Ecom Thrive Asia Philippines teamed up with the largest financial technology and e-commerce organization in Vietnam to establish a self-regulatory body to ensure ethical business practices and counter digital scams that plague the industry as it eyes to grow by 15 percent this year.
Ecommerce Thrive Asia-Philippines is a movement that aims to empower the MSMEs and the economy through digital commerce and continuing education of its members and stakeholders on technology and best practices.
The agreement between Ecom Thrive and CTO Network Vietnam involves stringent checks and monitoring of each member’s online business practices. This collective effort seeks to create a robust foundation for secure and ethical digital commerce.
It also aims to stimulate economic growth through technological advancements and cooperative initiatives.
Ecom Thrive said of the 30 million e-commerce users in the Philippines, less than 1 percent are formally registered, while the rest are on underground operations.
“The organization aims to encourage all players to take part in nation- building by registering their business to the government. While this may be a challenge, at least adding companies will increase the number of companies who are willing to support the government,” the group said.
ECom Thrive said it is closely working with the government in establishing a business- friendly environment to the stakeholders.
Nani Razon, co-founder of Ecommerce Thrive Asia-Philippines and chief executive of Gencys said the Marcos administration provided a business- friendly environment to stakeholders that eventually would materialize the industy’s growth projection of at least 12 percent to 15 percent by end of 2023.