Economy · August 6, 2022

DTI, PayMongo agreement for access to MSME funds

The Department of Commerce and Industry’s Regional Operations Group (DTI-ROG), through its Bureau of Small and Medium Enterprise Development (BSMED) and online payment company PayMongo Philippines Inc. have signed an agreement to promote the financial inclusion among micro, small and medium-sized enterprises (SMEs) through better access to financial services.

A PayMongo statement said the partnership “aims to help MSMEs digitize their businesses through digital payment solutions, enabling them to accept online payments, manage their finances online and reach a broader market of online customers.”

In order to extend the reach of the partnership, the DTI and PayMongo will disseminate educational content and facilitate demonstrations and webinars through the regional offices of the DTI.

“Our mission to grow the Philippine Internet economy means unlocking the success of Philippine MSMEs,” said Francis Plaza, CEO and co-founder of PayMongo. “For us, this starts with educating companies about the value of financial services, then providing them with the right products to ease the transition to e-commerce.”

Founded in 2019, PayMongo is a financial technology company that enables businesses in the Philippines to have a safe, continuous and secure way to accept all types of online payments from their customers. These options include credit and debit cards, e-wallets, and online banking. Its services allow merchants to process payments with or without a website, regardless of their sales platform.

The DTI, on the other hand, has mainly provided capacity building seminars for beneficiaries active in various sectors as part of its attempt to encourage the growth of MSMEs in the digital space.

This initiative is in line with the first strategic priority of the commercial department of updating, retraining and empowering SMEs through digitization and digital transformation.

“DTI recognizes the need to encourage more MSMEs to digitize their operations and bring their businesses online. Expanding the use of e-commerce will provide MSMEs with larger markets, thereby increasing their sales and revenues, ”DTI-Regional Operations Group Undersecretary Blesila A. Lantayona said in the statement.

Image Credits: PayMongo Philippines Inc