Canadian fin-tech nTrust helping financial inclusion in Philippines

While fin-tech firms’ efforts are making a difference in the lives of the world’s poorest, more than two billion people do not have access to a bank account.

This problem is especially acute in the Philippines, where more than 60 percent of adults do not have a bank accounts because of high fees, population spreads and other factors.

nTrust President Rod Hsu

nTrust President Rod Hsu

That makes it more expensive for the thousands of Filipinos living in Canada to send the estimated $2 billion per year home.

The complexity of the issue means it takes a variety of solutions to properly address it, Vancouver, B.C.-based fin-tech company nTrust says.

Prepaid cards allow the unbanked to easily use and money locally and internationally. Integration with third-party platforms and intermediary mobile wallets allows new companies to capitalize on the credibility of locally trusted brands and transfer money to and from a centrally stored service. Additional unions with banking networks help unify the fragmented Philippine banking network.

A key final piece is the ability for diaspora to pay bills from abroad and control its use at home, all without incurring high fees.