FIVE startups in the Philippines have been identified by ING Bank and UN children's agency UNICEF to receive equity-free investments, as well as technical and business mentorship, as part of plans to support startups developing digital solutions that aim to empower young people, children and families.
These fintechs comprise:
- Agrabah, which is building a digital platform that connects farmers and fisherfolk directly to buyers and loans;
- BeamAndGo, which is adding to the functionality of their remittance-based platform to help migrant workers and their families better manage their finances
- Educ4All, which connects students to educational loans and will be producing a set of financial education courses
- Reach52, which is expanding their apps that provide affordable microinsurance, healthcare and health products to rural communities;
- Saphron, which seems to empower grassroots microinsurance agents to collect accurate, efficient data with a new AI-enabled platform
This initiative, called “Fintech for Impact”, supports open-source solutions that contribute to a growing body of digital public goods that can advance society.
Chris Fabian, senior adviser at UNICEF Innovation said: “Following in the tradition of our Innovation Fund, we are excited to support companies that are building technology solutions to reach even the most disadvantaged families with improved access to financial services - and other tech-driven solutions that reduce barriers to families having a fair shot at a healthy future and opportunities to improve their lives.”