More than 600 entrepreneurs representing 400 Micro, Small & Medium Enterprises (MSMEs) in Iloilo and the whole Panay gathered recently for a business forum regarding the latest solutions in financial technology.
Acudeen Technologies, Inc., one of Philippines’s fastest growing FinTech startups, together with the Philippine Chamber of Commerce and Industry, Iloilo Chapter Inc., in cooperation with International Finance Corporation and Iloilo City Government hosted ‘XCELERATE: Excel. Accelerate.” on June 20, 2017 at Iloilo Convention Center.
Xcelerate forum brought together successful Ilonggo entrepreneurs, industry leaders, local government, and international organization officials in the discussion regarding supply chain efficiency, policy and finance, and other matters that help starting and maintaining MSMEs.
Mayor Jed Patrick Mabilog delivered the opening remarks, highlighting the gains of Iloilo City in the past few years.
“The city has achieved economic success over the past seven years because of its unique geographical location, modern and efficient infrastructure, as well as its trained and highly qualified skilled workers,” said Mabilog.
Acudeen CEO Mario Jordan “Magellan” Fetalino then introduced to Ilonggo entrepreneurs their financial technology platform which looks to boost cash flows, thereby answering an unsolved business need.
“We’re doing this event to tell the ‘good news’ that [MSMEs] can use their receivables, such as unpaid invoices, to use as capital,” said Fetalino.
“We want to educate small businesses that invoice financing is possible. Also, We want to send the message that government needs to understand the needs of MSMEs, and stakeholders like big businesses to pay their dues on time.”
Acudeen Technologies is the first to offer an online Invoice Discounting platform to businesses in the Philippines.
Through Xcelerate Iloilo, Acudeen was able to expand its reach in promoting financial inclusion to the businesses in Visayas and provide alternative avenues of financing to small and medium enterprises and help accelerate the growth of their business.
Included in event were two panel discussions and a financial workshop. The first panel will revolve around the topic Today’s Accelerated Growth Opportunities, discussed by industry leaders from growing businesses in Iloilo.
The second panel disscussion centered on Policies and the Financial Environment, discussed by representatives from the government and financial institutions.
Afternoon session involved a workshop on alternative financing, which the PCCI-Iloilo has endorsed for the benefit of MSMEs of the region.
“It is very important that MSMEs are knowledgeable with financial management, especially on how to manage receivables and cash, in order to have continuity in their businesses,” said Donna Ratilla, PCCI-Iloilo president.