ING, Unicef to explore fintech innovation

MANILA, Philippines — Duth financial giant ING has partnered with the United Nations Children’s Fund (UNICEF) Office of Innovation to pilot a global program in the Philippines to jointly identify and invest in financial technology (fintech) startups.

ING Philippines country manager Hans Sicat said the partnership would give fintech startups that are building solutions, with the potential to help disadvantaged youth and families in the country, an avenue to grow and become industry leaders of their own.

“Recent innovations in digital banking and financial technology have revolutionized the ways we do banking and made financial inclusion closer to reality. Fintech companies are our allies in building a more inclusive economy that will benefit everyone,” Sicat said.

The Philippines has enjoyed rapid economic growth in recent years, but the benefits of this growth have not been shared equally; significant disparities remain.

More than a third of all children or over 13 million live below the poverty line, and an estimated 2.85 million girls and boys aged five to 15 years are out of school.

Despite a large and tech-savvy population, many still face stark inequalities, affecting their education, health outcomes, and future opportunities.

Sicat said that utilizing fintech solutions is an opportune time to ensure that the Philippine economy will be inclusive and felt even by some of the most marginalized sectors in the country.

“ING and UNICEF are bullish about the potential that these fintech startups have to offer. The fast-changing technology landscape is an opportunity for youth and families to spur inclusive economic growth through financial inclusion and solutions,” Sicat said.

With this pilot, ING and UNICEF are building on a 14-year partnership through their Power for Youth program launched in 2015 that have touched the lives of over 1.5 million children and young people by providing skills and tools needed to become socially and financially independent.

The partners will jointly search and identify up to six startups, award funding of up to $100,000 each, and engage them with invaluable technical and business mentorship along with other experts over a 12-month incubation period.

“UNICEF is pleased to partner with ING to launch a fintech pilot program in the Philippines. With the growth in digital technologies, I hope fintech startups building new tools will focus on products and services that could help more families and young people, and bridge the service and financial gaps leading to poverty reduction,” UNICEF Philippines representative Oyunsaikhan Dendevnorov said.