In line with its strategic priority of upgrading, upskilling, and upsizing micro, small and medium-scale enterprises (MSMEs), the Department of Trade and Industry Regional Operations Group (DTI-IROG) recently signed an agreement with PayMongo Philippines Inc. to promote financial inclusion through digitalization and digital transformation.
DTI’s partnership with the online payments company was consummated through its Bureau of Small and Medium Enterprise Development (BSMED) and is expected to bring about improved access for MSMEs to financial services.
In a statement, PayMongo said the partnership with DTI “aims to help MSMEs to digitize their businesses through digital payment solutions, empowering them to accept online payments, manage their finances online and thus, reach a wider market of online customers.”
In order to extend the partnership’s reach, both 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,” said Francis Plaza, CEO and co-founder of PayMongo. “For us, this mission 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 started providing capacity-building workshops for beneficiaries who are active in various sectors. This forms part of its attempt to encourage the growth of MSMEs in the digital space in the Philippines.