Dutch banking giant ING is dedicating $400,000 (about P20 million) to help nurture financial technology startups which seek to capture the poorest and farthest communities in the Philippines.
Up to six contenders will be chosen for the “Fintech for Impact” project, which will also be funded by the United Nations Children’s Fund (UNICEF). Support will include a one-year mentorship program.
“ING and UNICEF are bullish about the potential that these fintech start-ups 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,” country head Hans Sicat said.
Fintech firms have until Feb. 23 to submit their proposals.