Singapore-based Asenso Tech Pte. Ltd. recently received a $1.2-million capital infusion to accelerate the growth of micro entrepreneurs throughout Southeast Asia.
Philippine-based microfinance organization CARD MRI and Talino Venture Labs provided the funding focused on building InclusionTech to address underserved markets.
“In Southeast Asia, 64 million MSMEs account for 97.2 percent of employment in the region. In the Philippines, MSMEs comprise 99.6 percent of all registered Philippine businesses and provide 70 percent of the nation’s employment. Operating independently, they have limited access to capital, no buying power, no leverage to negotiate with suppliers and manufacturers, and severely limited distribution and marketing reach,” said Winston Damarillo, cofounder of Asenso and chief executive officer of Talino Venture Labs in a press statement.
Founded as an end-to-end business accelerator for Asian MSMEs, Damarillo said Asenso is expected to build an integrated platform leveraging new technologies that will enable micro, small and medium enterprises (MSMEs) to have access to fair capital, supply chain, marketplace, and loyalty and rewards systems.
“Technology has gotten to a degree of ubiquity that it can now be leveraged as a platform to level the playing field and allow micro businesses to compete with giants.”
“We are harnessing technology precisely to serve the broadest base of people. Our measures of success will be: lowering the cost to serve this market, leveling the playing field for micro players, and improving the lives and the economic stature of micro entrepreneurs,” added Damarillo.
Based on the network of clients with CARD MRI, Asenso’s aims to create an efficient link and an integrated supply chain between MSMEs—especially the local sari-sari stores (community-based “mom and pop” stores)—and consumer packaged goods manufacturers. As of June 30, CARD MRI recorded over 6.36 million clients with loans, a $514-million loan portfolio, and a 99.55-percent repayment rate.
As an end-to-end micro business accelerator, Asenso supports MSMEs across the supply chain and stimulates their growth through what it calls its four pillars: Puhunan, sustainable capital through low-cost, fair and frictionless microfinancing; Paninda, an aggregated demand marketplace that lowers the cost of goods for MSMEs; Suki, a loyalty program to reward frequent MSME customers; and Likha, a marketplace to help community entrepreneurs expand their reach.
As a tech-driven company, Asenso incorporates credit scoring powered by artificial intelligence (AI), chatbot-assisted loan applications, neuro-linguistic programming to support local languages, frictionless loan approvals, cashless e-wallets and a data-driven online marketplace.