ASEAN Economic Growth Gets Boost from Unified Merchant Database for Cross-Border Trade
A unified merchant database and verifiable identity are key to helping Filipino MSMEs adopt digital platforms and grow in the digital economy, Oscar Enrico Reyes Jr., president and CEO of G-Xchange Inc., the mobile wallet operator of GCash, said in a panel discussion during the ASEAN Business Environment Forum. Closing the digital gap would enable Filipino entrepreneurs to engage in cross-border transactions and access the ASEAN market. This means they can sell products and services to a wider audience, connect with regional partners, and participate in the regional supply chain. As such, Filipino enterprises can better compete regionally and tap into new growth opportunities, beefing up their revenue streams in the long run. However, many MSMEs find it challenging to join the digital space because of fragmented ecosystems for identification, preventing them from fully realizing their business venture's potential. "In fact, it's so cumbersome to onboard a mer...