BANK of the Philippine Islands (BPI) has launched a subscription trading platform with financial management tools for micro, small and medium-sized enterprises (MSMEs).
The app, which is available for mobile download, is offered for monthly or annual service terms for a minimum of P50 and P100 per month for the basic and premium plans, BPI said in a statement.
“Unlike other platforms currently available in the market, some of them require deposit balances. With BizKo, we use a different business model, which is a subscription model. It also has a system of pay-as-you-go financing for financial transactions,” said Ana Maria C. Sison, Head of Transaction Banking at BPI, during the virtual launch of the app.
Business owners who have accounts with BPI can use the services offcrossed the platform. They will not be required to submit any additional documentary requirements as the process is entirely online.
“MSMEs can manage day-to-day financial and accounting processes without needing to transfer funds to another e-wallet or bank account, or physically travel to the branch. It helps to streamlinecash flow to and from their partners and customers for more accurate and hassle-free tracking,” the bank said.
The platform enables businesses to collect payments from their customers through features such as invoicing, money request, payment link, and payment portals from BPI Online and BizKo.
It also allows various payment transfers for bills, government agencies and employees as well as customized financial reports.
“We think it will work well with those who have retail customers. It can also be used for government payments, everyone has to pay their suppliers, so it can be used across all industries,” said Eric Roberto M. Luchangco, Head of Business Banking at BPI.
He said that if the MSME sector was affected by the crisis more than their largest clients, their portfolio “continues to perform well”.
“We are looking to continue to grow our business and we believe that, particularly with many areas moving to Alert Level 1, we expect business to continue to grow this year,” Mr. Luchangco said.
BPI’s net profit rose 11.5% year-on-year to 23.88 billion pesos in 2021. This as its lower provision for loan losses and higher fee income offset lower revenue of interests.
Shares of the Ayala-led lender closed at P93.25 apiece on Wednesday, up 2.25P or 2.47%. — Luz Wendy T. Noble