Digital technology, transformation to boost more opportunities

Digital technology, transformation to boost more opportunities | Daily Tribune

Key stakeholders from the private sector gathered at the recently concluded Empowering SMEs: Strategies of Growth and Resilience, held at the Manila Polo Club, Makati City.

Organized by the small and medium-sized enterprise lender ProCredit Financing Corp. in collaboration with Singapore-based venture capital firm Integra Partners, the event shed light on how technology and digital transformation can bolster more opportunities for Philippine businesses in an ever-evolving landscape.

The event advocated for financial inclusion with the vision of nurturing a tech-driven community of consumers and businesses, in line with the Bangko Sentral ng Pilipinas’ objectives of promoting access to high-quality financial services for the general public.

The first panel discussion focused on open banking and technology-enabled data infrastructure enhancements to accelerate SME financing, underscoring the crucial role of financial management to businesses to efficiently track data and make informed investment decisions.

“The main role of data access is getting access to automated and verified data to make lending decisions,” said Brankas CEO and Founder Todd Schweitzer.

“Data is crucial for lending decisions, but one of the biggest challenges in the Philippines is that there are particular data points that you just are not able to collect,” Paymongo CEO Jojo Malolos, for his part, said.

“We understand that accurate financial records are crucial for business success. While traditional methods often rely on financial statements, the complexities of local banking practices can make this challenging. That’s why we work closely with our clients to develop tailored solutions that simplify record-keeping and provide clear financial insights,” shared ProCredit chief lending officer Dwaipayan Mitra.

The panel further emphasized the need for collaboration between lenders and clients to create a supportive ecosystem for businesses. By partnering with banks and lenders, SMEs can secure funding and grow sustainably.