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 financial services.
As the Philippines consists of thousands of inhabited islands, financial services are difficult 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 an accessible innovation that leverages financial technology to bring a simple, safe, and secure user experience to its customers.
To deliver this vision and help financial institutions extend their reach both in-branch and beyond the traditional branch network, Fexco is launching its new global Springpoint venture which enables the rapid, low-cost deployment of traditional banking services to underserved areas.
Springpoint is a financial technology solution for banking and non-bank financial service institutions, allowing them to expand without the associated capital expenditure. Springpoint offers an expanded service set beyond cash-out, allowing financial institutions to offer value-added services such as cash-in, bills payments, loans, and account opening.
“Many Filipinos can potentially benefit from Springpoint, as it is a community-enhancing technology,” Cathal 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 financial inclusion for all. By working with relevant local partners, we will be able to make significant progress towards providing financial 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 flagship product of Fexco Philippines. 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 EasyDebit 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 financial inclusion by putting an ATM in small and medium-scale businesses around the country. Now, the nearest grocery, pawnshop, or even sari-sari store can be a place for every Filipino to make safe, secure, and instant withdrawals 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 financial 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 specifically to address the market needs of the Philippines and the larger Asian region,” Foley concluded.