The Securities and Exchange Commission (SEC) is expanding its payment options in a move to further make its transactions faster and more convenient. The country’s corporate regulator has entered into a partnership with online payment gateway Payment Innovation, Inc. (PayCools) to enable stakeholders to pay for any SEC transactions digitally without any hassle.
During the signing of the Memorandum of Agreement between SEC, PayCools, and other related government agencies, SEC Chairperson Emilio B. Aquino expressed confidence that the addition of PayCools into the agency’s current payment options could “enhance accessibility and convenience for the transacting public.”
“This step not only adheres to the Ease of Doing Business Law and Executive Order No. 150, Series of 2022, but also supports our transition from traditional over-the-counter transactions to online payments, a move initiated on February 1, 2023,” said Chairperson Aquino.
SEC Chairperson Emilio B. Aquino, PayCools Global CEO Eamon Dan, and Bureau of Treasury Deputy Treasurer Eduard Anthony Marino III.
PayCools is a payment gateway that is active across Southeast Asia. It facilitates real-time sending and receiving of payments via bank transfers, e-wallet payments, QR code scanning transactions, and pawnshop payments across the Philippines. PayCools PH is currently a payment partner to over 500 merchants and more than a million users across the country.
Presently, all payments to SEC are facilitated through the Electronic System for Payments for the SEC (eSPAYSEC), a web-based system handling online payment of fees and penalties to the Commission using debit or credit cards, digital wallets, and other applicable cashless payment choices. The agency has already deactivated its physical cashier offices and ceased accepting payments in all its offices and satellite locations in line with its zero face-to-face transaction policy, which has been prioritized since the onset of the global pandemic.
PayCools PH has also signed the same partnership with LandBank of the Philippines and the Bureau of Treasury. “We plan to work closely with these institutions to further streamline regulatory processes, expand access to financial services, and drive digital innovation,” said PayCools Global CEO Eamon Dan during the ceremonial signing of the agreement.
