ANI inks deal to bring fintech to farmers, fisherfolk | Inquirer Business
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ANI inks deal to bring fintech to farmers, fisherfolk

By: - Reporter / @kocampoINQ
/ 05:12 AM May 01, 2021

Antonio Tiu-led AgriNurture Inc. (ANI) is taking on an ambitious project to integrate financial technology into agriculture.

In a disclosure to the local bourse, ANI on Friday announced that it had inked a memorandum of understanding (MOU) with the Department of Agriculture (DA) and the Authority of Freeport Area of Bataan (AFAB) to extend financial services to farmers and fisherfolk.

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ANI aims to establish an Agri-Sector Digitalization Program “through a regulated financial technology platform and licensed virtual currency.” Through its e-commerce platform 1ANI, the country’s farmers and fisherfolk could tap loans and capital needs.

Under the MOU, a branch of an affiliate bank will be put up within FAB and will serve as the custodian bank for ANI’s virtual currency Agri Token. The affiliate bank will also serve the banking needs of locators within the Bataan freeport area.

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The MOU also provided that ANI, as well as its partner-local government units in FAB, with the support of the DA, will develop and establish a food terminal, cold and dry storage facilities, and a logistics hub to boost the country’s food security program.

Clients and participants in the financial technology exchange platform and licensed virtual currency will be non-Filipinos located outside the Philippines, the disclosure said.

In July last year, ANI acquired 51 percent of fintech firm Pay8 Inc. as part of its efforts to improve financial access for farmers and fishers in rural areas.

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TAGS: Agriculture, AgriNurture Inc. (ANI), financial technology
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