[FEATURING] Xendit: Fintech to offer ₧3.5 million for 1,000 entrepreneurs

AN Indonesia-based financial technology (fintech) player announced it will waive P3.5 million per business in free transactions for up to 1,000 entrepreneurs and businesses in Philippines and Indonesia to scale and level-up, “while embracing the digital transactions that are increasingly critical in the region.”

Xendit (PT Sinar Digital Terdepan) announced this is a part of its “Level Up” campaign. The first part is the launch of its “Business Pitch Challenge” where the company will select 50 to 100 startups who will get P3.5 million in waived fees to use their service.

“The selected SMEs [small-scale and medium-scale enterprises] will enjoy a secure, easy-to-integrate payment system and a seamless payment experience for their clients,” the company said in a statement. “The selected startups will also join a master class to learn how to maximize their payment gateway experience.”

The company added it will provide comprehensive payment options, quick set-up and instant payment process “so they can be onboarded right away.”

The company said the campaign is part of their commitment to championing the growth of SMEs in the Philippines, “while making financial transactions safer and simpler in the digital age.”

“Xendit is also a product of a startup accelerator in Silicon Valley, which helped us build a fast, secure and seamless payment platform for Southeast Asia,” Xendit Philippines Inc. Managing Director Yang Yang Zhang was quoted in the statement as saying. “We recognized the importance of mentorship in a startup’s growth. We hope to offer the same kind of support for local entrepreneurs and SMEs.”

Yang Yang expressed “excitement” to “meet promising startups in the Philippines and see how we can work together so they can reach their idea’s economic potential.”

“We are confident that this program can nurture the businesses of tomorrow and in turn, continue building the country’s digital payments infrastructure,” he added.