The Department of Trade and Industry (DTI) partners with the Union Bank of the Philippines (UnionBank) in fostering financial resilience for MSMEs. UnionBank presented during a webinar their initiatives on assisting the micro, small, and medium enterprises (MSMEs) amidst the digital shift, focusing on their products, namely the MSME Business Banking App, UPay, and SeekCap, all geared towards financial resilience.
The MSME Business Banking App is a financial platform designed to address important bottlenecks of MSMEs in their quest to innovate their businesses. Particularly in getting started in the online digital space, accessing finance, managing cashflows, and enabling payments for their goods and services.
UPay is a one-stop hub launched last July 2021, will help MSMEs manage their cash flows, get access to financing, and utilize an all-in-one payment facility remotely. UPAY allows MSMEs to collect payments from their customers by sending an online payment link. It can also be an e-commerce page checkout facility that accepts multiple payment channels from fund transfer, over-the-counter payments, e-wallets, and debit/credit cards.
SeekCap on the other hand is an online loan marketplace wherein business owners may browse short-term business loan products and apply online in just 5 minutes. Its features are as follows: 24/7 online application, interest rates as low as 2%, same-day loan approval, and up to Php 2M loan amounts.
The MSME Business Banking app (which also contains UPay) is available in both IOS and Android.
For more information on SeekCap, visit https://www.seekcap.ph/. JMCA