Home Economy Slaying Limits in Finance: A New Vision for Rural Banking

Slaying Limits in Finance: A New Vision for Rural Banking

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Elenita Dela Rosa, founder and CEO of ECo Global Consulting, Inc., was proclaimed the Small Business Entrepreneur at the recent EY Entrepreneur Of The Year 2024 Philippines awards banquet.

Elen Dela Rosa has always been a pioneer in technology, driven by a passion for innovation and a commitment to making a difference. Her journey began in high school at Manila Science High School, where an advanced computer laboratory curriculum ignited her love for computer science. Despite securing a scholarship to study chemical engineering at Ateneo, she chose instead to pursue computer engineering at MAPUA, driven by her affinity for computers and technology. Her decision to follow her passion over a scholarship paid off, as she joined Finastra, one of the largest global fintech companies, as a trainee programmer right out of college. Over the next 21 years, she worked her way up to become the Global Director of Product Management and Product Development, representing the Philippines on an international stage as the only female Filipino leader among her global peers.

Elen’s time at Finastra was transformative, as she traveled extensively across key financial hubs like London, Singapore, Tokyo, and Sydney, building a global network and gaining an expansive view of the international banking landscape. However, her career took a pivotal turn when venture capital investments led to a change in the company’ s product strategy and direction at Finastra. This change propelled her to pursue her dream of contributing directly to the Philippine economy by founding her own company, one that would harness and develop local talents and offer a supportive and dynamic work culture. In 2013, with her own savings, Elen launched ECo Global Consulting, an IT solutions provider specializing in core banking systems.

ECo Global faced an uphill climb in its early days, a small player in a market dominated by global giants. The company secured its first project in Bahrain in 2014 and then expanded to Singapore, marking the beginning of its international footprint. Elen’s relationships, meticulously built over her career, were instrumental in these initial contracts, underscoring her belief in the power of personal connections in business. Driven by a clear sense of purpose, Elen personally pitched to banks, gradually building ECo Global’s reputation as a trusted solutions provider.

Yet, it was in 2019 that ECo Global truly hit its stride, signing its first major Philippine client and developing the SurePass Test Automation tool. This milestone inspired Elen to take a bold leap with her newest innovation: ECOSLAi. ECOSLAi, a transformative, plug-and-play core banking and lending platform, is designed to empower rural banks, cooperatives, and microfinance institutions, enabling them to compete in a rapidly digitizing financial landscape. As a product, ECOSLAi embodies Elen’s vision for an inclusive financial ecosystem in the Philippines, one that is both scalable and secure, bridging the gap for rural banks to deliver digital services that rival their urban counterparts. The technology suite offers advanced features like interoperability, scalability, and a cost-effective framework, making it possible for rural banks to transform their operations while keeping costs lean. With ECOSLAi, Elen envisions a future where rural banks not only survive but thrive—where they can deliver personalized, efficient services to clients and ensure compliance to regulatory requirements.

The COVID-19 pandemic, which forced businesses to adopt remote operations, ironically fast-tracked ECo Global’s growth, as banks became more open to remote deals. The company leveraged this shift, leading projects that ranged from corporate channel integrations to comprehensive core banking upgrade, all while furthering the development of ECOSLAi. By 2023, ECo Global held a soft launch for ECOSLAi at the Hong Kong FinTech Festival as one of six Philippine delegates. This product was also showcased at major events like the Digital Pilipinas Festival 2023, where Elen addressed the importance of “Enabling Provincial Digital Ecosystems,” and the Indonesia FinTech event in Jakarta.

Today, ECo Global’s clients span Asia, Middle East and Europe, with ECOSLAi poised to redefine rural banking in the Philippines. Elen’s entrepreneurial spirit and dedication to her team are reflected in the company’s core values. ECo Global is known for its strong focus on employee well-being, as evidenced by its wellness programs, Great Place to Work® certifications, and a notably low attrition rate. Elen fosters a workplace where employees thrive, motivated by programs that reward physical activity and support personal and technical development, including industry standard certification and continuous upskilling. By integrating social responsibility into its business model, ECo Global also contributes to various educational foundations and community outreach programs.

Despite ECo Global’s impressive growth, Elen remains focused on her ultimate goal: to bring financial accessibility to every corner of the Philippines. With ECOSLAi, she’s not just aiming to digitalize rural banking; she’s providing a pathway for rural banks to achieve financial resilience and broader economic inclusion. Her plans for 2024 reflect this vision, as ECo Global pilot ECOSLAi with two rural banks, expand its network of strategic partners and deliver affordable technology solutions to make ECOSLAi even more accessible.

Elen’s hard work and advocacy have been recognized after being selected as one of the finalists of EY Entrepreneur Of The Year 2024 Philippines and this year’s Small Business Entrepreneur.

In a world where venture capital often dictates the trajectory of tech companies, Elen’s journey is a testament to her values and purpose. She has built ECo Global from the ground up, choosing to sustain growth without outside investors so she can align with partners who share her commitment to community upliftment. As she continues to transform rural banking through ECOSLAi, Elen is paving the way for a new era of inclusive finance, empowering underserved communities and reshaping the landscape of the Philippine economy.

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