Founder Spotlight: Ronald P. Magleo of Paynamics
Paynamics and Marketa: Shifting the paradigm of modernity to higher technology and sophistication
One of the most basic acts of everyday living would be the exchange of money for valuable items; such state of living would count as an inevitable effect of people having to rely on the purpose and productivity that the economic market is capable of providing. However, there are times when we take an interest in purchasing that is out of our immediate reach. In this scenario, people would then seek for the help of a third party to do their request, the most typical service being the delivery of an item from one place to another and a chosen merchant.
People are surrounded by the innovations made in the technological sector. Thus, there then comes a time when creative individuals find inspiration in their surroundings to form ideas that would better the current system in use which inevitably results to the benefit of society. This is when a payment company called Paynamics and an e-commerce company called Marketa come into the scenes, but there’s a twist: Rather than the delivery of items through paying, Paynamics should be identified as the ‘’delivering figure’’ of money through the vehicle that is the internet and it is being applied by Marketa.
The brains behind the scenes Paynamics and Marketa would be none other than the couple, Ronald and Mylene Maglo. At a young age, Ronald had already engaged himself in many businesses and has always been an entrepreneur leaning towards e-commerce by nature. One of which he eventually took the role of a co-founder of a newbie payment company, which was eventually absorbed by a German company, Wirecard which is the third largest online payments processing in Europe, looking to expand in Asia. Ronald then mainly acted as an operations director starting in 2008, during which he developed his skills in tech work. On 2010, his company had moved their main office to Singapore, and Ronald was given an offer to work in Germany, but he declined, thinking ‘’… but during that time, my entrepreneurship came back to me. I thought it’s time again to do Startup. I started to think that the Philippines needed this type of payment solution.’’
Hence, in 2010, he and two other Filipino co-founders of the company worked together to build a payment getaway in hopes of going IPO. It wouldn’t be an exaggeration to say that local Filipino pride motivated him to chase after the dream of having his own payment service brand that would interest international investors, upon saying‘’ From the Philippines, there are many people working abroad. A lot of foreigners have Filipinos as house keepers. That’s the perception that I really want to change. I want to create a brand using home grown great products and service to the world.’’.
Mylene and Ronald Maglo believe in obtaining a cultural identity that would have the power to influence other Filipinos into taking the initiative for systematic innovation and commenced creativity. As a company purely built by Filipinos, they wish to develop on its own local ideal of inspiring Filipinos to have the courage to involve themselves in the risks of managing businesses: “When you fail, fail fast. But in the future, don’t repeat it again” as said by Ronald Maglo himself—he means to relay the message of the fact that it is okay to be afraid of failure in such a way that it is standard for one to accept it, without having to encourage it. Everybody commits mistakes, but from another perspective, these mistakes benefit our character for they serve as life lessons to us to hold onto. It is normal for things to not necessarily work out at the first try—what matters more is how people carry these learning experiences onto their future endeavours. It also aims for a cohesive atmosphere of “everybody being part of the process” of things. Everybody has a use for contribution. Ronald Maglo believes that with all of these ideals put together, employee loyalty would increase and customer service would rise in quality.
As the Chairman, Ronald drives the innovation of what products to develop, to know the needs of the market, and to empower SMEs to online payments. Especially in the situation of the Philippines where people have very low financial instruments, with over 2 billion transactions, only about 1% is electronic. Because of this scenario, many businesses find that cash is the most effective; however, it causes inefficiency because banks charge as high as 5 USD for check payments and also transferring money to a provincial branch.
That is what Paynamics wants to solve by providing access to financial infrastructures at a low cost and to educate Micro, Small to Medium Enterprises to adapt electronic payments on exchange to exchange (E2E). They want to make a compelling reason for MSMEs not to revert back to manual process; thus, they produced three services: collection from the credit card to bank transfers, and real time transfers connected to 46 banks, and only Paynamics can offer transfers nationwide because majority of their competitors can only provide regional level.
On the other hand, Mylene is working as Marketa’s Chairman wherein they showcase several proudly Filipino-made products unknown to many consumers. Their idea is to help small and medium sized businesses to grow through a sustainable e-commerce program that also utilizes the technology of Paynamics. Marketa is committed to increase their sellers’ revenue beyond their stores and bazaars that they join by empowering them through e-commerce.
Ronald and Mylene have nurtured a very unique work culture, uncommon in a Filipino setting where most employees think that they only are tools for production, they instil in everyone’s minds that all of them own the business—all of them are stakeholders, not just Ronald and Mylene. Their work culture is what keeps them efficient—it helps them respond to clients better, increase loyalty that only very few employees leave the company and some of them even come back. The couple firmly believes in a concept called “Guanxi” wherein they build trust by mutually exchanging tables. They commit, and only say what they can do—not what they cannot do. They are very honest to their clients even when there are times that they fail to deliver to their clients; but as one of their attitude towards failure, they use it as a tool to learn and to think of it as an opportunity to innovative ideas that can amend their mistakes. With Paynamics and Marketa, they are able to maximize their technology by having both companies hand-in-hand at work showing everyone that their technology is sustainable and reliable.