Asenso Tech Pte, Ltd., a fintech startup and end-to-end business accelerator for Asian micro, small, and medium enterprises (MSMEs), topped three fintech startups at the final pitch of the Asian Development Bank’s (ADB) Global AgriFin Innovation Challenge, a call for fintech solutions to support the agriculture Sector.
ASENSO, which bested a total of 39 other entrants from different countries, will claim a cash prize of USD10,000 plus the opportunity to implement a pilot in one of ADB’s regional projects.
Pathway to financial inclusion
At the final pitch during the 3rd Asia Finance Forum held at the ADB Headquarters last November 5, ASENSO founders led by Chief Strategist Winston Damarillo highlighted the importance of enabling greater access and inclusion for the agriculture sector, by creating a comprehensive digital ecosystem where the focal point is the farmer.
“The first steps toward productive digital inclusion is having identity, e-wallet and credit scoring. Asenso employs an AI-driven credit scoring system that builds from payment behavior and blends unique scoring factors specific to the 760,00 farmers within our network. This allows us to instantly provide capital, store credit lines in digital wallets, and leverage the combined buying power of farmers” said Damarillo. “When harvest comes, we will create localized marketplaces so our farmers than take advantage of over 400,000 sari-sari stores (micro store) and 40,000 karinderias (eateries) within our ecosystem.
ASENSO is a joint venture between CARD MRI, the Philippines’s first and largest microfinance institution, and Talino Venture Labs, an enterprise venture accelerator focused on building inclusion-driven startups to address underserved markets.
As an end-to-end microbusiness enabler, Asenso supports farmers and agripreneurs across the supply chain and stimulates their growth through what it calls its four pillars: “Puhunan”, fair, and responsible capital; “Pananim”, an aggregated demand marketplace that lowers the cost of agricultural inputs for farmers and agripreneurs; “Palengke”, a marketplace to help farmers broaden their reach; and “Proteksyon”, microinsurance to provide an extra layer of protection to an already vulnerable sector.
Asenso-ADB pilot: Technology to level the playing field
“It’s ironic that for an agricultural country like the Philippines, our farmers are the most disadvantaged sector. ASENSO was conceived precisely to address this, marrying CARD MRI’s grassroots network and expertise with cutting-edge technology to level the playing field and give farmers greater chances of success ,” said Julius Alip, ASENSO CEO, at the sidelines of the forum and pitch.
The ADB earlier called for startups to pitch digitized end-to-end solutions that would address smallholder farmer needs, tied in by digital financial services. The challenge ADB posed is how frontier technology can help smallholder farmers, who contribute up to 80% of food supply, transition from subsistence farming to sustainable agribusinesses.
“It was very timely when the ADB called for solutions, as we are also in the process of launching our platform to a pilot group of microentrepreneurs. We are grateful for this opportunity to present our solution, and we consider it an honor and a privilege to work with the ADB in boosting the financial viability of smallholder farmers in Asia-Pacific,” said Damarillo.
“With all the rapid changes in technology, we are in danger of leaving people further behind—especially those without the means, and at the bottom of the pyramid. The beauty of ASENSO’s platform is our ability to make complex technologies more user-friendly, precisely to allow the marginalized to catch up,” Damarillo added.
According to ASENSO’s Chief Technology Officer, Miguel Cabral, “We are using technologies such as natural language processing, to be able to communicate with farmers in their own languages and dialects; artificial intelligence for recognition of crops and produce; process automation to enable supply chains; and all through the simple interface of a Facebook Messenger chatbot—to make it less intimidating and more accessible to farmers. We designed everything with farmers at the heart of our solutions.”
“The ASENSO team is excited to bring our business model to life in a pilot ADB project area. Together with the other stakeholders in the ecosystem, we look forward to making high-tech methods accessible to farmers and agripreneurs, as tools for economic freedom and poverty eradication,” concluded Alip.
About ASENSO
ASENSO (www.asenso.asia) is an end-to-end micro business acceleration platform dedicated to fueling inclusive, last-mile growth for Asian MSMEs. “Asénso” is a Filipino word meaning to progress; to rise in livelihood, income, and quality of life.
The company is a joint venture between CARD MRI, the leading microfinance institution in the Philippines, and Talino Venture Labs, an enterprise venture accelerator building impact-driven startups.
