Why fintech is the biggest driver of financial inclusion
Shaw explores the topic of financial inclusion and determines to what extent fintechs are picking up the slack for other FSIs…
How Mobile Phones are Driving Financial Inclusion | Marie Skara | TEDxESADE
During her work with Innovation Norway in Kenya and South Africa, and FK Norway in Mozambique, Economics Master Marie Skara researched financial development across the African continent before mapping out the fintech industry of Eastern Africa. She discovered that fintech is not only transforming the financial sector, it is also changing the lives of ordinary people.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
Why Fintech is the Biggest Driver of Financial Inclusion | Growth.Lat
Why Fintech is the Biggest Driver of Financial Inclusion.
In today’s video, Claudio is discussing the reasons behind Fintech being the biggest driver of financial inclusion, such as, the important role that Fintech will play in economic growth in the post-pandemic world, how Fintech companies are outperforming their traditional counterparts, and the rise of prepaid services.
In addition, we take a look at what does the future hold for financial inclusion worldwide.
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More Fintech videos:
Avant doubles down on digital banking with Zero Financial acquisition: https://youtu.be/U0wUWwp_BRo
How data science is set to revolutionize the fintech landscape: https://youtu.be/eKRRpef4jLY
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How Cryptocurrencies are Changing the Fintech Landscape: https://youtu.be/sAcMoI8iJbI
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FinTech and Financial Inclusion: an impact story
https://www.responsability.com/en/sectors/financial-inclusion
A responsAbility-managed private equity vehicle focusing on financial inclusion has acquired a minority stake in C88 Financial Technologies Pte. Ltd. C88 is a market leading fintech company
providing financial marketplaces for lending and insurance products in Indonesia and the Philippines. Through a partnership with Experian, C88 plans to increase financial inclusion in the markets by improving the matching of millions of underserved customers with appropriate financial products.
Through its online portals CekAja.com in Indonesia and eCompareMo.com in the Philippines, C88’s makes a range of alternative financial products available to customers, with comparison between alternative products and providers contributing to pricing transparency. Matching the customer’s profile with appropriate products, the Company also facilitates the purchase process and conducts know-your-customer research on behalf of its partnering banks and insurance companies.
Advanced marketing techniques focused on online search allows C88 to serve large numbers of customers. For instance, C88’s insurance offerings provide small ticket size insurance to hundreds of thousands of customers.
In Indonesia and the Philippines, banks in the retail segment lend almost exclusively to high income and upper middle class customers with an established credit track record, leaving a large proportion of bankable customers underserved or excluded.
The company plans to work with banks and insurance companies to develop and distribute new financial products suitable for broad segments of the population. There is substantial room to make better decisions about credit and pricing of credit to improve matching of customers with the right products, as well as for banks and other players to introduce new products to serve those who are currently excluded or underserved.
To scale business further and to deepen the relationship with new and existing customers, C88 has entered a partnership with Experian, a global leader in consumer and business credit reporting and marketing services. The collaboration will help C88 further increase its product offering. This will allow millions of customers to get their first loans and start building a credit history, which will in turn help them obtain further financing on better terms.
Speaking on behalf of responsAbility, Henning Haugerudbraten, Principal/Private Equity, said: “C88 already helps match customers with appropriate products and facilitates pricing transparency in the Indonesian and Philippine markets. The next objective is to use the platform to provide access to finance to millions of unbanked customers, creating an extensive positive impact for financial inclusion. This makes C88 an ideal addition to our growing portfolio of impact-oriented financial institutions in emerging markets.”
What does Fintech mean for financial inclusion?
The influence of technology in financial markets is not new, however, the rate of progress has markedly increased in the past few decades, due in large part to the large increase in access to information technology and the advent of new technologies such as artificial intelligence (AI). Technologies such as mobile money or peer to peer lending have had markedly increased financial inclusion across the globe. However, these innovations also bring new risks and pose novel challenges for the regulators to ensure the safety and soundness of financial markets.