FINTQnologies Corp. (FINTQ) is introducing a new platform to help farmers and fisherfolk get easier access to affordable financing.
In a statement, the financial technology (fintech) arm of PLDT Group’s Voyager Innovations, Inc. said the Accelerated Growth and Rural Inclusion (AGRI) is an end-to-end digital agricultural value chain platform that connects producers to consumers for optimized productivity. This is part of FINTQ’s KasamaKA grassroots advocacy program.
The AGRI platform includes access to financial services through FINTQ’s digital lending platform Lendr, digital commerce through a marketplace as well as logistics infrastructure management in partnership with Metropac Movers.
FINTQ intends to initially launch the AGRI platform in eight pilot areas, mostly in Mindanao.
FINTQ Managing Director Angelito M. Villanueva said the platform will help address the challenge of providing financing in the agriculture sector.
“Farmers and fisherfolk are still deemed as high risk borrowers of banks, but with the intervention of the AGRI platform, which covers end-to-end of the agri-value chain, this will level the playing field,” Mr. Villanueva was quoted as saying in a statement. “AGRI will serve as an alternative channel for agriculture workers to source funds from Lendr partner banks and financial institutions.”
Aside from providing alternative credit options, the platform will also help the agricultural workers earn higher income by removing the unnecessary middlemen with direct farm to business and consumer approach, reducing costs to the end consumers as well.
The AGRI program and platform is being introduced nationwide in collaboration with the Bangko Sentral ng Pilipinas (BSP), Department of Agriculture, various local government unit associations and other industry partners.
For his part, BSP Governor Nestor A. Espenilla, Jr. said that innovations enabled by digital technology and value chain approach makes agri-financing more viable.
“[It will also] unlock new opportunities for rural banks and cooperatives to deliver a whole range of financial services catering to the unique needs of farmers and their communities,” Mr. Espenilla added.
Voyager Innovations is PLDT, Inc.’s digital innovations unit. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Karl Angelo N. Vidal
