Chemonics International, a US-based development consulting company, has invested $5 million in Talino Venture Studios, a local venture builder, to help millions of Filipinos access financial services through inclusive and scalable technology.

In a joint statement on Tuesday, the parties said the partnership will focus on establishing financial technology solutions—including expansion of financial inclusion among the 50 million unbanked citizens in the country, as well as in other low-income economies.

"While Talino's ventures are built on Filipino innovation, our partnership with Chemonics enables us to go beyond the Filipino diaspora and make a positive impact on the lives of many more people," Talino CEO Winston Damarillo said. 

"We're devoted to closing the financial inclusion gap for the underserved individuals and communities in emerging nations worldwide," he added. 

For his part, Chemonics President and CEO Jamey Butcher said: "Talino has a proven record of developing high-impact technology, and combined with Chemonics' access to local leaders and deep expertise gained from our work in nearly 100 countries, we can create groundbreaking, scalable solutions with the potential to help millions."

Chemonics and Damarillo first collaborated in 2020 on the USAID E-PESO Activity, a highly successful project funded by the United States Agency for International Development that aimed to increase the adoption of electronic payments in the Philippines.

Talino Venture Studios, known for its extensive experience in venture building and deep expertise in inclusive fintech, has propelled industry transformation through innovative fintech companies such as BayaniPay, Asenso, Earnie, and Saphron.

On the other hand, Chemonics International is an expert in applying new technology, including digital payments, in some of the most remote and underdeveloped areas in the world. 

The company has used drone technology to deliver and pick up medical lab samples in hard-to-reach areas of Malawi and has developed a technology-based forest and biodiversity conservation system in the Philippines.