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DigiCOOP taps ADVANCE.AI to power digital platform for members

DigiCOOP, an online platform for cooperatives and labor unions in the Philippines, has tapped Singapore-based tech startup ADVANCE.AI to power the provision of digital and financial services for its 1.3 million members on its platform.

ADVANCE.AI specializes in digital identity verification to power smooth and seamless customer onboarding. It can remotely onboard and verify a real user’s identity by scanning a range of national identity documents, such as the Philippines’ passport, UMID, SSS, and TIN, and matching the image with a selfie taken with the phone’s camera. All this can be completed in under 60 seconds.

“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,” said Ann Cuisia, CEO of TraXion Tech, the founder and creator of digiCOOP.

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Launched in 2020 during the Philippines’ Enhanced Community Quarantine (ECQ), digiCOOP already has 12 federations and more than 100 cooperatives using its digital platform. It has also integrated over 400 brick-and-mortar co-op branches into its web channel. 

Financial inclusion

“Our partnership with ADVANCE.AI 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,” Cuisia said.

Registered with the Cooperative Development Authority (CDA), digiCOOP’s aim is to unite and serve member cooperatives with an ecosystem of digital and financial products and services. Aggregated services offered on its platform include loan application, credit scoring, digital banking, insurance and investment, bill and online payment services as well as e-learning opportunities. 

ADVANCE.AI’s other services include providing fraud and risk management, as well as alternative credit scoring services.

“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, country manager of ADVANCE.AI in the Philippines. “As a Filipino, I am very excited about this partnership and advancing digiCOOP’s mission of digital, as well as financial accessibility and sustainability for the grassroots.”

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