From left: IFC Senior Investment Officer Aileen Zarate, IFC Country Manager for the Philippines Jean-Marc Arbogast, DTI Undersecretary Blesila Lantayona, First Circle CEO Patrick Lynch, First Circle Vice President Benedict Carandang
MANILA, Philippines — Fintech firm First Circle has become the first small and medium enterprise (SME) financing company to secure an e-commerce trustmark from the Department of Trade and Industry (DTI).
Administered by the DTI E-Commerce Bureau (ECB), the trustmark was developed under Republic Act No. 11967, or the Internet Transactions Act (ITA) of 2023, which aims to promote safe, transparent and trustworthy e-commerce environment.
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This digital badge is seen as a mark of recognition to entities engaged in internet transactions that demonstrate adherence to fair and responsible e-commerce practices, compliance with the ITA and other applicable laws, regulations and standards.
“Trust is the only currency that matters in financial services,” said First Circle CEO Patrick Lynch. “Since 2016, we have put our SME partners at the center of everything we do, from providing dedicated account management to incorporating their feedback into every product decision we make.”
“The DTI Trustmark confirms that transparency and integrity is not just good business. It is our foundation for sustainable growth,” he added.
READ: Philippines nears issuance of e-commerce trustmark rules
Mark of compliance
The DTI trustmark is not an endorsement or a license/permit to engage in e-commerce and does not exempt the holder from complying with its obligations. Instead, it is intended to build consumer trust and promote responsible business practices in the e-commerce environment.
“Having a DTI Trustmark helps consumers to easily identify legitimate and accountable online businesses. It serves as a mark of compliance with legal and regulatory standards, providing consumers with greater assurance that they are engaging with trustworthy businesses,” said DTI ECB Officer-in-Charge Eryl Royce Nagtalon.
The DTI expects the Trustmark Program to expand by having more financial service providers across online banking, digital wallets and fintech apps applying for the badge.
“As more businesses apply for a trustmark, consumers will recognize it as a mark of safety and trust,” said Nagtalon.
He also hopes that beyond safety and confidence, the trustmark would help consumers become more cautious and discerning in dealing with online businesses.
“The DTI Trustmark fosters business credibility, which is particularly crucial for digital finance services. We strongly encourage more businesses in the industry to apply for the trustmark as having more trusted providers will help consumers and businesses feel confident and secure, leading to safer, more reliable, and inclusive online transactions,” said Nagtalon. /dda
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