DIGITAL platform DigiCOOP Technology Service Cooperative (digiCOOP) has partnered with Singapore-based tech startup ADVANCE.AI to provide financial services for about 1.3 million labor union workers and farmers.
“Our goal is to reduce systemic inefficiency and lack of financial inclusion by increasing the 20% banked Filipino families to at least 50% within five years,” TraXion Tech Chief Executive Officer Ann Cuisia said in a statement. TraXion Tech founded and created digiCOOP.
“Our partnership with ADVANCE.AI and their expertise in digitally onboarding customers through seamless and secure digital identity verification supports our vision of enabling unbanked and underserved Filipino segments of society to build their own wealth, participate in a lively digital and financial ecosystem, and pass on the coop legacy to the next tech-adept generation,” she said.
Launched in 2020, digiCOOP has on-boarded 12 federations and over a hundred cooperatives on its digital platform. It has also combined over 400 brick-and-mortar coop branches into its web channel.
The digital platform is registered with the Cooperative Development Authority and aims to serve member cooperatives with digital financial products and services.
Services offered to its clients consist of loan applications, credit scoring, digital banking, insurance and investment, online payment services, as well as e-learning opportunities.
“Economic advancement for the grassroots and union workers can only happen by increasing trust and confidence in the use of digital technology,” said Michael Calma, ADVANCE.AI country manager for the Philippines.
“As a Filipino, I’m very excited about this partnership and advancing digiCOOP’s mission of digital as well as financial accessibility and sustainability for the grassroots,” Mr. Calma said.
ADVANCE.AI focuses on identity verification for customer on-boarding. Other services it offers include fraud and risk management, as well as alternative credit scoring services.
It is part of the Advance Intelligence Group based in Singapore. Founded in 2016, the group has presence across South and Southeast Asia, Latin America, and China.
The group is backed by investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures, and Singapore-based global investor EDBI. — Keisha B. Ta-asan