Ecommerce Thrive Asia-Philippines has teamed up with the largest fintech and e-commerce organization in Vietnam to establish a self-regulatory body ensuring ethical business practices and combat online fraud plaguing the industry.
The Ecom Thrive and CTO Network Vietnam agreement requires stringent checks and monitoring of each country’s online business practices. The joint effort seeks to create a robust foundation for secure and ethical digital commerce.
The collaboration also promises stimulating economic growth through technological advancements and cooperative initiatives.
According to Ecom Thrive, the Philippines has around 30 million e-commerce users but less than one percent of its members are formally registered while the rest are underground operators. The business generated estimated sales reaching $17 billion two year ago and seen hitting $24 billion two years forward.
“The organization aims to encourage all players to take part in nation- building by registering their business with the government. While this may be a challenge, adding companies will increase the number of companies who are willing to support the government,” the group said.
To achieve this goal, ECom Thrive commits to work closely with the government in establishing a business-friendly environment for stakeholders.
President Ferdinand Marcos, Jr. at his recent SONA has eyed a stronger e-commerce industry that delivers a robust economy driven by active digitalization of both the commercial sector, the government and consumers.
According to Nani Razon, chief executive officer at Gencys and co-founder of E-commerce Thrive Asia – Philippines, said the government has provided a business-friendly environment for stakeholders seen translating eventually to growth averaging 12 percent to 15 percent this year.
Raffy Canare, ECom Thrive founder, said while stakeholders double their effort to produce sales, the industry “feels how the government is making it a good playground for the stakeholders and making it inclusive for home-based online sellers and large scale digital commerce traders.”
“In fact, through the advancement of technology, Filipinos doing online selling not just locally but internationally, is growing. Our local brands will be given more opportunities to make their brands available in the US, Canada, Europe and all first world countries,” Charlie Gengos, co- founder of ECom Thrive, added.
Ecom Thrive Asia-Philippines is a movement seeking to empower MSMEs via digital commerce and to sustain the education of its members and stakeholders on technology and best practices.
The organization is active in government fora, private partnerships, international collaborations, socio- economic policy development and programs.
