Financial inclusion is a key objective for many public and private institutions. The archipelago structure of the Philippines creates additional challenges for those who are advocating for greater access to ?nancial services.
As the Philippines consists of thousands of inhabited islands, ?nancial services are dif?cult to deliver to those who need it most. While there are nearly 3,000 rural and cooperative banks across the country that aim to address the needs of every Filipino, logistical challenges remain.
In the Philippines, Fexco’s vision is accessible innovation that leverages ?nancial technology to bring a simple, safe, and secure user experience to its customers.
To deliver this vision and help ?nancial institutions extend their reach both in branch and beyond the traditional branch network, Fexco is launching it’s new global Springpoint venture which enables the rapid, low-cost deployment of traditional banking services to underserved areas.
Springpoint is a ?nancial technology solution for banking and non-bank ?nancial service institutions, allowing them to expand without the associated capital expenditure. Springpoint offers an expand-ed service set beyond cash-out, allowing ?nancial institutions to offer value added services such as cash-in, bills payments, loans, and account opening.
“Many Filipinos can potentially bene?t from Springpoint, as it is a community enhancing technology,” Ca-thal Brendan Foley, CEO of Fexco Philippines states. “Today, 77 percent of adult Filipinos remain unbanked and our technology aims to eliminate friction in the move toward ?nancial inclusion for all. By working with relevant local partners, we will be able to make signi?cant progress towards providing ?nancial services to every Filipino.”
Foley, who was appointed to lead and expand Fexco’s Springpoint platform, added that Fexco Philippines already enjoys a fruitful relationship with many rural banks across the country via EasyDebit, the ?agship product of Fexco Phil-ippines. Fexco has developed strong partnerships with institutions like Cantilan Bank, Al-Amanah Islamic Bank, Rural Bank of Rizal and CTBC Bank.
“Rural banks are key partners in our goal to make banking services more accessible for every Filipino,” Foley said. “Through their network we are able to bring EasyDeb-it to more people across the country while enabling us to introduce Springpoint as accessible innovation for all.”
Fexco Philippines introduced EasyDebit in December 2017 as a MicroATM to augment the lack of ATMs in the country. “To date, EasyDebit has processed P3.5 billion in terms of cash-out transaction value and has seen a 200 percent year-on-year growth in transactions,” Foley shared.
“EasyDebit is a unique solution that helps enhance ?nancial inclusion by putting an ATM in small and mediumscale businesses around the country. Now, the nearest grocery, pawnshop, or event sari-sari store can be a place for every Filipino to make safe, secure, and instant withdraw-als from their accounts. That level of access can prove transformative for many Filipino communities,” Foley added.
With the launch of Springpoint and the continued growth and success of EasyDebit, Fexco Philippines is positioned to help usher in greater ?nancial inclusion.
“Leading Fexco Philippines is an exciting prospect. We are seeing phenomenal growth in our current product set and Fexco is committed to delivering innovative solutions developed speci?cally to address the market needs of the Phil-ippines and the larger Asian region,” Foley concluded.