DTI unveils top 5 startup finalists of ADVanCE for Creatives Program

DTI unveils top 5 startup finalists of ADVanCE for Creatives Program

Wednesday, April 3, 2024

The Department of Trade and Industry (DTI) has officially announced the top five startup finalists for the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) for Creatives Program on March 21, 2024, at the Launchgarage Innovation Hub in Quezon City.

Selected from an initial pool of eight growth-stage startups, the top five finalists underwent assessments focused on organizational capacity, business maturity, and readiness levels. In these sessions, DTI and Launchgarage evaluated each startup based on its product status, team dynamics, future objectives, and challenges, concentrating on how the program could support its growth. This ensured that the chosen finalists were not only well-prepared to navigate forthcoming challenges but were also positioned to make a significant impact on the creative sector through their innovative and scalable solutions.

The top five finalists are AniMattify, a startup transforming print ads into animations; KikoMonster Creative Studio, providing creative solutions from Zamboanga; Bihasa, merging instructional design with production for learning videos; ROC PH Digital Marketing Services, assisting businesses and professionals through website management, digital marketing consultation, creative design, and strategy implementation; and Bentamo, a tech startup showcasing creative Filipino brands. The finalists will undergo intensive training based on the specific interventions identified during the needs assessment.

The ADVanCE for Creatives program, launched on December 5, 2023, aligns with the visions outlined in the Innovative Startup Act (ISA) and the Philippine Creative Industries Development Act (PCIDA). This initiative underscores DTI's commitment to fostering entrepreneurship and economic growth in the Philippines.

DTI Undersecretary for Competitiveness and Innovation Group Rafaelita M. Aldaba commended the selected startups, emphasizing DTI's dedication to supporting their growth. “We extend our heartfelt congratulations to the top five startup finalists of the ADVanCE for Creatives program,” said Usec. Aldaba. “DTI is proud to support the development of these promising startups as they contribute to the advancement of the Philippine Creative Industries.”

The finalists will benefit from comprehensive training through a series of learning workshops, mentorship from industry experts, and customized business matching and acceleration programs. The program will culminate in a demo day in April, providing an opportunity for the startups to showcase their progress and attract potential partners and investors.

In addition to ADVanCE, DTI previously unveiled ten select creative startups and enterprises for the Incubation, Development, and Entrepreneurial Assistance (IDEA) program, further bolstering the Philippine Creative Industries.The selected startups for IDEA are Wika, 7x7 Development Corporation, MVRK Simulations, Pamitisan Shoe Shop, Transcend Studios Inc., Kwentoon, Carisle Media Corporation, Produkto PH, DND Denim N’ Denim, and Brave Story.

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TikTok Shop Enables Local Brand Inspi Philippines' Digital Evolution

TikTok Shop Enables Local Brand Inspi Philippines' Digital Evolution

Monday, April 1, 2024

   Kenny Tsai, CEO and owner of Inspi Philippines

TikTok Shop, the dynamic e-commerce platform of TikTok, continues to champion local brands, amplifying their presence and fostering growth opportunities within the digital landscape as part of its commitment to supporting local businesses. Among the success stories emerging from the marketplace is Inspi Philippines, a longstanding garment manufacturing company based in Binondo, Manila.

Founded in 1989, Inspi Philippines embraces resilience and adaptability in navigating the evolving retail landscape. CEO and Owner, Kenny Tsai, emphasized how the company's success is rooted in the values of diligence and prudent financial management, making them a pillar of quality and innovation in the local market.

Harnessing TikTok for Business

Inspi's transformative journey took a significant leap with its partnership with TikTok Shop. Leveraging the platform's dynamic features, including its popular video editing features and shoppable content options, Inspi Philippines experienced an unprecedented surge in visibility and consumer engagement.

During Inspi Philippines' initial months on TikTok, the company prioritized developing its content strategy, producing short videos, and analyzing what appealed to its target audience. The exploration of various content strategies, including the use of trending sounds and video lengths, led to the discovery of a content formula that resonated with the local TikTok community.

Moreover, Inspi Philippines actively utilized TikTok's interactive features, such as live streams, to foster deeper connections with consumers. Through strategic implementation, they observed a significant increase in viewership, with a 24% uplift in Live Page Views in 2023. By encouraging user participation and feedback, Inspi Philippines created a sense of community around their brand, further enhancing brand loyalty and customer engagement.

Expanding Market Reach

Inspi Philippines has witnessed significant growth since partnering with TikTok Shop, experiencing a 69% uplift in Gross Merchandise Value for the second half of 2023 compared to the first half. This growth not only solidifies Inspi Philippines' position in the market but also highlights the role of TikTok Shop in driving tangible business outcomes for local brands.

The exposure gained from showcasing their products on TikTok's catalogs and TikTok Shop also opened up new opportunities for Inspi to also drive traffic to its official website. This heightened visibility resulted in a surge in consumer engagement and interactions, contributing to a more robust online presence for the brand. "Sobrang bilis lang ng pag-boost niya. Na-accept siya easily nung market, so it's experiential. (The speed at which TikTok Shop boosted our presence was remarkable. Our brand was easily embraced by the market, providing us with a truly experiential journey)," shared Tsai.

Driving Economic Activity and Community Engagement

Inspi Philippines' partnership with TikTok Shop underscores the platform's commitment to empowering local brands and providing them with the tools to thrive in the digital age. With its user-friendly interface and expansive reach, TikTok Shop offers a dynamic marketplace where sellers can engage with a diverse community of shoppers, driving business growth and fostering economic activity within communities.

Tsai emphasized the collaborative spirit that drives Inspi's success, stating, "We have a common goal that would lead to success by working as a team. We actively collaborate with a lot of local garment manufacturers, empowering them to scale up their production capacities, meet our growing demand, and contribute to job creation for a lot of Filipinos."

Looking towards the future, Tsai envisions boundless opportunities for Inspi within TikTok Shop. "The future of e-commerce, specifically, or retail, is already inside TikTok. Diyan lang iikot nang iikot yan (That's where it keeps revolving)," Tsai emphasized. "The opportunities are already there wherein a lot of SMEs are already doing it. So don't waste your time, mag-join na kayo agad (join in immediately)."

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At the Prime of their Lives: Prime Cast Brings 20 Years of EXXtraordinary Brand Events and Activations

At the Prime of their Lives: Prime Cast Brings 20 Years of EXXtraordinary Brand Events and Activations

Prime Cast Events, a premier experience and activations agency in the Philippines is proudly celebrating its 20th anniversary. This year it is looking back at its two decades of unparalleled creativity, impressive executions, and unmatched commitment to its clients and vision.

Through the years, Prime Cast has established itself as a formidable corporate and brand partner, collaborating with different consumer products and services to bring their campaigns and visions to life. Today, the Company stands as a testament to the unwavering commitment of its people. This is the secret sauce that has made the Company one of the most preferred agencies for events, activations, creatives and digital services, both locally and across Southeast Asia.

The Prime Cast Experience, unlike any other

Vision and dedication. These two words are easy to throw around when describing a company or its people. But these words ring absolutely true for Prime Cast. Its sharp vision in conceptualizing events and activations for its clients sets it apart. The mark of a great agency is when they can anticipate your needs before you even know them – and dedicate their energies to uphold their promises. You can expect an all-encompassing support system with the Prime Cast team, where brands and companies are not treated as clients, but as partners and collaborators.

From a boutique agency to a massive team, ready to help brands reach their goals, Prime Cast has built a solid portfolio of work. And they do not plan on stopping. “We have seamlessly expanded our teams and services to cater to the growing and evolving needs of our clients. This reach has not only diversified our portfolio but has also enriched our experiences, enabling us to tailor our solutions to a wide range of markets,” shares Prime Cast Chairman and CEO Alex Valerio.

It is very telling that Prime Cast’s clients, from individuals to large FMCG companies, continue to have faith and confidence in its team. “To all our partner brands from then until now, we are very humbled and grateful for your trust. Your solid confidence has pushed us to raise the bar and exceed expectations,” adds Valerio.

Primed to Keep Succeeding

At the heart of Prime Cast’s success story are the dependable individuals of the team. “I want to thank our incredible staff, manpower, models, and execution partners who work perseveringly behind the scenes. Their passion and intensity have been the pillars of our growth and achievements. To everyone who has been a part of the Prime Cast family, thank you sincerely. Together, we have created a legacy and a mark on our lives and professional careers,” Valerio ends.

As Prime Cast raises a toast to its 20th year, the Company also looks ahead with excitement and great anticipation for the future. The journey so far has already been extraordinary. Prime Cast is certain though, that the best is yet to come. Here is to 20 years of EXXTRAORDINARY excellence. Congratulations and Happy 20th Anniversary to Prime Cast Events.

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Japan ranks as top leisure travel destination for Filipino travellers: Visa study

Japan ranks as top leisure travel destination for Filipino travellers: Visa study

Visa, a global leader in digital payments, has published its most recent Green Shoots Radar study. This quarterly report analyzes consumer sentiments across various sectors, such as financial services, commerce, and travel. The study reveals a surge in travel frequency among Filipino travelers. According to the data, 24% of surveyed Filipino respondents have traveled overseas for leisure or business purposes in the past year. This trend aligns with a broader travel resurgence across Asia Pacific, with 37% of those surveyed reporting overseas travels within the same period.

Japan emerged as the top leisure destination for Filipino travelers, with 32% visiting in the past year. Singapore (22%) followed by Hong Kong (21%) and Thailand (18%) were the next most popular destinations. For business trips, Singapore led the list with 25%, followed by Japan (23%), and the United States tied with Hong Kong at 18%.

Filipino travelers prefer to book flight tickets directly from the provider’s website (44%). Among those respondents who booked their accommodations through Online Travel Agencies and paid the full amount upon booking, using credit cards is the most popular payment mode (41%), followed by mobile/e-wallets (28%).

Jeff Navarro, Country Manager for Visa Philippines, said, "As cross-border travel gains momentum in the Philippines and the region, we have a significant opportunity to maintain visibility throughout travelers' journeys. This involves being present during destination searches and bookings, using Visa cards on travel apps for smoother transactions, and engaging consumers with authentic travel and shopping content to create a secure and seamless digital payments experience for everyone, everywhere."

The future of travel remains promising, with 65% of Filipino respondents planning overseas leisure travel in the next 12 months. The top three leisure destinations intended in the next 12 months are Japan (38%), followed by South Korea (29%) and Singapore (16%). For business travel, Japan (19%), Canada (13%), and South Korea (12%) are the most likely destinations.

According to Visa’s Global Travel Intentions 2023 study, majority (89%) of Filipino travelers used credit (44%) and debit (39%) cards when travelling, for the benefits of cards’ wide acceptance (56%), accepted at ATMs (49%), and ability to be used both online and within apps (43%). 

Visa’s most recent Consumer Payment Attitudes 2023 study data also reflect cards as the preferred mode of payment when travelling, where 25% of surveyed Filipinos use credit or debit cards online and 21% use via swipe or insert when traveling overseas.

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Empowering Excellence: Kroma Entertainment Champions Women Leaders in Celebration of International Women’s Month

Empowering Excellence: Kroma Entertainment Champions Women Leaders in Celebration of International Women’s Month

Saturday, March 30, 2024

Step into the doors of a rising media company that walks the talk of valuing diversity, equality, and empowerment within its walls. This International Women’s Month, Kroma Entertainment continues to champion and nurture their culture of inclusivity from the boardroom down to its studios. Inclusivity permeates every facet of the media company's operations, embodying its core values and principles.

Behind the success and accolades, it is the women leaders of Kroma Entertainment who stand tall, each one a trailblazer in her own right. With vision and expertise, these ten remarkable women have played pivotal roles in shaping Kroma's journey to prominence. Join us as we shine a spotlight on these extraordinary individuals who continue to propel Kroma Entertainment to new heights of excellence and innovation.

Denise Seva for LiveMNL and Music

Denise Seva boasts extensive experience in the domains of marketing, advertising, and broadcasting. As the General Manager of Live MNL and the Music division at Kroma Entertainment, Denise was able to expand the business from mounting brand events to reaching the music promoter scene and discovering new talent for an ever-evolving audience. From mounting Head In The Cloud and selling out seats to NIKI’s Nicole World Tour in minutes to staging hybrid branded events for a world-class clientele and giving homegrown artists from small towns big breaks, Denise leads in many ways. 

Jil Go for Tradigital Broadcast

Jil Go brings in years’ worth of experience in the fields of sales, marketing, and programs acquisitions and has been pivotal in the innovation of the Tradigital Channels Business of Kroma Entertainment. It was during Jil’s leadership that Pinoy Interactive Entertainment (PIE) was launched as a channel and evolved into a fully-digital platform with various programs. She is hands-on in the evolution of tradigital yet again, as Kroma adapts to the media's ever changing landscape.

Kat Bautista for NYMA

Responsible for handling Kroma’s artist management business is Kat Bautista, whose vision has been shaped by her experiences in the fields of marketing, technology, and strategy here and in the United States. She founded and currently leads NYMA, the talent management agency of Kroma Entertainment, and nurtures the burgeoning careers of content creators and entertainers alike. From handling local talent such as Abi Marquez and Kristel Fulgar, she grew the capabilities of NYMA, equipping her team to offer influencer management services and co-management of international talents such as Jamie Miller and Eric Nam. 

Bianca Balbuena for ANIMA

Bianca Balbuena serves as the General Manager for the studio and production arm of Kroma Entertainment, ANIMA. Assuming the role with an already stellar resumé in film, Bianca’s leadership inspires creatives to make content—films, series, podcasts, branded short-form—that showcases excellence in storytelling for various discerning audiences. Her tenure at Kroma has been a hit in itself, with her teams’ output attaining both commercial and critical successes here and abroad.

Mell Tolentino for Secret Menu

After taking on various leadership roles in the fields of communication and media for over two decades, Mell Tolentino now serves as the head of Secret Menu, where she leads the team in developing creative work for a diverse clientele with diverse needs. Mell uses her experience across various traditional and digital media to make Secret Menu a strong player in the field of B2B creative services, and help brands realize their creative vision through content that resonates with their audience

Sarah Santiago for Kroma PubCo

Sarah Santiago is the consummate publishing professional, with editorial and brand experience across different media platforms and audiences through the years. Today, she helms Kroma PubCo, the digital publishing business of Kroma Entertainment which powers youth-focused titles such as Wonder, FreebieMNL, and Complex Philippines. Her work enables Kroma Entertainment to tell the stories of a generation, giving young Filipino readers content that entertains, informs, inspires, and challenges norms. 

Joy Aquino for People (Human Resources)

With her vast experience handling human resources within the media industry, Joy Aquino now manages the People (Human Resources) department. She specializes in organizational and change management, performance management systems, among others, to cultivate current and potential Kroma employees.

Atty. Jane Delgado for Legal

Atty. Jane Delgado serves as Kroma’s Chief Legal Officer and Data Privacy Officer, overseeing the legal interests of the company’s diverse business units. Her legal counsel enables Kroma to navigate complex legal landscapes with confidence and ensures compliance with data privacy regulations. With Atty. Jane’s wealth of experience in the legal aspects of media, telecommunications, and retail, the company benefits from her extensive legal expertise, strategic thinking, and dedication to upholding the highest standards in legal matters.

Ro Manalo for Corporate Communications

Through her experiences in brand management, public relations, and media, Ro Manalo continues her career as the Head of Corporate Communications for Kroma Entertainment, making sure that the company's messaging aligns seamlessly with its values and resonates effectively with its diverse audiences. Amidst the competitive landscape of the entertainment industry, Ro is also instrumental in elevating Kroma Entertainment's presence, making it known to consumers and stakeholders alike as a rising star in entertainment.

Cheng Kabigting for Strategy and Governance

Cheng Kabigting brings over a decade of experience with leading digital and media brands nationwide to her role as Head of Strategy and Governance at Kroma Entertainment. Her journey at Kroma began as the Head of Sales and Marketing, where she laid the foundational strategies for the company's market presence. Prior to Kroma, she was instrumental in the digital business expansion of Globe Telecom, driving significant mobile data and content partnerships. Cheng's strategic foresight and leadership have been pivotal in establishing and overseeing the Strategy and Governance team at Kroma, guiding the company to new heights of success.

With these women holding the torch, Kroma Entertainment stands as a beacon of empowerment, diversity, and innovation in the entertainment industry. Each leader brings a unique perspective and skill set, contributing to the company's success and fostering a culture of inclusivity.

Their collective achievements reflect the commitment of Kroma Entertainment to not only showcase creative excellence but also to create an environment where women thrive in leadership roles. By highlighting these remarkable women during International Women’s Month, Kroma Entertainment reinforces its dedication to breaking barriers and inspiring the next generation of talent.

CEO Ian Monsod proudly shares how Kroma upholds the importance of celebrating and empowering women to lead their respective fields, "At Kroma Entertainment, we celebrate not just the achievements of our incredible women leaders, but the diverse perspectives and strengths they bring to our collective success. Today, we honor the progress we've made towards true equality, recognizing that fostering an inclusive workplace is not only the right thing to do but also a strategic imperative for innovation and excellence. It is my honor to work daily with these amazing women—media professionals, entertainment experts, leaders in every way.”

As the company continues to evolve, guided by these influential women, Kroma Entertainment remains at the forefront of positive change in the entertainment landscape, setting an example for the industry to embrace inclusivity and celebrate the achievements of women in all aspects of their business.

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Alipay+ connects 2 million merchants in Japan as global tourists travel to the country for cherry blossom season

Alipay+ connects 2 million merchants in Japan as global tourists travel to the country for cherry blossom season

• Transactions powered by Alipay+ in Japan rose over 200% during the first three weeks of March, compared with the same period last year;
• Consumption via 16 Alipay+ partner e-wallets and bank apps in is estimated to account for10% of total spending among users in Japan;
• Alipay, AlipayHK, Kakao Pay, Touch 'n Go eWallet, GCash and TrueMoney are among the most popular e-wallets used by travelers to Japan, while MPay, Naver Pay and Toss areseeing rapid growth in transactions;
• Alipay+ has been working with over 40 local acquiring partners to connect and servicemerchants

As merchants in Japan gear up to receive cherry blossom tourists across fromaround the world, Ant International announced that its cross-border mobile payment solution Alipay+ has connected two million merchants across the country, enabling businesses, big or small, to better serve global visitors through a seamless payment experience with their homecountry e-wallets.

There are 16 e-wallets and bank apps accepted in Japan via Alipay+, a suite of cross-border digitalpayment and digitalization technology solutions, namely Alipay (Chinese mainland), AlipayHK(Hong Kong SAR China), MPay (Macao SAR China), South Korea’s Kakao Pay, Naver Pay and Toss, Singapore’s OCBC Digital, Changi Pay and EZ-Link, Malaysia’s Touch ‘n Go eWallet and MyPB by Public Bank Berhad, the Philippines’ GCash and HelloMoney, TrueMoney (Thailand),Hipay (Mongolia), and Tinaba (Italy).

Powered by Alipay+, transaction volume made by e-wallets and bank apps in Japan jumped over 200% in the first three weeks of March, compared with the same period in 2023. Transactionvalue is estimated to account for about 10% of total spending among users during their stay in thecountry, Douglas Feagin, President of Ant International, said during a press conference inTokyo.

Among all, Alipay, AlipayHK, Kakao Pay, Touch ‘n Go eWallet, GCash and TrueMoney are among the most popular e-wallets used by travelers to Japan, while MPay, Naver Pay and Tossare seeing rapid growth in transactions.

Mr. Feagin said, “We are grateful to our over 40 local acquiring partners in Japan, including both big institutions as well as small ones that only have several employees, for their tremendoussupport to promote a seamless, transparent and efficient experience together for local businessesand international travelers.

“By working with these partners, Alipay+ provides global tourists with a seamless digital payment experience that is the same as in their own markets. Without any extra efforts, tourists can make purchases by simply scanning the QR code at merchants of all size, without worryingabout foreign currency exchange or any language barriers.”

In Asakusa, a vibrant neighborhood and popular tourist destination with small souvenir shops andsnack stalls, an increasing number of merchants are leveraging the simplicity of QR code to dobusinesses. The monthly cross-border mobile transaction volume is more than 5 times higher on average.

At Daimaru Matsuzakaya Department Stores, a flagship department store chain in Japan,transaction volume made by Alipay+ partner e-wallets and bank apps rose over 10 times in the firsttwo months of this year, compared with the same period last year.

Mr. Akito Kimura, Manager of Inbound Business Division for Daimaru MatsuzakayaDepartment Stores, said, “Starting with connecting Alipay to make Chinese customers more athome, we are pleased to expand our partnership with Ant International by integrating with Alipay+. This will allow us to accommodate the preferred payment methods of our international customersthrough simple integration. We look forward to working together to drive more innovation, ensuringall customers can enjoy a memorable and peace-of-mind shopping experience at our stores.”

Ms. Venetia Lee, CEO of AlipayHK, said, “Japan is the first foreign destination of AlipayHK as it isone of the most favorite travel destinations for the Hong Kong residents. Powered by Alipay+, HongKong people can now use AlipayHK to make purchases at local stores and use car-hailing inJapan, which are settled in Hong Kong dollars with competitive exchange rates in the market. Withthe increasing acceptance of Alipay+ among local merchants in Japan, the daily transaction valuesand volumes of AlipayHK in the country in the first quarter have surged 3.5 times and 5 times overthe previous quarter. I am confident that the usage of AlipayHK will continue to grow in Japan onthe back of the strong adoption of Alipay+ services among the Japanese merchants.”

Mr. Ren-Ren Reyes, president and CEO of GXI (G-Xchange, Inc.), the mobile wallet operator of GCash said, "Our long-standing partnership with Alipay+ has allowed us to be anindispensable companion for Filipino travelers in now 47 countries and territories around the world.We are glad to continue strengthening our collaboration with Alipay+ to ensure every Filipino has aseamless and secure cashless payment option when they travel abroad."

Mr. Won-Keun Shin, the CEO of Kakao Pay, a major acquirer in South Korea, said, “We areglad that users can easily and conveniently pay with Kakao Pay at 2 million large and small merchants in Japan, one of the most visited countries by Korean tourists. Through discussions with Alipay+ as well as several e-wallet partners representing each country, we will accelerate global expansionand provide more benefits.”

Mr. John Sun, Chairman and CEO of Macau Pass, stated, “As the leading mobile payment e-wallet in Macao, MPay, together with Alipay+ which has launched a suite of innovative digitalcross-border solutions, strives to create a smart e-wallet that facilitates Macao residents to travelglobally, this could also solve the issues they encounter with payment while travelling overseas, thusimprove travelers' payment and shopping experience. MPay will continue to expand in e-payments, lifestyle services, and marketing technology services to develop more open anddiversified intelligent payment business scenarios.”

Mr. Alan Ni, Chief Executive Officer of TNG Digital Sdn. Bhd., the operator of TNGeWallet, said, “As Malaysia's top eWallet provider, we're committed to serving users locally andexpanding globally. Our partnership with Alipay+ has seen transactions surge sixfold this year, specifically in Japan, a true testament to our dedication to innovative payment solutions. Withover half of Malaysia entrusting TNG eWallet as their preferred digital payment and financialservices provider, we aim to be the ultimate travel companion, ensuring easy and safe transactionswherever our users go.”

Ms. Monsinee Nakapanant, Co-President of Ascend Money, the operator of TrueMoneysaid, “Japan ranks as one of the most popular destinations with approximately 1 million Thai travelers each year. We are pleased to work with Alipay+ to create more inclusive cross- borderpayments and enable Thais to enjoy safe, real-time, and cost-effective payments with theiraccustomed home wallet TrueMoney. Enabling the travelers to connect with Japanese merchants of all sizes will also expand their experiences of local culture and people that would make theirtrip more memorable.”

Introduced by Ant International in 2020, Alipay+ now connects over 88 million merchants in 57countries and regions to 1.5 billion consumer accounts on over 25 e-wallets and bank apps,allowing consumers to travel and pay hassle-free globally, and merchants to build out cross-borderconsumer engagement and digital marketing.

The service builds on Alipay+’s extensive regional partnerships, including those with national QR schemes including Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Sri Lanka's LankaPay and Cambodia's KHQR.

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13 APAC Mobile Wallet and Digital Bank Leaders Sign up for New MSME Initiative to Accelerate Inclusion and Sustainability Efforts

13 APAC Mobile Wallet and Digital Bank Leaders Sign up for New MSME Initiative to Accelerate Inclusion and Sustainability Efforts

Tuesday, March 26, 2024

Programme Sirius (Sustainability Innovation for Regenerative & Inclusive Purpose), supported by 13 Asia-Pacific fintech leaders at its inaugural launch, was unveiled today to empower Micro, Small, and Medium-Sized Enterprises (MSMEs) in their transition towards sustainability, in line with the United Nations Sustainable Development Goals.

Programme Sirius is an industry-led knowledge initiative that aims to support MSMEs operating on digital platforms in their journey towards sustainability. It will foster open industry dialogues where like-minded industry partners can exchange ideas on sustainability innovations and share best practices to supportMSMEs on their sustainability journey, helping their transition into a low-carbon economy, advancing their accessibility to sustainability financing, and uplifting MSMEs with new growth opportunities.

International Finance Corporation (IFC), a member of the World Bank Group, will collaborate with Ant International to develop and promote a set of Digital Sustainability Impact Management Toolkits in the next two years. These toolkits aim to empower MSMEs to adopt environmentally and socially friendly practicesto improve MSMEs’ access to sustainable finance through digitalization while driving the entire economy towards a low-carbon development path.

To support MSMEs in commencing their sustainability journeys, Gprnt, an initiative by the Monetary Authority of Singapore, will collaborate with Ant International to provide a technology-enabled reporting solution for MSMEs to embark on simplified sustainability disclosures against basic Environmental, Socialand Governance (ESG) metrics. Gprnt will further augment Programme Sirius by sharing how MSMEs can better harness data and technology to gain access to sustainable business, finance, and supply chain opportunities.

At the launch, 13 industry partners from 11 economies have committed to be part of Programme Sirius:AlipayHK (Hong Kong SAR, China), ANEXT Bank (Singapore), Bigpay (Malaysia), bKash (Bangladesh), DANA (Indonesia), GCash (the Philippines), Hipay (Mongolia), Kakao Pay (Republic of Korea), MPay (Macao SAR, China), TNG Digital (Malaysia), TossPay (Republic of Korea), TrueMoney (Thailand) and Zalopay (Vietnam).

Corporates and businesses today face increasing reporting requirements from regulators, financial institutions, and supply chain partners to disclose and track their sustainability performances. Small Medium Sized Enterprises (“SMEs”) represent 90% of all businesses and 50% of employment worldwide1, yet their limited size means they lack the capability and data collection mechanism for sustainability related reporting. MSMEs, which form key components of larger firms’ supply chains, face even greaterchallenges from the complexities of the reporting landscape, insufficient resources, and know-how to generate basic sustainability reports, and high cost of employing technological solutions and consulting services to develop effective sustainability reporting solutions.

With multinational companies aiming to curtail their carbon footprint and extending these expectations to their suppliers, local merchants could gain competitive edge by embracing sustainability. To facilitateMSMEs, including those operating in digital channels, to transition towards sustainability, there is a greaturgency to call for industry collaborative efforts and innovations to help in addressing these key areas of challenges.

“We always talk about financial and digital inclusion, but sustainability inclusion for MSMEs is becoming one of the most pressing challenges,” said Leiming Chen, Chief Sustainability Officer, Ant International. “As these merchants play an increasingly important role in the global and local economies,there is a need to provide them with the right mindset, knowledge, and resources to take climate action.Given the complexities of the task, ranging from taxonomy and governance framework to cost and education, it requires collective effort across public and private sectors, industries, and markets to drive this change. With our experience in innovation-led sustainability and MSME programs, Ant International is proud to join partners like the Gprnt and IFC, and other industry partners of the Programme Sirius likeGCash to unlock opportunities for MSMEs as they transform to become more sustainable.”

“MSMEs are the backbone of any growing economy. With this, GCash has become their bridge to digital byproviding essential tools – transforming the way they do business. We remain committed to helping FilipinoMSMEs achieve progress through democratized financial services, especially with easy access to credit,” commented Martha Sazon, President and Chief Executive Officer of GCash.

“MSMEs are the backbone of the Asia-Pacific economy, accounting for more than 97 percent of its businesses and employing over half its workforce. Meanwhile, our region accounts for three-fifths of globalemissions from power generation and includes many countries vulnerable to climate change,” saidChristina Ongoma, Upstream and Advisory Manager, Financial Institutions Group, East Asia and the Pacific, IFC. “The sustainable growth of MSMEs is of great importance, as it not only creates jobs and drives economic growth, but also paves the way for a better future for all.”

Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore, said: “The widespread adoption of digital wallets and payment solutions makes them a key enabler for helping smaller businesses commence their sustainability journeys. Industry initiatives like Programme Sirius are important for the public and private sector to coordinate the tools, frameworks and technologies for smaller businesses to build their sustainability competencies as they transition into the green economy. The MAS is pleased tosupport Programme Sirius by leveraging its work on Project Savannah, which articulates a common starting point for MSMEs to report basic ESG information; and through the involvement of the newly established Gprnt platform, which harnesses technology and automation to simplify how MSMEs report such information. We look forward to Programme Sirius bringing together global financial institutions and payment providers, to collectively power more inclusive and sustainable growth for MSMEs around the world.”

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