ING, Unicef pilot global initiative in PH to explore fintech innovation for social impact
Credit to Author: The Manila Times| Date: Sun, 29 Dec 2019 16:10:01 +0000
ING, in partnership with the United Nations Children’s Fund (Unicef) Office of Innovation, announced that it will pilot a global program in the Philippines to jointly identify and invest in fintech startups that are building solutions with the potential to help disadvantaged youth and families in the country. New digital financial tools – if designed responsibly and with attention to the specific needs of these users – offer the potential to help build economic security, encourage more equitable access to services, and lift the financial barriers to opportunities for improving their lives.
The Philippines has enjoyed rapid economic growth in recent years; however, the benefits of this growth have not been shared equally; significant disparities remain.
With this pilot, ING and Unicef are building on a 14-year partnership; through their Power for Youth program launched in 2015, they 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. Inspired by and committing to this purpose, this pilot is an innovative way to deepen the partnership and continue empowering youth and families with tools needed to build a brighter future.
The ‘Fintech for Impact’ pilot aims to look for startup companies building innovative tools that will serve the financially excluded and hardest-to-reach communities in the country through open-source technology solutions, contributing to the growth of technology built for positive social impact.