UNICEF and ING Bank in the Philippines have announced a partnership to launch an initiative called ‘fintech for impact’ for early-stage startups developing digital solutions for teens, children and families.
The startups will receive equity-free investments and technical and business mentorship from UNICEF, ING and other undisclosed mentors for a year.
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“We are continuously working on ways to support people in navigating financial challenges to have a positive impact on their financial well-being,” said Benoît Legrand, Chief Innovation Officer at ING.
This initiative is launched as COVID-19 has bolstered the need for more investments in the fintech sector.
“The investment supports open-source solutions that contribute to a growing body of digital public goods that can advance society,” Chris Fabian, Senior Adviser at UNICEF Innovation, said.
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ING Bank is a Dutch global financial institution with offices in over 40 countries while UNICEF provides humanitarian and developmental support to children worldwide.
The five startups:
Agrabah: A digital platform that connects farmers and fisherfolk directly to buyers and loans.
BeamAndGo: A remittance-based platform that helps migrant workers and their families to better manage their finances.
Educ4All: It connects students to educational loans.
Reach52: It provides affordable micro-insurance healthcare and health products to rural communities.
Saphron: It empowers grassroots micro-insurance agents to collect accurate, efficient data with a powerful new AI-enabled platform.
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Image Credit: Valencia Wong
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