BPI launches digital banking app tailored fit for MSMEs

BUSINESS PARTNER. BPI BizKo is BPI’s newest app intended to help micro, small and medium enterprises recover and grow their businesses faster in this new business environment. / BPI
BUSINESS PARTNER. BPI BizKo is BPI’s newest app intended to help micro, small and medium enterprises recover and grow their businesses faster in this new business environment. / BPI

TO EMPOWER and help the micro, small and medium enterprises (MSMEs) sector recover from pandemic losses, the Bank of the Philippine Islands (BPI) on Wednesday, March 9, 2022, virtually launched BPI BizKo, an integrated digital banking platform tailored fit for this growing sector.

BPI BizKo is a simple, affordable and subscription-based digital banking platform that enables MSMEs to manage their business finances and provides an integrated online system for invoicing and collection.

Features

The all-in-one online platform available via app and web offers MSMEs immediate access to their account information — to view balances, deposits and payables, regularly pay employees, suppliers, utilities, and government dues, create digital invoices under their business name, get invoice number reminders to avoid duplication, and receive and monitor payments through its intuitive invoicing system.

“The pandemic made running a business even more challenging for Filipino MSMEs. Aside from decreased profitability, entrepreneurs need to contend with heightened complexity, as issues like illnesses and lockdowns limited their mobility, made operations more expensive, and caused significant delays that bloated their overhead expenses,” said Eric Luchangco, head of business banking at BPI.

Luchangco said BPI BizKo simplifies the business processes that MSMEs encounter every day so they could focus on more important processes such as customer engagement, product development and growing the business, among others.

“We launched BPI BizKo to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today... We are looking to take the headache away from them from such administrative tasks,” he said.

The BPI BIzKo app can be downloaded via Google Play and App Store. MSMEs must have an existing BPI account so they could enjoy the seamless features of the app.

Moreover, instead of requiring an initial deposit and maintenance of a daily balance which most MSMEs struggle to comply with, BPI BizKo offers its services through flexible and friendly subscription plans available in monthly and annual terms.

Subscriptions

Monthly subscriptions start at P50 and P100 for basic and premium plans respectively, without the need for an average daily balance. Annual subscription is also available at P550 and P1,100 for basic and premium plans.

BPI BIzKo is also protected by multi-layers of cybersecurity features.

Ana Sison, head of BPI transaction services division, said the app has two-factor authentication, biometric activation, and other additional layers of security such as PIN nomination and email notification for every login, among other safety measures.

“With BizKo, we aim to provide individuals and businesses an efficient, inclusive, safe and secure digital payments ecosystem to reinforce our commitment to be the MSMEs’ partner-of-choice,” she said.

Lunchangco said given the available digital tools and the forced migration of entrepreneurs into the digital space since the pandemic, the MSME sector is expected to expand further. The full reopening of the economy, as well as the shift to Alert Level 1 status anytime soon would also open and stimulate more business opportunities for both existing and aspiring entrepreneurs.

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