{"id":228,"date":"2024-04-30T00:18:50","date_gmt":"2024-04-29T17:18:50","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=228"},"modified":"2024-04-30T00:18:50","modified_gmt":"2024-04-29T17:18:50","slug":"talino-chemonics-invest-in-startup-higala-the-philippines-pioneering-inclusive-instant-payment-system","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=228","title":{"rendered":"Talino, Chemonics invest in startup Higala, the Philippines’ pioneering inclusive instant payment system"},"content":{"rendered":"

LOS ANGELES<\/span> and MANILA, Philippines<\/span>, April 29, 2024<\/span> \/PRNewswire\/ — Talino Venture Studios, an award-winning global venture studio for sustainable innovation, and\u00a0Chemonics International, a leading sustainable development\u00a0\ufb01rm,\u00a0have launched and seed-funded\u00a0Higala, the\u00a0pioneer\u00a0startup Inclusive Instant Payment System (IIPS) in the Philippines<\/span>.<\/p>\n

As\u00a0an\u00a0IIPS,\u00a0Higala\u00a0will\u00a0serve\u00a0as\u00a0a\u00a0\ufb01nancial\u00a0superhighway\u00a0that\u00a0will\u00a0connect\u00a0thrift\u00a0banks,\u00a0rural banks,\u00a0and\u00a0micro\ufb01nance institutions that are currently excluded from payment networks because of high switching and on-ramp costs.<\/p>\n

Despite\u00a0the\u00a0presence\u00a0of\u00a0400\u00a0rural\u00a0banks\u00a0in\u00a0the\u00a0Philippines,\u00a0only\u00a0a\u00a0mere\u00a018\u00a0are\u00a0part\u00a0of\u00a0InstaPay. This highlights a\u00a0significant challenge: the lack of interoperability among these banks. As a consequence, the full potential of\u00a0\ufb01nancial\u00a0inclusion remains largely untapped, depriving many Filipinos of the bene\ufb01ts that\u00a0modern banking technologies can offer.<\/p>\n

“Higala will\u00a0help\u00a0modernize\u00a0our\u00a0country’s\u00a0digital\u00a0\ufb01nancial infrastructures and enable the participation of\u00a0\ufb01nancial\u00a0institutions through our network. Our goal is to make banking more inclusive, especially to the underserved segments of the population that have limited access to traditional banking services,” Higala President and\u00a0CEO Vice\u00a0Catudio\u00a0said.<\/p>\n

Higala\u00a0promotes inclusion\u00a0by\u00a0lowering the\u00a0cost\u00a0of\u00a0real-time\u00a0payments,\u00a0which\u00a0helps\u00a0\ufb01nancial institutions to reasonably price their instant payments. It also aims to provide inclusive \ufb01nancial solutions\u00a0to\u00a0the\u00a0underbanked as well as rapidly enable merchants to accept digital payments.<\/p>\n

“Through Higala’s open payment platform and suite of solutions, we will enable new market players to aggressively develop and market innovative payment services to both consumers and merchants,” said Catudio.”This includes integrating solutions such as regulatory technologies like\u00a0e-KYC\u00a0and\u00a0AML-TF monitoring,\u00a0AI-based\u00a0risk\u00a0detection and\u00a0management,\u00a0banking\u00a0microledgers, payment hub that will enable instant fund transfer across participating banks, and a global transaction gateway for remittance,” he adds.<\/p>\n

Higala is also building a core instant payment technology that can accommodate \ufb01nancial institutions of all sizes and turn banks into digital banks through white label app services.<\/p>\n

Sustainable development
“At\u00a0Talino,\u00a0we\u00a0are\u00a0committed to\u00a0the\u00a0sustainable\u00a0execution\u00a0of\u00a0development\u00a0that\u00a0bene\ufb01ts all stakeholders, especially the\u00a0unbanked,” said Talino CEO Winston Damarillo. “With Talino and Chemonics providing funding for Higala, we bring together the impact of venture investing and global good to expand the bene\ufb01ts of \ufb01nancial inclusion to segments that need them most.”<\/p>\n

“We are excited to embark on a new journey with Higala, a testament to our commitment to innovation and \ufb01nancial inclusion in the Philippines<\/span> and other dynamic markets across the globe. Drawing from three decades of impactful partnerships and success in the economic growth space in the Philippines<\/span>, Higala embodies our vision for affordable, real-time transactions accessible to all Filipino communities,” said Chemonics President and CEO Jamey Butcher<\/span>.<\/p>\n

The\u00a0\ufb01rst deployment of\u00a0Mojaloop in Asia<\/span>
Higala leverages the open payment platform of\u00a0Mojaloop\u00a0Foundation, a nonpro\ufb01t dedicated to boosting \ufb01nancial inclusion through its open-source software called Mojaloop. With Mojaloop’s open payment framework, Higala facilitates seamless connectivity among various \ufb01nancial entities, including banks, institutions, payment gateways, merchants, and the central bank. This approach enhances affordability and accessibility in \ufb01nancial transactions.<\/p>\n

“With\u00a0the\u00a0pioneering\u00a0deployment\u00a0of\u00a0Mojaloop open source software in Asia<\/span> through our collaboration with Talino’s\u00a0Higala, the\u00a0Mojaloop\u00a0Foundation rea\ufb03rms its commitment to breaking down barriers and empowering communities through \ufb01nancial inclusion. Together, we’re not just revolutionizing payment systems; we’re unlocking opportunities, fostering resilience, and building a future where \ufb01nancial access knows no bounds,” said\u00a0Mojaloop Foundation\u00a0Executive\u00a0Director Paula\u00a0Hunter.<\/p>\n

“We want to ensure that everyone is fully banked by lowering the bar of obtaining bank accounts, lowering the friction cost for digital payments, encouraging merchants to accept them, and empowering all \ufb01nancial institutions to be able to provide it to their constituents, especially rural banks,” said Damarillo.<\/p>\n

Backed\u00a0by\u00a0BSP and\u00a0industry\u00a0leaders
BSP Deputy Governor Mamerto E. Tangonan<\/span> said, “The BSP supports continued efforts to enhance\u00a0the\u00a0e\ufb03ciency of the national payment system and help modernize the Philippines’<\/span> digital payments infrastructure as part of our ongoing efforts to bring more users into the digital payments system.”<\/p>\n

Tangonan adds,\u00a0“Adopting\u00a0modern\u00a0technologies\u00a0such\u00a0as\u00a0arti\ufb01cial intelligence, machine learning, and compliance with global standards like ISO 20022 can help payment service providers offer new services, improve customer experience, and make digital transactions more safe and secure.”<\/p>\n

Aside\u00a0from\u00a0BSP,\u00a0Higala’s partners\u00a0and\u00a0collaborators\u00a0include\u00a0the\u00a0Rizal Commercial Banking Corporation, Xendit,\u00a0FinTech Alliance.Ph, and\u00a0the Rural Bankers Association of the Philippines<\/span>.<\/p>\n

“We\u00a0are\u00a0committed to\u00a0inclusivity, affordability, and the innovative approach to transaction management and\u00a0settlements. Higala provides\u00a0e\ufb03ciency\u00a0and equitability to fully support the nation’s move towards comprehensive\u00a0\ufb01nancial\u00a0inclusion,”\u00a0Catudio said.<\/p>\n

About\u00a0Talino<\/p>\n

Talino Venture Studios is an award-winning global venture studio for inclusive \ufb01ntech. Born in the intersection of Silicon Valley and Southeast Asia<\/span>, Talino Venture Studios is on a mission to bridge \ufb01nancial inclusion for over 1.7 billion people around the world. It uses the\u00a0successful\u00a0venture studio model to\u00a0build\u00a0repeatable,\u00a0scalable, and\u00a0pro\ufb01table \ufb01ntechs that\u00a0empower\u00a0underserved,\u00a0underrepresented groups\u00a0around\u00a0the world\u00a0with \ufb01nancial access\u00a0and mobility.\u00a0Talino\u00a0Ventures\u00a0Studios\u00a0(talinolabs.com)<\/a><\/p>\n

About\u00a0Chemonics<\/p>\n

Founded in 1975, Chemonics is one of the world’s leading global sustainable development consulting \ufb01rms. With over 6,000 experts in more than\u00a0100 countries, 90%\u00a0of\u00a0its\u00a0staff\u00a0are working\u00a0in\u00a0a\u00a0community\u00a0they\u00a0have\u00a0long-considered\u00a0home.\u00a0Chemonics\u00a0collaborates\u00a0with communities across\u00a0the\u00a0globe\u00a0to\u00a0identify and\u00a0apply innovative,\u00a0sustainable solutions\u00a0to\u00a0the world’s biggest\u00a0challenges. Where Chemonics\u00a0works,\u00a0development\u00a0works. www.chemonics.com<\/a><\/p>\n

About\u00a0the\u00a0Mojaloop\u00a0Foundation<\/p>\n

The\u00a0Mojaloop\u00a0Foundation’s\u00a0mission\u00a0is\u00a0to\u00a0increase\u00a0\ufb01nancial\u00a0inclusion\u00a0by\u00a0empowering\u00a0organizations\u00a0creating\u00a0interoperable\u00a0payment systems to\u00a0enable digital\u00a0\ufb01nancial\u00a0services\u00a0for all.\u00a0To\u00a0achieve\u00a0its\u00a0mission,\u00a0Mojaloop\u00a0Foundation\u00a0operates\u00a0as\u00a0a\u00a0501(c)(3)\u00a0charitable nonpro\ufb01t organization, maintaining its free, open source software, Mojaloop, and community as public goods in the service of \ufb01nancial inclusion. Merchants, banks, providers, government o\ufb03ces and other entities looking to build inclusive payments platforms can use Mojaloop \u2013 whole, adapted or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https:\/\/mojaloop.io\/<\/a>.<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

LOS ANGELES and MANILA, Philippines, April 29, 2024 \/PR […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/228\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}