DTI and PayMongo ink deal to help MSMEs digitize their businesses through digital payment solutions
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.
According to the DTI, the partnership is driven by the goal to "help MSMEs digitize their businesses through digital payment solutions."
The collaboration is set to become an enabler that would aid MSMEs to accept online payments, manage their finances online, and reach a wider market of online customers.
“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," said Francis Plaza, CEO and Co-founder of PayMongo.
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.
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.
PayMongo, founded in 2019 by Francis Plaza, Jaime Hing III, and Luis Sia, is a payment gateway that offers businesses in the Philippines a safe, seamless, and secure way of accepting various digital payment methods, including credit and debit cards, e-wallets, online banking, and over-the-counter payments. Its services enable merchants to process payments with or without a website, regardless of their selling platform.
Meanwhile, the DTI 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.