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 the 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 said Fexco Philippines 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.