Vows to push progress in the payment services sector through collaboration and innovation
PAYMENT Innovation, Inc., also known as PayCools, recently signed an agreement with several stakeholders, from government regulatory agencies, state-owned financial institution, and industry leaders, while emphasizing on the vital role that innovation and collaboration plays to help drive progress in the payment services sector.
PayCools, which operates in major Southeast Asian countries such as Indonesia, Thailand, Malaysia, and the Philippines and provides top-notch finance, payment, and business solutions, entered into a collaborative partnership with the Securities and Exchange Commission (SEC), Land Bank of the Philippines (LBP), Bureau of the Treasury (BTr), including industry stalwarts JNT and Allbank, to help streamline government regulatory processes and provide more ease in putting up and running businesses, and provide more Filipinos with access to more financial services.
“Our partnership with SEC and Landbank is pivotal to our mission at PayCools. We plan to work closely with these institutions to further streamline regulatory processes, expand access to financial services, and drive digital innovation. This includes exploring avenues for supporting initiatives that promote financial literacy and inclusion among Filipino entrepreneurs, ultimately fostering a more conducive environment for business growth and economic development,” says PayCools Global CEO, Eamon Dan, in his speech during the signing of the agreement.
He said that even though PayCools’ desire to expand within the ASEAN region may have its own share of challenges because of regulatory difference, Dan said he’d like to view them also as opportunities to partner for more innovation and collaboration. “Our strategy involves working closely with local regulatory bodies and financial institutions such as the SEC and Landbank in the Philippines, for example, to navigate these differences effectively while building a robust cross-border settlement payment network system. By fostering partnerships and leveraging our expertise in digital payments, we aim to facilitate seamless cross-border transactions and contribute to regional economic development.”
As regards its partnership with JNT, Dan emphasized that JNT has been instrumental in revolutionizing cash handling for couriers. “By integrating our payment solutions, JNT has significantly reduced the volume of cash transactions conducted by their couriers, leading to enhanced operational efficiency and improved safety measures. This collaboration not only aligns with our vision of advancing towards a cashless society but also demonstrates the tangible impact of innovative payment solutions in optimizing logistics and delivery operations,” he added.
Meanwhile, Dan pointed out that the adoption of the QRPh technology is indeed a significant leap when it comes to transaction interfaces as it offers seamless, convenient, and secure payment experiences for both consumers and business owners. “Through our collaboration with Allbank, we are committed to promoting the adoption of QRPH technology, which simplifies payment processes and reduces transaction costs,” Dan noted.
This technology, he said, not only enhances convenience but also aligns with the Bangko Sentral ng Pilipinas (BSP) standards for interoperable payment systems that will help ensure greater accessibility and interoperability across various platforms.
When it comes to Small and Medium-sized Enterprises (SMEs) in the Philippines, Dan also highlighted its commitment to the sector, which comprises a majority of the Philippine economic landscape. He said that their initiative called “Swifood,” a digital software application that hopes to empower SMEs who generally cannot afford to put up its own IT team, offers a user-friendly platform to establish online storefronts and even conduct cost-effective social media marketing.
“By providing access to easy-to-use tools and resources, Swifood enables SMEs to establish their online presence swiftly and efficiently. Additionally, our ongoing efforts to enhance accessibility and usability ensure that Swifood remains accessible to a wide range of entrepreneurs, further democratizing access to digital commerce opportunities,” Dan explained.
Also present during the signing of the agreement at the SEC headquarters in Makati City were SEC Chairman Emilio Benito Aquino, LBP President Lynette Ortiz, BTr Deputy Treasurer Eduard Anthony Mariño III, JNT CEO Dean Lei, and Allbank CEO Jesus Vicente Garcia.
