Financial inclusion is a broad and somewhat vague term, but it’s becoming an increasingly popular one among both tech and development circles. The World Bank Group describes financial inclusion as “a key enabler to reduce extreme poverty and boost shared prosperity.” The U.N. has also identified financial inclusion as essential to achieving several of Sustainable Development Goals, according to the World Bank Group. Forty percent of adults globally struggle to meet their financial needs and maintain economic stability due to lack of access to financial services, according to the United Nations’ Special Advocate for Inclusive Finance for Development (UNSGSA).

MANILA, Philippines - Sendah Remit, a web-based remittance service specializing in both inbound and domestic money transfers, has partnered with LBC, the country’s premier courier and payment service. This agreement adds 1100 branches to Sendah Remit’s fast growing remittance network. Sendah Remit is a subsidiary of Ayannah, a leading provider of digital commerce and payment services to migrants, especially the unbanked.

Southeast Asia is a slightly different market for venture capital funding, because there isn’t much deal activity compared with China and India. That has started to change, with more investors heading to high-growth countries like Vietnam, lured by its young demographic and untapped markets. The sentiment has gradually become more optimistic. From being laggards in Asia, as China and India mopped up most of the PE-VC funding, Southeast Asian nations are reaching a tipping point. According to a recent report by Google and Temasek, the region’s 260 million internet users — with an additional 3.8 million coming online every month — is spurring its internet economy.

In the Philippines, the FinTech ecosystem remains modest (see chart on page S4/2). But according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor A. Espenilla, Jr., the growth trajectory of the local FinTech scene is mimicking that for the rest of the world, with investments flowing into the payments and underserved segments of the market.