ING is teaming up with the United Nations Children’s Fund Office of Innovation, in order to test a global program in the Philippines, which aims to identify and invest in various Fintech firms that are developing solutions that could help disadvantaged youth and families in the Asian country.
The latest digital or online financial tools and platforms, if implemented properly and with special attention to the specific requirements of disadvantaged users, may provide the potential to assist in establishing economic security. These platforms could also promote more equitable access to financial services while eliminating the economic barriers to business opportunities, which could significantly improve the lives of these people.
The Philippines has experienced considerable economic growth in the past few years. But the potential benefits of this growth have not been shared equally among the nation’s residents due to significant disparities.
Over a third, or 33%, of all children (more than 13 million) are reportedly living below the poverty line. Approximately 2.85 million children between the ages of 5 and 15 years are not attending a school. Although the Philippines has a relatively large and tech-savvy population, many people still don’t have access to quality education and business opportunities, which includes younger members of the population.
The “Fintech for Impact” pilot has been launched in order to identify good opportunities for local startups developing innovative solutions that could potentially serve the financially excluded and difficult-to-reach communities in the Philippines via open-source tech platforms. These platforms aim to contribute to the ongoing growth and development of initiatives designed for positive social impact.