Tango Technologies teams up with Wallyt and Ant Group Digital Technologies to empower Filipino MSMEs with financial inclusion

Micro, small, and medium-sized enterprises (MSMEs) play a crucial role in the economy, providing employment opportunities, contributing to tax revenue, stimulating innovation, and fostering a diverse and vibrant economic landscape. MSMEs are the backbone of the Philippine economy. They account for 99% of all businesses in the country, employ 63% of the workforce, and contribute 40% to the country's GDP. According to the Asian Development Bank (ADB), MSMEs are the driving force of economies in Asia. In the Philippines, MSMEs have generated over 5 million jobs or 62.4% of the country's employment. These jobs provide regular income for many Filipinos, which helps to reduce poverty. Furthermore, MSMEs help foster a diverse and thriving economy. They often introduce new products and services to the market, driving innovation and competition. Additionally, they cater to the unique needs of local communities by offering goods and services that may not be readily available from larger chain stores. However, many offline micro, small, and medium enterprises (MSMEs) need help accessing traditional financial services like loans and credit. Access is necessary for their growth and expansion potential. To address this issue, a service that provides accessible and equitable financial products and services tailored to support the growth of offline MSMEs is crucial. Such a service can empower these businesses by granting them the necessary funding to flourish. Consequently, this can increase employment opportunities, tax contributions, and economic growth. In addition to financial support, a comprehensive service aimed at assisting offline MSMEs should also offer training and technical assistance. This would enable these businesses to enhance their management skills, develop effective marketing strategies, and improve their products or services. This is where Tango Technologies comes into the picture. Tango has recently announced a strategic partnership agreement with Wallyt and Ant Group Digital Technologies, two globally recognized leaders in digital technologies and finance. Together, they will collaborate to support the growth of MSMEs in the Philippines by providing them with equitable and accessible financial products and services. Photo shows from left: Nancy Yan - Senior Business Director, International, Ant Group Digital Technologies; Derrick Loi - General Manager, International Business, Ant Group Digital Technologies; Jan Chan - Co-founder, Tango Technologies; Ryan Uy - Co-founder, Tango Technologies; Tong Liu - Chief Executive Officer, Wallyt; and Jean Wang - Head of Solutions and Products, Wallyt

Jan Chan, the President of Tango Technologies, emphasizes the significance of MSMEs in the Philippines, noting that they employ more than 60% of the population and contribute 40% to the country's GDP. The partnership between Tango, Wallyt, and Ant Group aims to help these MSMEs thrive and succeed. Wallyt and Ant Group Digital Technologies, known for their expertise in financial and digital technologies, will collaborate with Tango to upgrade its network of MSMEs. Tango plans to develop a secure and user-friendly platform that enables MSMEs to access a wide range of financial services, thus fueling their growth and success. Recognizing that financial inclusion plays a vital role in fostering sustainable economic growth, this collaboration between Tango, Wallyt, and Ant Group Digital Technologies demonstrates the commitment of all parties to promote economic development and financial inclusion in the Philippines. The vision shared by the collaborating parties is to create a profitable future where even the smallest Filipino entrepreneurs can easily access financial services, effectively manage their resources, and confidently expand their businesses. Under the terms of the agreement, Tango will leverage Zoloz eKYC (regtech), mPaaS (mobile development platform), and Ant Risk Control from Ant Group's Digital Technologies to power and secure the digital financial services platform for MSMEs across the Philippines. Ant Group's Digital Technologies specializes in developing a comprehensive range of digital solutions, including blockchain, privacy computing, security technologies, and distributed databases. The company is dedicated to enabling and reinforcing trust for participants in the digital economy, including consumers, businesses, and partners. By combining their expertise and resources, Tango, Wallyt, and Ant Group Digital Technologies aspire to make financial services more accessible to offline MSMEs, thereby contributing to their growth and the overall development of the Philippine economy.