Philippines

PRWeb.com | Oxfam & LenddoEFL Partner to Help Disaster-Hit Communities, Aligned with BSP Initiatives

A partnership between an international organization and FinTech company that aims to improve financial inclusion and digital finance economy in the Philippines.

LenddoEFL CEO Paolo Montessori (left) and Oxfam Philippines Country Director Maria Rosario Felizco (right) during a meeting with BSP Deputy Governor Chuchi Fonacier (center) on June 6, 2019.

LenddoEFL CEO Paolo Montessori (left) and Oxfam Philippines Country Director Maria Rosario Felizco (right) during a meeting with BSP Deputy Governor Chuchi Fonacier (center) on June 6, 2019.

MANILA, PHILIPPINES (PRWEB) JUNE 06, 2019

A financial technology innovation will help more people from remote communities affected by disasters get faster and more convenient access to financial services.

The innovation is the result of a partnership between international development organization Oxfam, together with a licensed financial institution, and software company LenddoEFL, which aims to give financial inclusion support “to the poor, underserved, and unbanked” in line with the initiatives of the Bangko Sentral ng Pilipinas (BSP).

Oxfam in the Philippines Country Director Maria Rosario Felizco expressed optimism that this partnership would not only provide more efficient registration disaster-affected populations and ensure financial inclusion, but also help boost local economies by increasing access to financial services such as micro-credit and weather-based insurance.

“We have seen how the innovative use of digital cash technologies has transformed the lives of Filipinos, particularly women from marginalized communities. In contributing to their economic empowerment, we also amplify efforts in fighting poverty and increasing resilience in the face of disasters and conflicts,” Felizco said.

At least 1,000 farmers from Cagayan province who were affected by Typhoon Ompong in 2018 have benefited from the electronic Know Your Customer (eKYC) product, which is an alternative digital verification process to register unbanked and unserved people.

This means the registered farmers may now be able to access a wide-range of financial services, including savings accounts and loans from Philippine financial institutions, in line with regulations of the Bangko Sentral ng Pilipinas (BSP)

At least 1,000 farmers from Cagayan province who were affected by Typhoon Ompong in 2018 have benefited from the electronic Know Your Customer (eKYC) product, which is an alternative digital verification process to register unbanked and unserved people.

This means the registered farmers may now be able to access a wide-range of financial services, including savings accounts and loans from Philippine financial institutions, in line with regulations of the Bangko Sentral ng Pilipinas (BSP).

Currently, Know Your Customer regulations in the Philippine have always required face-to face or real-time online interviews to register new-to-card or new-to bank current account/savings account customers.

With this innovation, farmers will be verified faster and more conveniently from their mobile phone.

Oxfam Philippines Country Director, Maria Rosario Felizco sharing about their work in Cagayan region.

Oxfam Philippines Country Director, Maria Rosario Felizco sharing about their work in Cagayan region.

“With our end-to-end fully digital verification solution, we are able to prevent fraud, ensure Oxfam aligns with Bangko Sentral requirements and quickly and efficiently onboard beneficiaries at scale” said Paolo Montessori, CEO of LenddoEFL.

He added, “We are proud to partner with Oxfam and help Filipino communities that need urgent financial support. Providing a solution to help disaster-stricken Filipino communities get access to financial services at a lower cost, faster and more conveniently is a step further to LenddoEFL’s mission of financial inclusion.”

Data from BSP’s latest Financial Inclusion Survey show that 52.8 million, or 77.4 percent of adult Filipinos, remain unbanked. Of these, 60 percent cited not having enough money as a reason, while 18-percent of the respondents said they do not have the documents required to open an account.

The innovation will also aim to support communities frequented by typhoons in Eastern Samar, and those displaced by the armed conflict in Maguindanao, where Oxfam and its local partners currently implement humanitarian responses.

The initiative builds on the lessons learned from previous humanitarian cash transfer programs during Super Typhoon Yolanda and the Marawi crisis, which pioneered affordable digital financial services for poor communities in the Philippines.

Originally posted on PRWeb.com

FintechNews.SG | 12 Companies Score SG$1.2 Mil at The Singapore Fintech Awards 2018

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 12 FinTech companies a total of SG$1.2 million divided for 12 different companies at the Fintech Awards, which took place at the third Singapore FinTech Festival.

This time around, the awards featured a greater ASEAN representation, with a focus on financial inclusion,  spanning different business areas like credit-scoring, mobile security, anti-money laundering, and digital investment. The Fintech Awards, supported by PwC, recognises innovative FinTech solutions that have been implemented by FinTech companies, financial institutions and technology companies.

This year, 40 finalists were shortlisted from more than 280 global submissions including the companies who participated in the ASEAN PitchFest6. The winners were selected by a panel of 17 judges who represent a cross-section of international and local experts from the private and public sectors. The entries were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity.

The panel of judges includes representatives from Accenture Technology, Allianz, AMTD Group, Credit Ease, DBS, Deloitte, GIC, Grammen Foundation India, HSBC, Insignia Venture Partners, Jungle Ventures, Mastercard, The Boston Consulting Group, The Disruptive Group, True Global Ventures, UOB and Vertex Ventures.

singapore-fintech-festival-2018.jpg

ASEAN Open Award

Top 3

First Place: LenddoEFL (Philippines)


The company wants to provide people access to powerful financial products without exorbitant costs, quickly and more conveniently by using AI and advanced analytics to bring together digital and behavioural data. This helps lenders serve the underbanked. LenddoEFL has provided credit scoring, verification and insights to 50+ financial institutions, serving over 7 million people.

To continue reading, click here.

The ASEAN Post | The potential of big data for microfinancing in Southeast Asia

"Microfinance is described by the Financial Times Lexicon as a service where financial institutions will back small start-ups and would-be entrepreneurs with small loans, in the poorest parts of the world. In Southeast Asia, the biggest microfinance players currently include Asia Pacific-based LenddoEFL, Singapore's CredoLab and the Philippines’ Lendr, for example..." Read full article.

Reaction from Mynt: "this merger will set new standards in the industry"

Thanks to our partners at Mynt for sharing their feedback on the merger.

"In a country where native bureaus only have data on less than 5% of the population, the alternative credit scoring methods and technologies Lenddo and EFL have designed and created have enabled us to work towards financial inclusion in the Philippines, from consumers to MSMEs. With the work we've done with Lenddo for our consumers products and with EFL to assess businesses, we can testify that these two companies have many synergies and complementary competencies. With the combination of their knowledge and models, and the combination of social, telco, and psychometric data, we have no doubt that the company resulting from this merger will set new standards in the industry."
-- Anthony Thomas, CEO, Mynt (Globe Fintech Innovations)
 

"With 70% of Filipinos remaining unbanked and with less than 5% in credit card penetration, credit data about the majority is virtually non-existent. This creates a cycle where most Filipinos remain financially underserved. However, with the emergence of technology for alternative credit scoring methods, we are enabled to work towards financial inclusion in the Philippines. With the work we've done with Lenddo to credit score consumers and with EFL to evaluate businesses, it comes as no surprise that a merger between these two innovators is happening. With the experiences and learnings both have acquired separately, we are excited to see the birth of even better and richer data with the marriage of these companies."
-- Jean-Francois Darré, Chief Analytics and Risk Officer, Mynt (Globe Fintech Innovations)