PayMongo, a leading financial technology platform for Filipino entrepreneurs, has recently partnered with Boost Capital, a leader in digital technology solutions, to streamline merchant onboarding, lower barriers to financial services, and reinforce PayMongo’s position as a top player in the Philippines’ fintech space.
“Together, we’re taking a big step towards improving the onboarding experience for Filipino merchants, making it easier for small businesses to access the financial services they need to grow and succeed,” said PayMongo Chief Executive Officer (CEO) Jojo Malolos regarding the partnership.
Mr. Malolos emphasized that at the core of this collaboration is Boost Capital’s advanced, AI-powered chat technology, which seamlessly integrates into PayMongo’s ecosystem.
“This chat-based platform allows merchants to sign up through familiar channels like Facebook Messenger — without the need to download an app or learn new technology,” Mr. Malolos said. “For small and medium-sized enterprises (SMEs), this eliminates the traditional barriers of complicated paperwork, lengthy verification processes, and unfamiliar tools.”
One merchant, Maria L., a restaurant owner, shared her experience with the onboarding system: “This was so much easier than any of my US bank experiences. I signed up and submitted my documents through a quick chat on my phone. It was fast and hassle-free.”
“We’ve listened to merchants who find the onboarding process overwhelming, and through this partnership, we’re providing a solution that simplifies it,” the PayMongo CEO said, highlighting that merchants can easily onboard through a quick chat, upload documents using their smartphone, and be approved in record time.
Enhanced financial access for Filipino entrepreneurs
Meanwhile, PayMongo Co-Founder and Chairperson Luis Sia explained that the partnership with Boost Capital reinforces PayMongo’s mission to make financial services more accessible to a wider range of businesses, from startups to established enterprises.
“By simplifying the onboarding process, more SMEs can now access essential financial tools that help them scale their operations and drive growth,” Mr. Sia said.
“Boost Capital’s technology, integrated with PayMongo, simplifies digital transactions through intuitive chat and web-based interfaces, removing traditional barriers to financial entry,” he added.
Mr. Sia said that the collaboration allows SMEs to navigate the financial system easily, allowing them to focus on their core business without the usual friction of accessing financial services.
Mr. Sia then pointed out that PayMongo is a leading financial infrastructure platform in the Philippines, offering businesses a comprehensive suite of digital financial services to boost their revenue.
“Our services include payment processing, business wallets, and flexible capital solutions, all designed to simplify financial operations for SMEs. PayMongo is dedicated to empowering Filipino businesses by making financial services more accessible, secure, and user-friendly,” he said.
First-to-Market Innovation in Merchant Signup
Boost Capital CEO Gordon Peters explained the company’s role in assisting entrepreneurs, particularly in streamlining the onboarding process within the financial services sector.
“By integrating Boost Capital’s chat-driven, AI-powered technology, PayMongo allows merchants to complete their onboarding process in just minutes — anytime, anywhere. This streamlined, fully automated solution accelerates onboarding while ensuring compliance and security at every step,” Mr. Peters said.
“With this innovative approach, PayMongo is the first among its competitors in the financial space to offer a chat-based onboarding experience, setting a new standard for ease and accessibility,” Mr. Peters added.
Mr. Peters emphasized that Boost Capital is at the forefront of technology solutions that revolutionize how businesses digitally onboard and manage customer interactions. It provides financial service providers with white-labeled onboarding systems for loans, savings, merchant acquisition, and insurance.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.