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RCBC, PayMongo forge deal for MSMEs’ e-payment access

Ehda M. Dagooc (The Freeman) - May 11, 2021 - 12:00am

CEBU, Philippines —  Online payments provider PayMongo Philippines, Inc., and Rizal Commercial Banking Corporation’s (RCBC) signed a Memorandum of Agreement (MOA) to help micro, small and medium enterprises (MSMEs) improve their access to online financial services.

Through the financial superapp DiskarTech, the two companies vowed to hand-hold small businesses in maximizing technology to thrive in the new normal.

According to Francis Plaza, Chief Executive Officer and co-founder of PayMongo, this aligns perfectly with PayMongo’s goal of empowering MSMEs to receive all types of payments over the internet.

“At its core, PayMongo shares the same vision as DiskarTech of promoting financial literacy and increasing access to financial tools and services to meet our overall vision of financial inclusion. We intentionally make our platform really easy to use for our merchants, who are our customers, and to our merchants’ customers as well. We see this in our different products – from our Links products which enables anyone without a website to start accepting payments, to the more advanced and customized ways of integrating like our APIs and plugins,” Plaza said.

Founded in 2019, PayMongo is a financial technology startup that allows businesses in the Philippines to have an easy, safe, and secure way of accepting all types of online payments from their customers. Its PayMongo Links product, for example, enables businesses without a website to provide a simple digital checkout for their customers through text and messaging apps.

“You don’t have to be a techie to use PayMongo. Together with DiskarTech, we’re really about enabling anyone to transact online. Hopefully, with this collaboration, we can build more products and services for our fellow Filipinos,” Plaza added.

The two financial technology companies joined forces to onboard more Filipino entrepreneurs into the digital economy, providing them with faster, easier, and more reliable online payment options.

“We don’t want to make the payments process so complicated and complex. We don’t want to make the payments process so complicated and complex that Filipinos won’t understand it.) That’s why DiskarTech is in Taglish, and why we will soon launch the Cebuano version of DiskarTech as well,” said Lito Villanueva, Executive Vice President and Chief Innovation & Inclusion Officer of RCBC.

Regulated by Bangko Sentral ng Pilipinas and a member of the Philippine Deposit Insurance Corporation, DiskarTech is the first Taglish financial superapp, deploying the language to guide users through the many functions of the app – paying bills, transferring funds, buying load, mobile banking, applying for a loan, or even purchasing insurance. 

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