ING and UNICEF launch ‘FinTech for Impact’ initiative to Support FinTech Start-Ups in Philippines
ING Bank and UN children’s agency UNICEF have announced that they have launched an initiative in the Philippines called ‘FinTech for Impact’ to support start-ups developing digital solutions that aim to empower young people, children and families.
Five start-ups that are building financial technology (FinTech) solutions will receive equity-free investments, as well as technical and business mentorship from UNICEF, ING, and other experts for one year, the organisations reported in a press release.
The five start-ups selected are:
- Agrabah, which is building a digital platform that connects farmers and fisherfolk directly to buyers and loans, providing them greater autonomy, and their families improved financial resiliency;
- BeamAndGo, which is adding to the functionality of their remittance-based platform to help migrant workers (including overseas filipino workers) and their families better manage their finances and make responsible spending decisions for the household;
- Educ4All, which connects students to educational loans, and will be producing a set of financial education and transition-to-adulthood courses that will guide graduates into meaningful employment and financial stability;
- Reach52, which is expanding their set of apps that provide affordable microinsurance, healthcare and health products to rural communities, as well as livelihood opportunities to local women; and
- Saphron, which seeks to empower grassroots microinsurance agents to collect accurate, efficient data with a powerful new AI-enabled platform. All investments are in open source technology and content, to allow the tools to be adapted and re-used in other contexts.
Benoît Legrand, Chief Innovation Officer, ING, said: “We are very pleased to collaborate together with UNICEF and the start-ups in this great initiative. At ING we would like to empower people to make better financial choices. We are continuously working on ways to support people in navigating financial challenges to have a positive impact on their financial well-being. We currently have more than 200 active partnerships with FinTechs. We will share our experiences and the lessons learned with the five start-ups.”
As the world starts thinking about how to build back better after the coronavirus pandemic, investments in fintech solutions for the most impacted communities present both challenges and opportunities. New digital financial tools need to be designed responsibly and address the specific needs of young people, children and families to help build economic security, encourage more equitable access to services and lift the financial barriers to opportunities for improving their lives.
The investment supports open-source solutions that contribute to a growing body of digital public goods that can advance society. Chris Fabian, Senior Advisor, UNICEF Innovation, said: “Following in the tradition of our Innovation Fund, we are excited to support companies that are building technology solutions to reach even the most disadvantaged families with improved access to financial services - and other tech-driven solutions that reduce barriers to families having a fair shot at a healthy future and opportunities to improve their lives. It’s exciting for us to get to bring together a global partner with energetic local start-ups to solve local problems - we are always looking to extend innovation into a bigger, cooperative effort so that technology and access to digital services can benefit those who it has traditionally forgotten about.”
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