Blockchain Technology Aiding the Financially Underserved
FinClusive Capital uses new technology to enhance compliance, risk management and payments for those without access to the financial system.
Millions of people who have been financially underserved are getting an opportunity to enter the financial markets through new technology employed by FinClusive Capital.
As a “financial inclusion gateway,” FinClusive uses new technology around blockchain to enhance compliance, risk management and payments for the people who are underbanked, unbanked, or entirely excluded from the financial marketplace.
There are between 2.5 billion to 3.5 billion people in the world who don’t have access to basic financial services, and a quarter of people in the U.S. are unbanked or underbanked, according to Amit Sharma, the founder of FinClusive Capital.
“What we’re doing is using new tools around advanced analytics and blockchain to tie into core banking and to streamline and to make more efficient secure and transparent international payments,” Sharma said at the Silicon Slopes Tech Summit.
The summit in Salt Lake City, Utah, brings together more than 20,000 people to see leaders in the industry discuss new trends and technologies that are empowering the broader tech community.
Sharma acknowledged that he was part of the problem before beginning FinClusive Capital. At the U.S. Treasury Department in the early 2000s, he worked to create systems to prevent illicit actors from penetrating the financial system.
“While we had a lot of successes, we also created systems that actually pushed people out of the financial system – literally throwing out the baby with the bathwater,” Sharma said. “So as banks started de-risking, and saying, ‘I’m not going to bank those guys,’ a lot of very legitimate transactions, people, institutions, communities were de-risked, so we have to solve that problem. In a sense, I’m doing my penance.”
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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