Wednesday, December 9, 2020

S.A.M Gets Approval From BSP to Start Its Business in the Philippines

Having new businesses coming to the shores of the Philippines is always a great opportunity.

Smart Asset Managers (SAM) continues with its expansion program within the Philippines now that the Bangko Sentral ng Pilipinas (BSP) granted its initial endorsement for the corporate to proceed with the registration with the Securities and Exchange Commission (SEC) and other government agencies for amenabilities.

The S.A.M Digital E-wallet, a subscription-based platform, shares and provides economic opportunity. In line with this, one of the company’s 2021 projects includes OFW subscribers because of the primary beneficiaries of a livelihood program. 

Just to give you an overview, S.A.M Digital Technologies is the parent entity of S.A.M and it is registered as a digital currency exchanger in Australia under AUSTRAC. SAM is into digital and traditional businesses.

S.A.M founder, Rommel Santos said that he wants to "widen the corporate base within the Philippines to assist his fellowmen, seeing how financial technology or fintech is slowly becoming more inclusive in recent years." 

He is seeing a vibrant outlook for e-commerce within the Philippines, specifically for online businesses, which is predicted to grow approximately 5 times from US$1.1 billion in 2015 to a whopping US$4.6 billion by 2025. Subscribers from Malaysia, Indonesia, Japan, and other southeast Asian countries along with those in Europe and Saudi Arabia, have active participation in SAM.

Also, Santos, a Philippine-born New Zealander based in Australia says that with a minimum subscription of $20 or P1k, a subscriber gets to be rewarded daily as S.A.M’s appreciation for subscribing. The reward is up to 15 monthly from one’s subscription.

S.A.M’s aim is to reverse the traditional method of the entrepreneurial journey through economy sharing during which a subscriber can directly engage in conventional business if he so desires.

Under SAMPD, there are other S.A.M businesses, which includes: SAM Ride, SAM Delivery, Remjon Petroleum, SAM Remittance, among others.

This is something that all of us need to look forward to, especially in the area of digital transformation, e-commerce, and fintech.

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