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GoodTech forges partnerships to boost financial inclusion

Post author By goodTech-Admin
Post date July 3, 2024
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GoodTech Information Systems Inc., a homegrown sustainable financial technology company, has formalized its partnership with clients and key technology vendors to boost access to financial services in rural communities.

At the GoodTech Summit last June 5 in Bacolod, GoodTech held a commitment ceremony with Banco Santiago de Libon and Las Piñas TODA Cooperatives so they can tap GoodLoan, a cutting–edge application to digitalize and enhance their lending businesses.

Likewise, GoodTech teamed up with technology firms FlexM for fraud monitoring, Boost for chat–based loan origination, Mindigital for digital consumer lending, Loxon for collection technology, Senangdali for loan protection insurance, and SunSmart for renewable energy financing—all to expand its suite of product offerings.

“The signing ceremony by both partners and clients demonstrates the strong confidence that our stakeholders have on GoodTech. We are the reliable partner for technology implementation that addresses key bank pain points,” GoodTech Cofounder Jove Tapiador said.

During the summit, rural bank executives shared the challenges they have encountered in their digital transformation journey. They pointed out that most of the available products in the market are from foreign service providers that do not cater to the distinct requirements of small financial institutions in the Philippines.

At the same time, participants stressed the need for collaboration and having a shared and standardized service to achieve improved cost efficiencies.

“We elicited raw and direct answers from rural banks on their pain points: the need for customized solutions around existing processes, sound technical advice based on their requirements, and strong customer support. GoodTech is in the best position to respond to all these challenges,” Tapiador said.

To support their transformation, GoodTech helps rural banks build their own digital channels to expand their markets and gain access to a resilient technology that incorporates compliance and regulation to their process flow. The goal is to create a digital financial ecosystem around rural financial institutions and connect them with underserved markets.

The fintech has two flagship products: GoodLoan, an application designed to enhance the lending business of rural banks through built-in identity verification and compliance checks; and GoodBank, a mobile banking platform that simplifies the deposit account opening process, hassle-free and secure transactions for customers, and built-in electronic checks compliant with electronic banking regulations.

“Every rural bank can be a digital bank. Every single one has the potential to be a big player in this wide market. It need not break the bank. You just need to find a good technology that is affordable, accessible and that simply works,” GoodTech Cofounder Rogelio Umali said.

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Building a nation needs partnerships

Post author By goodTech-Admin
Post date June 18, 2024
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We believe every Filipino deserves the chance to build a secure future, one where they can confidently manage their finances and watch their dreams take root. At GoodTech, it’s the driving force behind everything we do.

We are passionate about building strong partnerships with organizations who share our goal of financial inclusion for all Filipinos. This includes:

Fintech innovators: Like GoodTech, forward-thinking companies pushing the boundaries of financial technology
Rural banks: Established institutions with deep roots in local communities
Community–focused MFIs and cooperatives: Organizations dedicated to empowering individuals and families through financial tools and education

Together, we can create a powerful network, reaching every corner of the Philippines.

By joining forces, we can unlock a future where financial inclusion becomes a reality for every Filipino. Imagine families confidently managing their finances, businesses thriving with access to capital, and communities empowered to build a brighter and sustainable future. This is the impact we can achieve together.

Are you ready to join us on this journey? Let’s build a financially secure Philippines, one partnership at a time.

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GoodTech seeks to empower rural banks in the digital era

Post author By goodTech-Admin
Post date June 5, 2024
No Comments on GoodTech seeks to empower rural banks in the digital era

GoodTech Information Systems Inc., a homegrown sustainable financial technology company, wants to help rural banks make a quick and seamless transition to digital amid growing regulatory pressure and fierce competition from non-bank players.

GoodTech cofounder Jove Tapiador stressed that the digital transformation of rural banks is key to accelerate financial inclusion in the Philippines given its unique role as trusted partners in the community. In the face of heightened competition from technology-enabled players, rural banks must embrace digital to become more efficient and remain relevant to its customers.

Tapiador pointed out that rural banks, however, are currently facing numerous challenges in their transformation journey. These include migrating a predominantly older customer base to digital channels and increasing regulatory requirements on IT risk management, compliance and cybersecurity. In addition, there are bank technology core issues such as lack of technology talent, poor IT risk management and compliance, and non-compliant technology processes.

GoodTech aims to address these key pain points by leveraging the team’s track record on community banking, nation-building and innovation.

To assist more rural banks in their digital transformation, GoodTech is launching its flagship products—GoodBank and GoodLoan—at its inaugural summit on June 5 in Bacolod City. GoodBank is a mobile banking platform that simplifies the customer onboarding process of depositors. GoodLoan, on the other hand, is a cutting-edge application designed to enhance the lending business of rural banks through built–in identity verification and compliance checks, credit scoring, and hassle–free and secure transactions.

One of the early success stories of GoodTech is Rural Bank of Silay City (RB Silay), a 63–year–old bank in Negros Occidental. After partnering with GoodTech, RB Silay has reduced its client onboarding process to five minutes, cut the loan application cycle from seven days to less than 24 hours, and increased outstanding loan portfolio by more than 50% in just six months.

“GoodTech has the digital tools to execute the digital transformation of rural banks. By making the banks more efficient, we are helping financial services become more accessible to the underserved markets through lower cost and ease of access—creating an overall superior digital experience,” Tapiador said.

The GoodTech Summit will bring together stakeholders and technology experts for a meaningful dialogue to help rural banks thrive in the new normal, respond to the changing demands of digital savvy clients and serve the needs of the unbanked and underserved markets.

Tapiador, Cofounder Sylvester Wong, Chairperson Sergio Edeza, and Chief Operating Officer Rowell Saludes will lead discussions in the panel: “The Digital Banking Landscape in the Philippines.”

By leading this discussion with stakeholders, GoodTech aims to differentiate itself from competition, showing it is more than just a fintech platform, but an innovator and a thought leader committed to reimagining banking for financial inclusion.

The GoodTech Summit will coincide with the Rural Bankers Association of the Philippines’ annual symposium on June 4 to 5, also in Bacolod City.

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GoodTech partners with rural banks to develop ADB-funded financial inclusion projects

Post author By goodTech-Admin
Post date June 2, 2024
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GoodTech Information Systems, a sustainable fintech company, has partnered with Rural Bank of Silay City to develop two financial inclusion projects co-funded by the Asian Development Bank (ADB).

RB Silay secured two matching grants totaling PHP5 million from the ADB under its Fintech for Inclusion Transformation (FIT) program (www.fit-program.com) for the Digital Infrastructure Shared Services (DISquared) project and GoodBank mobile banking application. GoodTech will provide the technology support for these projects.

The grant will be sourced from the High-Level Technology Fund, a multi-donor trust fund that supports the development and integration of innovative technology and solutions into ADB-financed projects.

The funding grant will enable GoodTech to incorporate more advanced artificial intelligence features and iterate quickly to facilitate faster time-to-market of financial products and turnaround time to resolve technology issues. By developing a fit-for-purpose solution, GoodTech is giving rural banks access to mobile and digital banking capabilities previously available only to the bigger incumbents in the country at a fraction of the cost.

“Rural banks have realized they can compete with the big guys through technology,” GoodTech Cofounder Rogelio Umali said. “What we are launching is what rural banks need and we never stop refining it. That’s where the grant comes in. We are moving to a level where it will rival the best capabilities that is out there.”

For the DISquared project—an undertaking of the consortium of RB Silay, Banco Santiago de Libon, and Rural Bank of Medina—GoodTech will build a cost-effective, standardized, compliant and resilient technology infrastructure for rural banks and other small financial institutions. The GoodBank mobile banking app, on the other hand, will have enhanced electronic Know Your Customer, customer risk profiling, AI-driven analytics and financial coaching features.

GoodTech and its fully integrated product suite played an integral part in the successful digital transformation of RB Silay. The fintech helped the 63-year-old rural bank reduce its client onboarding process to five minutes, slash the loan application cycle from seven days to 24 hours, and increase outstanding loan portfolio by 56% in just six months.

Aware of the challenges faced by rural banks to modernize, GoodTech serves as a one-stop shop for fintech solutions, offering an end-to-end service from conceptualization to actual configuration, all the way to support and maintenance.

The 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas noted that while bank account penetration nearly doubled to 23% from 12% in 2019, e-money account ownership grew more than four times to 36% from 8%.

Umali adds, “The reality for rural banks is that e-wallets are eating their lunch money. There are more e-wallets accounts being opened than bank accounts so sooner or later, if they don’t transform, they will be left behind.”

About GoodTech

GoodTech is a sustainable financial technology company focused on empowering underserved communities in the Philippines through its fully integrated suite of financial, lending and payment products. In crafting financially inclusive tools, GoodTech draws on decades of experience in technology, microfinance, banking and community development. Established in 2019, GoodTech is recognized by the Bangko Sentral ng Pilipinas as a Registered Operator of Payment System.

About Rural Bank of Silay City

Rural Bank of Silay City was established in 1961 in Silay City in the province of Negros Occidental. The bank has embarked on an aggressive digital transformation initiative to expand its services beyond agricultural and salary loans to reach more unbanked and underbanked communities. The bank aims to be a catalyst for financial inclusion by providing affordable, reliable and customized products and services to empower the lives of overseas Filipinos, merchants, freelancers, and farmers.

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Two international orgs recognize GoodTech for financial inclusion efforts

Post author By goodTech-Admin
Post date June 2, 2024
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GoodTech Information Systems Inc., a homegrown sustainable financial technology company, was recognized by two esteemed international organizations recently for its efforts to drive financial inclusion in the Philippines.

GoodTech was the lone Filipino fintech company among 12 finalists in the Alliance for Financial Inclusion (AFI)’s Inclusive FinTech Showcase 2024, while being named by The Luxembourg House of Financial Technology (LHoFT) as one of 15 companies driving financial inclusion in Southeast Asia.

After the initial selection and a week-long participation in the pioneering acceleration program “Catapult: Financial Inclusion Southeast Asia” in Bangkok, GoodTech then made the shortlist of 10 fintechs that will move on to the next stage of the program in Luxembourg in June 2024 to further integrate into the global fintech ecosystem and benefit from the country’s extensive financial services network.

These recognitions highlight GoodTech’s commitment to empower the unbanked and underserved communities through its suite of financial products. A one-stop-shop for financial solutions, GoodTech works with small financial institutions to enhance their lending operations and enable them to efficiently serve the needs of rural communities.

GoodTech became a finalist for AFI’s Inclusive FinTech Showcase this year for offering a promising digital solution that improves access to financial services for low-income communities.

The other finalists were Dots for Inc. (Africa), eMaisha Pay (Africa), Giesecke+Devrient (Germany), Hello Tractor (Africa), IFarmer (Bangladesh), Jumo (Africa), Mosabi (Africa), myStash (Africa), Pertence (Africa), Revfin (India), Xchange Box Solutions (Africa).

Meanwhile, The LHoFT, Luxembourg’s dedicated fintech center, honored GoodTech and 14 other outstanding fintech firms last month for their innovative approaches to enhancing financial access and sustainability within their communities, and leading a dynamic movement aimed at creating impactful solutions to address the unique challenges in Southeast Asia.

In selecting GoodTech, The LHoFT noted that it has built a “customer-centric platform targeting the unbanked/underbanked [while] requiring alternative KYC and digital identity approaches.”

Likewise, The LHoFT cited GoodTech’s efforts to “bridge the financing gap and make the livelihood of hardworking families more resilient to economic and environmental threats through savings and insurance” by partnering with established local financial institutions and the strongest players in the technology industry.

As part of this selection, cofounder Jove Tapiador represented GoodTech in “Catapult,” an acceleration program designed to boost financial inclusion across the region and strengthen the connection between the fintech ecosystems of Southeast Asia and Europe.

Catapult’s program featured a curriculum designed to enrich the fintech startups with a comprehensive suite of workshops, mentoring sessions, networking opportunities, and investor interactions, offering an invaluable opportunity for growth.

GoodTech was joined by other Philippine companies Farmvocacy, Global Credit Pros, and InvestEd in the acceleration program.

The other selected fintech firms were Aiforesee (Indonesia), Blue Duck Tech (Malaysia), Ekko Financial Wellness (Vietnam), Fina Fintech (Laos), Finfra (Indonesia), ICare Group (Singapore), Laneth Tech Company (Thailand), Lao Mobile Money (Laos), LTS Ventures (Laos), Noburo (Thailand), and Wahine Capital (Malaysia).

A total of 70 fintechs in emerging countries on the African continent have participated in the Catapult program over the past six years through the collaborative effort of LHoFT Foundation, Luxembourg’s Directorate for Development Cooperation and Humanitarian Affairs and their partners.