The Small Business Corporation (SB Corp.) and the Land Bank of the Philippines partnered on September 19 to provide an e-payment collection service to micro, small and medium enterprises (MSMEs) through Landbank?s online payment facility.
SB Corp president and CEO Ma. Luna Cacanando said agreement is ?very timely and useful? for MSME clients, especially with the Pondo sa Pagbabago at Pag-asenso (P3) Program going on full gear.
The P3 program is a loan financing program intended to give micro enterprises better access to finance, providing them an alternative to the informal or 5-6 scheme of lending.
?Because, most of our clients in the P3 program are having difficulty in producing a valid identification card, we need a fintech solution and this partnership with Landbank to make documentation easier,? Cacanando explained.
Under the Memorandum of Agreement (MOA), the SB Corp. will avail of Landbank?s e-payment facility under its Payment Service Provider (PSP).
On the other hand, Landbank, through its Link.BizPortal, will allow SB Corp clients to transact business or pay monetary obligations to SB Corp via the internet using any e-payment models offered by the bank. The service will only be available to clients maintaining a peso account either with Landbank or other banks.
Cacanando stressed the importance of the partnership with Landbank as it will reach MSMEs in rural areas.
Landbank executive vice president and branch banking sector head Liduvino Geron said the partnership will contribute to ease of doing business among Landbank and SB Corp clients. ?We hope that this agreement will help SB Corp clients to transact easier and efficiently,? Geron said.
