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Unlike traditional banks and financial service providers, which are often constrained by legacy systems and processes, fintechs are often more flexible – enabling them to quickly build solutions that better support underserved communities. Its an industry of collaboration and partnership between fintechs and traditional banks.
Many fintechs and financial institutions often make big claims that they can enhance support to the previously underserved, positively impact the environment, or improve peoples lives in many other ways. But often, firms fall short of these claims.
Finalists in the corporate categories were evaluated based on impact, sustainability, practicality, interoperability, and creativity, while individual submissions were assessed on contributions to the Singapore fintech sector. Four finalists were shortlisted in each category.
Separately, MAS is collaborating with the International Finance Corporation (IFC) and the World Economic Forum on initiatives to advance digital inclusion through financial services, with the aim of reducing inequalities for people and smaller businesses in emerging and developing economies.
For instance, in the UK, rental payment history is not used to assess a consumers suitability for mortgages. Additionally, fintechs can promote financialliteracy, endorse sustainable digital practices that help close accessibility gaps, address underserved communities, and support meaningful charitable initiatives that help those in need.”
With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.
Based in Cairo, the company’s approach centres on using its proprietary API First Core Banking platform to provide accessible financial services to underserved communities. Now the seventh-largest financial institution in Egypt, MNT-Halan holds over 25 per cent of the country’s microfinance market.
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