Building a transparent, affordable and efficient remittance path using Mojaloop
Talino Venture Labs (Talino) is a global venture builder focused on creating Inclusion Technology (“inclusion-tech”) solutions. With its portfolio of game-changing ventures, award-winning startups, and impact-driven initiatives, Talino delivers critical services to underserved markets by developing innovative technology and market-shaping business models. Founded in 2019 and currently operating in the Philippines, Singapore, Middle East, and the United States, they work with industry leaders, visionaries, and catalysts, to build low-cost, high-impact, and highly scalable technology that addresses unmet needs, creating sustainable businesses that challenge the status quo and empower emerging markets.
What they want
Talino wants the 10 million Filipinos living outside of the Philippines to have an efficient and affordable remittance path in which the sender can ensure funds are spent on intended costs. Eventually, Talino plans to develop a neobank to serve the millions of Filipino migrant workers to have more transparency and control over their remittances, enjoy more efficient and seamless transactions, and move towards greater financial inclusion and literacy.
What they built
“Direct Remittance” applications provide a sender of funds to allocate where funds should be spent by the recipient. Talino is built a remittance user flow that is able to pay merchants directly that are preselected by the sender (payer) and offer a transparent transaction history between sender, receiver, and merchant.
How Mojaloop helps
Currently, there are limited, if any, options available to connect the banking systems in corridors like Bahrain to the Philippines. The options are to use SWIFT or a B2B ForEx platform like TransferWise, both of which are very expensive and do not provide real-time payments to consumers. Mojaloop can provide the ability to interconnect these systems and significantly lower transaction costs for all participants.
The Opportunities and Challenges
“Participants are both a client and a server”
This framing of how Mojaloop functions was incredibly effective to get the technical team at Talino to start thinking a bit out of the box.
Talino is finalizing getting the appropriate license to operate as a fintech in Bahrain and is participating in their sandbox. This has led to a set of relationships with financial institutions that, along with relationships in the Philippines, has led Talino to seriously consider implementing Mojaloop as their switching platform.