THE ADOPTION of digital payments has become a driver of economic growth, enhancing efficiency and reducing transaction costs. This was evident during the global pandemic when business transactions or even payment of basic consumer services shifted online.
Michael de Castro, Sales and Marketing Manager of Smart Pay, said digital payments enable swift and seamless transfer of funds, eliminating the need for physical currency and associated handling costs.
He presented SmartPay’s proposal during the launch of the European Chamber of Commerce in the Philippines (ECCP) Bangsamoro Agri Enterprise Program – CRESCENT project, funded by the European Union, on February 15, 2024 at Seda Hotel, Davao City.
SmartPay is poised to engage with the Bangsamoro Region in Muslim Mindanao through the BAEP CRESCENT project to revolutionize digital payments and catalyze economic development in the region. It is committed to helping drive inclusive growth, recognizing the immense potential of BARMM’s economy.
The priority, according to De Castro, is establishing an online e-commerce marketplace platform that will serve as a gateway for BARMM organizations to access wider markets, both within the region and beyond. By leveraging SmartPay’s expertise in digital payments and the BAEP CRESCENT project’s comprehensive approach to economic development, this initiative aims to empower local businesses and entrepreneurs, fostering resilience and sustainability in BARMM’s economy.
This collaboration extends beyond transaction facilitation. Through strategic partnerships and targeted interventions, SmartPay seeks to provide core banking solutions to institutions such as Al Amanah Islamic Bank, thereby enhancing access to financial services for underserved communities in the region. By banking the unbanked and promoting financial inclusion, the company can unlock the full economic potential of the region, empowering individuals and communities to thrive.
Aside from the financial services, SmartPay will also support BARMM’s agricultural sector. By developing an online farmer marketplace platform, it aims to streamline agricultural trading practices, eliminate unnecessary intermediaries, and ensure fair and timely payments to farmers and producers. This not only enhances market efficiency but also promotes the sustainable growth of BARMM’s agricultural economy, thereby uplifting livelihoods and improving food security in the region.
The collaboration between SmartPay Asia Philippines, Inc. and the BAEP CRESCENT project represents a paradigm shift in economic development strategies for BARMM. By harnessing the power of digital payments, financial inclusion, and agricultural innovation, this partnership can unlock new opportunities, empower communities, and pave the way for a brighter future in BARMM.
