BPI launches subscription-based platform for small businesses
BANK of the Philippine Islands (BPI) launched a subscription-based business platform with financial management tools for micro-, small-, and medium-sized enterprises (MSMEs).
The app, which is available for mobile download, is offered for monthly or annual terms of services for a minimum of P50 and P100 per month for basic and premium plans, BPI said in a statement.
“Unlike in other platforms available in the market now, some of them require deposit balances. With BizKo, we employ a different business model, which is a subscription model. It also has a pay-as-you-go finance scheme for financial transactions,” Ana Maria C. Sison, head of transaction banking at BPI, said at the virtual launch of the app.
Business owners that have accounts with BPI can use the services offered through the platform. They will not be required to present any additional documentary requirements as the process is fully online.
“MSMEs can handle everyday financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch. This helps in streamlining the cash flow to and from their partners and customers for more accurate and hassle-free monitoring,” the bank said.
The platform allows businesses to collect payments from their customers through features like invoicing, request money, payment link, and the payment portals of both BPI online and BizKo.
It also enables various payment transfers for bills, government agencies, and employees as well as customized financial reports.
“We do think that it will work well with those that have retail customers. It can also be used for government payments, everybody needs to pay their suppliers, so it can be used across industries,” said Eric Roberto M. Luchangco, BPI business banking head.
He said while the MSME sector was affected by the crisis worse than their larger clients, their portfolio “continues to be performing quite well.”
“We look to continue to grow our business and we think that especially with many areas moving into Alert Level 1, we expect the business to continue to grow this year,” Mr. Luchangco said.
BPI’s net profit rose by 11.5% year on year to P23.88 billion in 2021. This, as its lower provision for loan losses and higher fee income offset the decline in interest earnings
The Ayala-led lender’s shares closed at P93.25 apiece on Wednesday, up by P2.25 or 2.47%. — Luz Wendy T. Noble
