under Bankard.
A major market for GTEL is the overseas Filipino workers (OFW) who remit approximately $7.6 billion annually. This stored value program is designed specifically to offer a friendly, low cost, low risk and affordable way for the 7 million Filipinos who send money home.
Anton Romulo, Managing Director-SEA for GTEL, stated, "This agreement with Bankard is a cornerstone for our Card-to-Card remittance initiative in the Philippines. Via ...