MANILA, Philippines — FINTQnologies Corp. (FINTQ), the financial technology arm of PLDT’s Voyager Innovations, is expanding its reach through the agriculture sector to ensure affordable financing for increased productivity in the farm industry.
Through its Accelerated Growth and Rural Inclusion (AGRI) program, FINTQ is starting an end-to-end farm-to-marketplace digital agricultural value chain platform that will connect producers and consumers for better productivity.
“The agricultural sector needs to be well-funded to make it globally competitive and resilient against climate-related risks, especially in the Philippines which is highly exposed to various weather-related hazards,” FINTQ managing director Lito Villanueva said.
The platform will be an intervention to help reduce poverty in the countryside and ensure economic growth among the sector’s stakeholders.
The AGRI platform will be implemented in eight pilot areas, majority of which are in Mindanao, and is in collaboration with the Bangko Sentral ng Pilipinas (BSP), Department of Agriculture, the Rural Bankers Association of the Philippines and local government units.
The BSP said innovations enabled by digital technology and value chain approach will unlock new opportunities for rural banks and cooperatives to deliver a whole range of financial services for farmers and communities.
Agriculture Secretary Emmanuel Piñol, for his part, said the DA is always on the look out for ways to further capacitate farmers by providing more access to affordable financing and leveraging on technology.
FINTQ emphasized that financing in the agriculture sector has always been a challenge as farmers remain to be high risk borrowers of banks.
“This will level the playing field as AGRI will serve as an alternative channel for agriculture workers to source funds from partner banks and financial institutions,” Villanueva said.
He said the platform would help small farmers earn higher income and reduce costs to the end consumers as it will cut down the unnecessary middlemen with direct farm to business and consumer approach.
“It will stimulate optimized productivity as it boosts rural economy and harness trade. The platform will also include enhanced capacity building program with sustained training, education and values formation which would include marketing and sales modules,” Villanueva said.
AGRI is part of FINTQ’s thrust in promoting and increasing inclusive digital finance in the country.
FINTQ has been deploying various platforms to extend access to financial products and services to the unbanked and underserved segment.