As the participation of people in digital platforms increases, businesses are making their presence on these platforms. Just making a page or a channel doesn’t lead to people knowing about the services and the products offered. Therefore, businesses use platforms like Facebook, Instagram, Google to reach a bigger mass.
Problems due to no authorized channels
There was no authorized channel in Nepal for the payment of digital marketing services. NRB has recently given Genese the authority to make payments for platforms like Facebook, Instagram, Google, Youtube and more. In the past, businesses had to use unofficial means to pay for these platforms because there were no authorized channels to make payments in local currency. They used international cards and Paypal of people residing abroad to pay for the services. Due to the lack of such paying mechanisms, a lot of money got hoarded to foreign nations. There was a loss of revenue due to this problem. This means a major loss to the nation. So, it became important to introduce an authorized channel to create a win-win situation for the businesses as well as the nation.
NRB had issued a circular stating any payment made outside the banking channels for social media advertisements is considered illegal. Moreover, advertising agencies haven’t been making payments for advertisements on social media platforms through banking channels. Nepal Rastra Bank said that any payment made via unofficial channels for social media advertisements is against the foreign exchange regulation law and is punishable.
Genese: The first authorized digital marketing company
Genese Solutions Pvt. Ltd. is a software development company and also Nepal’s first cloud consulting company. Also, it is the first authorized digital marketing company to get compliance from NRB and Inland Revenue Department. This company is a subsidiary of Phyual Limited Company (PLC) which is based in London, UK. It operates with a core objective of creating a global cloud computing ecosystem and software development. Genese, provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. It is an official partner for AWS services, Microsoft Azure, Google Cloud, Alibaba Cloud, IBM, and Digital Ocean.
Finally, searching for viable options to pay for digital services has been put to an end. Genese, the first authorized digital marketing company solves this problem for businesses. They work with digital marketing agencies to come up with a solution to make the advertising process easier by complying with the guidelines set by NRB. You can now rely on Genese Solution to promote your businesses in various platforms by paying in local currency with the VAT bill.