BanqIn, an instant all-in-one digital banking platform developed by Bank-Genie continues to support efforts of the government for financial inclusion, especially for unbanked Filipinos in far-flung rural areas.
Through innovative and transformational solutions, BanqIn’s innovative all-in-one digital core banking platform has been in place in local banks like the Rural Bank of Kibawe.
The Rural Bank of Kibawe is one of the few micro-finance companies in the Philippines to hold a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a deposit-taking micro-finance service institution. Its fundamental purpose is to alleviate poverty and uplift the lives of people left out of the formal financial service eco-system by providing access to credit.
“Our sincere appreciation to BanqIn for the bold move of introducing its core banking solution to The Rural Bank of Kibawe. This will be the beginning of a fruitful and long-lasting partnership in making digital banking a reality to the people of Mindanao”, states Mr Lasmar Edullantes, president, Rural Bank of Kibawe (Bukidnon) Inc.
Many rural banks continue time-consuming manual processes and requiring customers to have to commute long distances to undertake face to face financial transactions. For banking to thrive in remote rural areas in the Philippines, advanced digital and communications technologies should be utilized.
“BanqIn believes everyone must have an opportunity to take charge of their financial life and we are delighted to be able to provide our technologies and work with The Rural Bank of Kibawe to amplify this intent significantly,” said Ragu Nanshan Senthil Kumar, co-founder and chief technology officer, BanqIn’s.
Another customer, Filidian Rural Bank of Antipolo, agreed to adopt the banking solutions of BanqIn. This pushes their common goal to serve the underbanked and unbanked in the Philippines, particularly in uncertain times. This partnership with Filidian Rural Banks deepens Bank-Genie’s commitment to unlocking financial opportunities for communities around the Philippines.
Aside from improving a bank’s operational efficiencies and processes, BanqIn reduces the costs it takes for a bank to reach a high number of transaction volumes without the traditional banking set up of brick-and-mortar branches. By bringing digital banking to rural areas, furthering financial inclusion becomes much easier — something that all should be aiming for as financial inclusion has proven to alleviate poverty among communities.
There is optimism that the country’s financial institution landscape would improve as there is an increasing number of Filipinos migrating to digital payment cashless transactions brought about by the ongoing pandemic.
The BSP has recently launched its Digital Payments Transformation Roadmap 2020-2023. This Roadmap charts the BSP’s current initiatives and strategy in advancing an efficient, inclusive, safe, and secure digital payments ecosystem. The end goal includes increasing the number of Filipinos with access to financial services.