January 20, 2020 – Fintech (Financial Technology) refers to the usage of new tech to improve the delivery of financial services. For example, increasing access to remittance solutions or mobile. The industry is still growing. As such, ING Bank and the United Nation’s Children’s Fund (Unicef) Office of Innovation announce they will invest up to $400,000 (Php 20 million) to help drive innovation in fintech.
Last week, ING Bank, a Dutch financial institution announces that it is going to choose 6 startups for its Fintech for Impact Program. The startups must be offering open-source fintech solutions to serve the hardest-to-reach communities and marginalized sector of the society, as reported by the Manila Times.
What are the areas fintech solutions can address? The bank cited financial services, credit, transparency (via blockchain), and financial education.
The program is in line with ING’s current efforts to leverage technology to become more client-focused and sustainable. ING offers a branchless banking model in the Philippines. The Dutch bank also said through fintech, we are making sure that the gains we get from the country’s economic growth wou;d benefit the most marginalized sectors.
Interested startups can go to the program website www.fintechforimpact.com. Registration is only until February 23, 2020. Chosen startups will be mentored on tech and business for a year.
This article is published on BitPinas: ING Bank and Unicef invest $400k in Fintech Startups