Blockchain startup Traxion.Tech joined Union Bank of the Philippines (UnionBank) and DigiVation Digital Solutions, the provider of the digital platform “GlobalLinker” in building a payment integration facility for Philippine micro, small and medium enterprises (MSMEs). This service will complement the UnionBank GlobalLinker online platform that was launched in March that facilitates MSMEs’ online transactions.
The payment facility will offer both online and offline payment options which will enable smoother onboarding process of merchants in the platform and provide comprehensive sales reporting.
UnionBank GlobalLinker, a free platform comes with inventory management and data analytics tools as well as connects MSMEs with suppliers and customers, and to Union Bank’s suite of financial services.
There are currently over 900,000 MSMEs in the Philippines, accounting for 99.57% of the total establishments. Of these, 89.63% are micro enterprises, while 9.57% and 0.44% are small- and medium-size firms, respectively.
This project is in line with the bank’s advocacy to help local MSMEs grow. UnionBank GlobalLinker platform aims to give brick-and-mortar businesses an online presence. This will provide MSMEs an opportunity to reach a wider market and to integrate with global value chains.
“This provides hundreds of thousands of MSMEs the opportunity to connect with all other MSMEs and buying and selling with one another. And the best thing is you do not need to have a bank account with Unionbank,” Dino Velasco, Unionbank’s VP and head proponent for GlobalLinker’s implementation explains.
The GlobalLinker, meanwhile, was founded by DigiVation Digital Solutions Pvt. Ltd. It is used by other multinational corporations such as Mastercard, Jet Airways, and Icici Bank.
“Without much effort, without developing your own e-Commerce website and without much marketing promotion, small companies can now just plug in their products and services, and generate sales as soon they start bringing up their online stores” says Summi Gambhir, Digivation and GlobalLinker co-founder.
“Payments is the oil that runs the e-Commerce machinery and TraxionPay provides that lubrication. With e-Commerce business in the Philippines projected to be $25B by 2025, the Globallinker marketplace is the first place you can start selling online,” TraXion.tech CEO Ann Cuisia adds.
Traxion.Tech uses the latest IBM Hyperledger Fabric technology to create a permission-based distributed ledger. This new technology allows for easy, frictionless yet enterprise-grade solutions for industries that need to comply with data protection regulations.