5 Fintech Developments Promoting Financial Inclusion
Before we begin reading about developments in fintech we need to know what fintech is and how does it work. "Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services - from businesses to consumers. Fintech describes any company that provides financial services through software or other technology and includes anything from mobile payment apps to cryptocurrency."
Recently in July Fintech has come up with the following developments in the Philippines:
1. Mastercard and tonik: Tonic is a 2 years old start-up in Singapore. Recently it has received its MasterCard in the Philippines. Mastercard will enable tonik to issue a range of electronic payments products that come into Mastercard’s global network and extensive business intelligence when tonik launches operationally in the Philippines, later this year.
2. DA-ACPC and PayMaya: Philippines' DA-ACPC has partnered with PayMaya, PayMaya is a digital finance company that provides a financial disbursement platform for the Kapital Access for Young Agripreneurs (KAYA) Loan Program. PayMaya will allow DA-ACPC’s partner lending conduits (PLCs) for KAYA to digitally to pay out loans to borrowers through the PayMaya-enabled prepaid payment cards. The loan disbursement solution for PLCs is 24/7 and has a real-time crediting through the PayMaya PayOut web-based portal.
3. GoBear, Mambu, and CredoLab: GoBear is a Singapore company that has lately announced its collaboration with Mambu a cloud banking platform and CredoLab a credit-scoring FinTech. The collab arises as GoBear aims to lend business to all underserved populations.
4. BTr, Union Bank, and PDAX: Btr, Union Bank, and PDAX are said to be the first in Asia to launch an app for distribution of retail treasury bonds. The app is called Bonds. Payments can be done by using e-wallets, online banking, and over-the-counter, for as low as USD 100.
5. Venio: New York-based mobile application Venio provides nano credit facilities that have begun offering easy access to credit facilities to unbanked consumers in the Philippines. The initial rollout for the fast-growing app comes ahead of wider regional expansion plans for high growth emerging markets in Asia and Latin America.
Read more at: