St. Francis of Assisi School students check their smartphones
after classes in Cebu.
ING, in partnership with the United Nations Children’s Fund (Unicef) Office of Innovation, will pilot a global program in the Philippines to identify and invest in fintech startups that are building solutions with the potential to help disadvantaged youth and families in the country. With this pilot, ING and Unicef are building on a 14-year partnership.
Through their Power for Youth program launched in 2015, they have touched the lives of over 1.5 million children and young people by providing skills and tools needed to become socially and financially independent.
Inspired by and committing to this purpose, this pilot is an innovative way to deepen the partnership and continue empowering youth and families with tools needed to build a brighter future.
The “Fintech for Impact” pilot aims to look for startup companies building innovative tools that will serve the financially excluded and hardest-to-reach communities in the country through open-source technology solutions, contributing to the growth of technology built for positive social impact. Unicef’s Office of Innovation is particularly interested in companies that use fintech in new, groundbreaking ways that are scalable and globally applicable.
The partners will jointly search and identify up to six startups, award funding of up to $100,000 each, and engage them with invaluable technical and business mentorship along with other experts over a 12-month incubation period.
“Recent innovations in digital banking and financial technology have revolutionized the ways we do banking and made financial inclusion closer to reality. Fintech companies are our allies in building a more inclusive economy that will benefit everyone,” said ING Philippines country manager Hans Sicat. “Now, we are giving fintech startups an avenue to grow and become industry leaders of their own.”“Unicef is pleased to partner with ING to launch a fintech pilot program in the Philippines. With the growth in digital technologies, I hope fintech startups building new tools will focus on products and services that could help more families and young people, and bridge the service and financial gaps leading to poverty reduction,” said Oyunsaikhan Dendevnorov, Unicef Philippines representative.
According to the 2017 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas, more than 52 million Filipino adults, or 77.4 percent, of the total adult population remain unbanked.
“ING and Unicef are bullish about the potential that these fintech startups have to offer. The fast-changing technology landscape is an opportunity for youth and families to spur inclusive economic growth through financial inclusion and solutions,” Sicat said.
The Fintech for Impact pilot application period runs from Jan. 13-Feb. 23, 2020.
Visit www.fintechforimpact.com for more information on the application process and eligibility, register for alerts, and reach out to the Unicef Innovation team with your inquiries.