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.
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.
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.
“At PayMongo, our mission to grow the internet economy of the Philippines means unlocking the success of Filipino MSMEs. 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 eCommerce. We’re honored to partner with the DTI to bring these solutions closer to MSMEs across the country,” according to Francis Plaza, CEO and Co-founder of PayMongo.
PayMongo is a financial technology company founded in 2019 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 DTI Secretary Alfredo Pascual’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,” said DTI-Regional Operations Group Undersecretary Blesila Lantayona.