Funding worth US$1.2 million secured by Singapore fintech startup Asenso, from Talino Venture, CARD MRI

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Funding worth US$1.2 million secured by Singapore fintech startup Asenso, from Talino Venture, CARD MRI

An investment sum of US$ 1.2 million has been secured by by Aseno Tech, a Singapore-based retail and finance tech startup from enterprise venture accelerator Talino Venture Labs and Philippines’ microfinance institution CARD MRI; recently.

Deliverance of access to capital, supply chain, the marketplace, and loyalty and rewards systems is provided by the startup for micro, small, and medium entrepreneurs (MSMEs).

Integrated supply chain between MSMEs – especially the local community-based mom and pop stores with consumer packaged goods manufacturers are connected and created by it.

Winston Damarillo, co-founder of Asenso and CEO of Talino Venture Labs said that through technology they cater to the needs of the underserved community. Additionally, the work that CARD MRI has already done these past 30 years  will be further amplified by Asneso, carrying it to the future using technology to add greater sustainability and scale to their good work.

AI-powered credit scoring system, a data-driven online marketplace, chatbot-assisted loan applications, cashless e-wallets, and neuro-linguistic programming to support local languages are already incorporated in Asenso Tech’s products.

CARD MRI entails a strong network of financial institutions, which has greatly benefitted Asenso. The former has recorded over 6.36 million clients with loans and a US$514 million loan portfolio. This in turn has built a large market for Asenso to offer its products.

Damarillo has shared that 97.2 percent of employment in the Southeast Asia region is provided by the 64 million MSMEs. Individually in Philippines, 99.6 percent of all registered businesses are MSMEs providing 70 percent of the country’s employment. Damarillo further explained that if they operate independently , their access to capital is limited, thus no buying power or leverage to negotiate with suppliers and manufacturers; eventually meaning extremely limited distribution and marketing reach.

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