Regional partnership to bolster digitalisation of MSMEs

The Philippines is partnering with Singapore to bolster the growth and digitalisation of its micro, small and medium enterprises’ (MSME).

Digital Pilipinas, the Monetary Authority of Singapore (MAS) and the Department of Trade and Industry-Philippine Trade Training Centre signed a Global SME Financial Education Programme, in hopes to pave the way for the country’s digitalisation journey. 

In most emerging markets, MSMEs continue to be underserved, struggling to get loans from the banks and other financial institutions, said MAS Chief Fintech Officer Sopnendu Mohanty. 

“That kind of limits their growth and they stay small and medium for the rest of their lives,” he said, reports Business Mirror.

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“So what we really want to do, as part of this journey, is to find the path for SMEs so that we focus on helping them to take their ideas, be it small or medium scale at this point of time, and find their part for them to become a bigger enterprise [and] a scalable enterprise in the future,” he said. 

The way to do this is to find good technology, where such constraints can be removed, he added.