DTI, PayMongo ink deal for MSMEs’ fund access

THE Department of Trade and Industry Regional Operations Group (DTI-ROG), through its Bureau of Small and Medium Enterprise Development (BSMED) and online payments company PayMongo Philippines Inc. signed an agreement to promote financial inclusion among micro, small and medium enterprises (MSMEs) through improved access to financial services.

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

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

“Our mission to grow the internet economy of the Philippines means unlocking the success of Filipino MSMEs,” PayMongo CEO and co-founder Francis Plaza was quoted in the statement as saying. “For us, this starts with educating businesses about the value of financial services, then providing them with the right products to ease their transition to e-Commerce.”

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

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

This initiative is aligned with the trade department’s first strategic priority in upgrading, upskilling and upsizing MSMEs through digitalization and digital transformation.

“DTI recognizes the need to encourage more MSMEs to digitalize their operations and bring their businesses online. Expanding the use of e-Commerce will provide MSMEs bigger markets, thereby increasing their sales and revenues,” DTI-Regional Operations Group Undersecretary Blesila A. Lantayona was quoted in the statement as saying.

Image credits: PayMongo Philippines Inc