ING, in partnership with the United Nations Children’s Fund Office of Innovation, 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 as significant disparities remain.
More than a third of all children—over 13 million—live below the poverty line, and an estimated 2.85 million girls and boys aged 5 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.
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.
