FIT PROGRAM AWARDS 9 RURAL BANKS AND 1 CONSORTIUM WITH $655,000-GRANT
The Fintech for Inclusion Transformation (FIT) Program, funded by the High-Level Technology Fund (HLTF), Republic of Korea e-Asia, and Knowledge Partnership Fund, reached an important milestone last February 16, 2024. It marked the day that nine (9) rural financial institutions, and one (1) bank consortium were awarded with matching grants amounting to a total of $655,000 U.S. Dollars to fund their respective digital transformation solutions.
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Upon the program’s commencement last June 2023, ADB engaged with the Philippines’ largest professional services firm, SyCip, Gorres, Velayo & Co. (SGV & Co.) to evaluate proposals, conduct interviews, due diligence, and impact assessments of the FIT program applicants.
The contract signing was led by SGV Assurance Partner and FIT Program National Program Manager Mr. Ray Francis Balagtas, witnessed by the FIT Program Chairwoman, Ms. Kelly Hattel, Bangko Sentral ng Pilipinas (BSP) Assistant Governor, Ms. Lyn Javier, Rural Bankers Association of the Philippines (RBAP) President, Ms. Anacleta Aboyme, and various stakeholders.
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[BSP PICTURE]
Aligned with the financial inclusion goals of the FIT program, BSP Monetary Board Member, Dr. V. Bruce J. Tolentino, stated that “in order for banks to thrive and survive, they have to embrace the new tools and the new technology that will enable them to cut costs, reach more people, and offer more services”.
[RBAP PICTURE]
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RBAP President Ms. Anacleta Aboyme also graciously congratulated and encouraged the awardees stating that “as you operationalize your partnership with your respective technology providers and with ADB, we encourage you to look beyond the horizon of your individual banks and be as generous as possible in sharing the knowledge gleaned from this exercise.”
The ADB commends and officially awards the following rural banks and consortium listed below.
1. Banco San Vicente, Inc. (A Rural Bank)
(From top left to bottom right: RBAP President, Anacleta Aboyme, Banco San Vicente President & CEO, Angelica Torres, Sybrin Director, Gregorio Formoso, FIT Program Chairwoman, Kelly Hattel, and FIT Program National Program Manager, Ray Francis Balagtas)
2. Camalig Bank, Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, Camalig Bank President & CEO, Jose Misael Moraleda, and Nextbank Chief Customer Officer, James Allan To)
3. GoodBank Consortium (composed of Rural Bank of Silay City, Inc., Rural Bank of Medina, Inc., and Banco Santiago de Libon, Inc. (A Rural Bank))
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, GoodTech Information Systems President, Rogelio Umali Jr., and Banco Santiago De Libon President, Liz Dycoco)
4. MVSM Bank (A Rural Bank Since 1953), Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, JMH IT Solutions President, Charisma Lascota, and MVSM Bank President, Brigida Regina de Luna)
5. Rural Bank of Guinobatan, Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, GVX Consulting CEO, Teddy Théanne, and Rural Bank of Guinobatan President, Paulo Honrado)
6. Rural Bank of Medina, Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, iComputing Solutions President, Emmanuel Ramasola, and Rural Bank of Medina President, Atty. Patrick Absin)
7. Rural Bank of Montalban, Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, Rural Bank of Montalban Vice President, Claire De Leon, and JMH IT Solutions President, Charisma Lascota)
8. Rural Bank of Porac (Pampanga), Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, Rural Bank of Porac President and CEO, Lourdes Connie Tayag, and Nextbank Chief Customer Officer, James Allan To)
9. Rural Bank of Silay City, Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, Rural Bank of Silay Director and Treasurer, Ma. Teresa Garces, GoodTech Information Systems President, Rogelio Umali Jr., and Rural Bank of Silay President, Jove Tapiador)
10. Rural Bank of Tandag (Surigao del Sur), Inc.
(From top left to bottom right: RBAP President, Anacleta Aboyme, FIT Program Chairwoman, Kelly Hattel, FIT Program National Program Manager, Ray Francis Balagtas, Rural Bank of Tandag President, Mary Elizabeth Ty, and Nextbank Chief Customer Officer, James Allan To)
The financial support from ADB will enable the selected awardees to further increase their reach into the unbanked, unserved and underserved sectors with their proposed solutions. Their proposed digital transformation initiatives center around transitioning to cloud-based core banking systems, creating loan origination systems, establishing credit scoring systems and launching mobile applications for their current and new clients.
In support to the creation and implement their digital transformation projects, AFD through RBAP will also provide funding for the capacity building and knowledge transfer of the awardees. Meanwhile, SGV will continue to monitor the progress of the awardees on behalf of the ADB throughout their digital transformation journey.
Refer to the following articles below for other perspectives on the FIT Program contract signing event.
ADB to Help Empower Philippine Rural Banks through Digital Transformation
(Asian Development Bank) https://www.adb.org/news/adb-help-empower-philippine-rural-banks-through-digital-transformation
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ADB Releases $665,000-Grant to 9 Rural Banks (Manila Bulletin)
https://mb.com.ph/2024/2/19/article-1899
9 Rural Banks, Consortium get ADB grant for Digital Transformation (Manila Standard) https://manilastandard.net/business/314418175/9-rural-banks-consortium-get-adb-grant-for-digital-transformation.html
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ADB Grants $655,000 to PH Rural Banks (The Manila Times) https://www.manilatimes.net/2024/02/20/business/top-business/adb-grants-655000-to-ph-rural-banks/1933280
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Nine Rural Banks to get ₱36.68M in ADB Grants (Business Mirror) https://businessmirror.com.ph/2024/02/20/nine-rural-banks-to-get-p36-68m-in-adb-grants/
ADB Allots $655,000 for PH Rural Banks' Digitalization (ABS-CBN) https://news.abs-cbn.com/business/2024/2/19/adb-allots-655-000-for-ph-rural-banks-digitalization-1805
ADB Grants to Fund Digital Transformation for 9 Philippine Rural Banks (Fintech News Philippines) https://fintechnews.ph/61438/banking/adb-grants-to-fund-digital-transformation-for-9-philippine-rural-banks/