Metro Manila (CNN Philippines, October 31) — Talino Venture, led by former PLDT executive Winston Damarillo, received a fresh round of investment amounting to $5 million from US-based Chemonics International to accelerate financial inclusion in emerging economies, including the Philippines.
In a statement on Tuesday, its CEO Damarillo said the new funds are targeted to “closing the financial inclusion gap for the underserved individuals and communities in emerging nations worldwide.In the Philippines alone, 50 million Filipinos are unbanked, Damarillo said.Financial inclusion in the Philippines remained low, with only 51% of Filipinos aged 15 and above having a transaction account with a financial institution, the World Bank previously said.Talino Venture backs financial technology firms BayaniPay, Asenso, Earnie, and Saphron.
