DigiCOOP Technology Service Cooperative (digiCOOP) announced its partnership with ADVANCE.AI, a Singapore-based company focused on developing artificial intelligence (AI) for digital transformation and fraud prevention. The collaboration aims to make financial solutions accessible for around 1.3 million employees and farmers in the Philippines.
Established in 2020, digiCOOP is a digital platform with over a hundred cooperatives and 12 federations. The platform aims to improve financial inclusion by providing underserved Filipinos access to financial services.
Ann Cuisia, TraXion CEO, said the partnership with ADVANCE.AI is part of their goal to improve the banked sector in the Philippines from 20% to about 50% within five years. She added their collaboration would help their users secure a smooth and safe verification process, leading to a more stable lifestyle.
With their combined resources, digiCOOP and ADVANCE.AI aim to provide financial inclusion and sustainability to different sectors and industries in the Philippines. Michael Calma, ADVANCE.AI Philippines’ manager, emphasized the partnership and resources of both parties are only part of the digital efforts. He highlighted customers should also improve their trust in digital technology to fully benefit from the partnership.
By leveraging AI technology, services, such as credit scoring, online banking, loan applications, insurance, e-learning, will be offered, among others. The platform’s credit scoring system will enable financial institutions to assess the creditworthiness of individuals who have no prior credit history.
Moreover, the partnership will enable users to access financial services through their mobile devices. This will eliminate the need to visit physical bank branches, making financial services more accessible to remote areas.
The collaboration between digiCOOP and ADVANCE.AI aligns with the Philippine government’s efforts to promote digital financial services. The BSP launched the National Retail Payment System (NRPS) in 2015, which aims to promote digital payments and financial inclusion in the country.
The partnership between digiCOOP and ADVANCE.AI is expected to provide financial inclusion and sustainability to underserved sectors and industries in the Philippines.