#FinancePH - Payoneer Celebrates Startup Success with First-Ever Business Incubation Program

Payoneer, the financial technology company known for empowering small and medium-sized businesses (SMBs) globally, recently hosted an inspiring event, “Accelerate Your Growth,” at the Grand Hyatt Manila. This event marked the culmination of a six-month business incubation program, a collaborative effort between the Payoneer Foundation and Bridge for Billions, a social enterprise dedicated to fostering social impact through innovative incubation programs.

Empowering Filipino Entrepreneurs

In the Philippines, where SMBs make up 99.5% of businesses and employ 60% of the workforce, challenges like limited access to resources and mentorship can hinder growth. Payoneer’s 2024 SMB Ambitions Barometer revealed that 38% of Filipino businesses see brand awareness and marketing as their biggest hurdles. This program aimed to address these challenges by providing entrepreneurs with mentorship, business fundamentals, and funding opportunities.

Monique Avila, APAC Senior Director of Customer Success at Payoneer, shared, “At Payoneer, we are dedicated to enabling small and medium-sized businesses to thrive in the global economy. Our partnership with Bridge for Billions is a testament to our mission of providing the tools, resources, and support that Filipino entrepreneurs need to scale their businesses internationally.”

Celebrating Innovation and Success

The event showcased top business ventures from the program. The winning pitch was presented by Anna Violeta of Hey StorySeller Studios, a data analytics company helping other businesses with data management tools. The second-place venture, Tambanokano Aqua Farm by Mary Grace Silverio, focuses on aquaculture technology for crab-based products. Studio Naghisa, a digital creative agency by Sheila Fuentes, took third place, helping women entrepreneurs optimize their brands.

Insights from Industry Leaders

A panel discussion featured insights from leaders in the startup and impact investment sectors. Love Gregorie Perez of XChange Philippines emphasized the importance of building strong foundations in business. Denise Dalusong from Vilgro Philippines highlighted the growing interest in vision-oriented businesses. Eileen Borromeo, co-founder of Life by Petto and Podcast Network Asia, stressed the need for entrepreneurship education. Erwin Lizarondo, an impact investment specialist, advised startups to build strong teams and seek mentorship.

A Bright Future for Filipino Entrepreneurs

“As we look into the future, Payoneer envisions a bright path for Filipino entrepreneurs,” said Avila. “This incubation program is just the beginning of our long-term commitment to empowering SMBs. With its success, we can create other innovative and better ways to boost Filipino entrepreneurship and drive meaningful change both locally and globally.”

For more information about Payoneer, visit payoneer.com

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