In a new development, fintech firm Acudeen has joined hands with Philippines’ Rizal Commercial Banking Corporation to launch a fund worth $2 billion. The fund is going to be dedicated towards the small, micro and medium-sized enterprises in the Philippines.
Additionally, the fund will also be interested in helping the farmers in the country. The name of the fund is the Opportunity Fund and it is going to help small and medium-sized industries compete and grow. These enterprises are a source of livelihood for millions of people in the Philippines.
The founder and CEO of Acudeen, Mario Jordan “Magellan” Fetalino III, spoke about the Fintech firm’s role in the fund as well. He said,
Acudeen’s role is to be the exchange of choice for distribution to MSMEs, lending our capability to assess and facilitate receivables discounting or factoring transactions.
The fund is wholly focused on helping those businesses, which generally don’t get credit easily. The Opportunity Fund will help with things like bank accounts, account receivables, crops, warehouse receipts, and farm equipment among others. It is an ambitious project and remains to be seen how it can help the targeted sector.