Fintech firm pushes financial inclusion

MANILA, Philippines — Ireland-based Fexco is launching a new platform to enable rapid, low-cost deployment of traditional banking services to underserved areas in the Philippines.

Fexco Philippines chief executive officer Cathal Brendan Foley said the launch of its new global Springpoint venture is part of the company’s vision to provide accessible innovation that leverages financial technology to bring a simple, safe, and secure user experience to its customers.

Springpoint is a fintech solution allowing banks and non-bank financial service institutions to expand without the associated capital expenditure.

It 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 via Springpoint cashout, Springpoint payments, Springpoint agency banking, and Springpoint innovations.

“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 said.

He added 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 such as 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. 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,” he said.

Fexco introduced EasyDebit in December 2017 as a MicroATM to augment the lack of ATMs in the country and has processed P3.5 billion in transaction value.

“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,” Foley said.

With the launch of Springpoint and the continued growth and success of EasyDebit, Fexco Philippines is positioned to help usher in greater financial inclusion.