Blockchain innovation: the key to financial inclusion

Last week, our CEO Bundeep Singh Rangar has attended a FinTech & InsurTech Digital Congress in Warsaw to talk about the crucial impact that blockchain can have on accelerating financial inclusion – the very mission preached by PremFina.

Financial inclusion refers to, not just banking the unbanked, but giving greater access to financial products and services such as:

  • Loans, including mortgages, car finance and insurance finance
  • Microfinance and non-standard finance
  • Money Transfers
  • Credit History Records
  • Cash and Cashless Payments
  • Deferred or Pay-As-You-Go Payment Plans

Whilst there is another startup disrupting the payments ecosystem through digitisation launching every month, it is blockchain that has the biggest potential in bringing about financial inclusion worldwide.

Here is why:

Screen Shot 2017-11-30 at 15.11.33

Potential economic impact of bringing about change via blockchain to accelerate financial inclusion includes $380bn to be made by banks by 2020 within emerging markets from unbanked population, $270bn generated from closing the small business credit gap at average lending spreads and, most importantly, including over 1.6 billion people within the financial system. 

To find out more, you can see the entire presentation here:

Screen Shot 2017-12-01 at 09.50.28

Let us know what you think: do you believe in the power of blockchain to reduce the numbers of unbanked population? 

 

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