The Asian Development Bank (ADB) approved a $20-million fund to Singapore-based Jungle Ventures to help startups in the Philippines and neighboring countries enhance and market their innovative products on consumer services, healthcare, business management and financial inclusion.

ADB said it approved the funding to Jungle Ventures on 13 December to help its partner startups’ reach more customers in Asia and even the global market.

The $20 million fund will be distributed to Jungle Ventures’ beneficiary startups operating in the Philippines, India, Indonesia, Malaysia, Thailand and Vietnam.

“Startups play a crucial role in driving economic growth by creating jobs and technological innovation, as demonstrated by the gig economy and on-demand services sector,” ADB said in its preliminary analysis of the project with Jungle Ventures.

Startups maximizing technology

Jungle Ventures has supported over 60 startups that maximize technology to ease business-to-consumer services and business-to-business transactions, including the ones with small and medium enterprises.

“These technologies could also lower the cost of providing goods and services,” ADB said.

“Startups can also develop affordable solutions to foster financial inclusion, enabling individuals and small businesses to access credit, save money, and participate in the formal economy,” the multinational institution added.