GCash DTI MSME Summit 2024 Empowering MSMEs Digital Financial Inclusion

The digital transformation of micro, small, and medium enterprises (MSMEs) has become a crucial focus. This is due to the necessity for these businesses to flourish in an increasingly dynamic commercial environment. GCash, the nation’s premier finance super app and cashless ecosystem, is at the forefront of this transformation, helping MSMEs remain competitive in the digital economy.

The National MSME Summit 2024, a collaborative effort between the Department of Trade and Industry (DTI) and Go Negosyo, highlighted this topic. The summit, under the theme “Innovate to Elevate MSMEs,” attracted entrepreneurs seeking guidance and knowledge from industry leaders, including GCash’s B2B General Manager, Jong Layug.

Layug emphasized GCash’s significant role in the country’s digital transformation during a panel discussion on digital finance. He stated that digital financial inclusion has been a fundamental part of GCash’s mission since its inception. As the leading finance app in the country, GCash is committed to assisting MSMEs in navigating the future of technology, e-commerce, and digitalization.

MSMEs, which include local sari-sari stores and wet market stalls, constitute 99.59% of all businesses and provide 65.10% of total employment in the country. GCash has played a pivotal role in their digital transition, integrating them into a secure and convenient cashless ecosystem. Furthermore, GCash has enhanced economic opportunities for MSMEs, allowing them to serve as Pera Outlet partners offering Cash In, Cash Out, and Bills Payment services.

Layug detailed GCash’s impactful services for financial inclusion in the Philippines, including loan products. GCredit provides quick cash access for daily transactions, while GLoans caters to entrepreneurs needing larger loan amounts. These services are accessible via the app, eliminating the need for credit history, collateral, or extensive paperwork.

GCash for Business offers digital tools and features tailored for businesses and merchants, including MSMEs. Registered users can accept payments via Scan to Pay and provide installment payment options through GCredit and GGives. They can also receive larger funding amounts through in-app business loans and access a funds-disbursement feature for efficient payroll management.

Layug encouraged entrepreneurs and small business owners to embrace digital tools. He reassured them that GCash is ready to support MSMEs in navigating this evolving landscape. He emphasized the importance of embracing technology as it aligns with customer expectations and can lead to business growth.

In addition to its in-app services, GCash has facilitated payments for government fees. This aligns with DTI’s technological innovations to stimulate MSME growth, including streamlined government services, risk-based lending through a machine-learning based scoring model, and a robust supply chain.

Trade and Industry Secretary Alfredo E. Pascual expressed his commitment to integrating digital technologies to boost MSMEs’ competitiveness and scalability. He envisioned reduced costs, increased productivity, and expanded markets as the benefits of digitalization.

MSMEs are encouraged to discover the features and benefits of GCash for Business at their website.

FAQs

1. What is GCash’s role in the digital transformation of MSMEs? GCash, as the leading finance super app in the Philippines, is committed to assisting MSMEs in navigating the future of technology, e-commerce, and digitalization.

2. What services does GCash offer to MSMEs? GCash offers a range of services including GCredit for quick cash access, GLoans for larger loan amounts, and GCash for Business which provides digital tools and features tailored for businesses and merchants.

3. How does GCash support the growth of MSMEs? GCash supports MSMEs by integrating them into a secure and convenient cashless ecosystem, enhancing economic opportunities, and providing access to digital tools and features tailored for businesses.

4. What is the National MSME Summit 2024? The National MSME Summit 2024 is an event organized by the Department of Trade and Industry (DTI) and Go Negosyo, aimed at providing guidance and knowledge to entrepreneurs from industry leaders.