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Financial Identity as a Service Could Reshape Financial Inclusion

Financial Identity as a Service Could Reshape Financial Inclusion

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FintechNews RoundupUSA
··1 min read

A new report by Oxford Economics and fintech startup Juvo says mobile network operators could help solve the financial identity problem through Financial Identity as a Service or FiDaaS; more than 5 billion people around the world use a mobile phone yet 1.7 billion people still have no access to the financial system; according to Forbes the report states, “FiDaaS leverages the customer relationships held by mobile operators to create a unique financial identity and credit score for mobile phone users. Its model is to discover enough information about a customer to provide a low-risk micro-loan (typically airtime for a mobile account)”; making micro loans is not a profitable business for banks, but with advances in technology and the creation of FiDaaS it could help change the equation; FiDaaS could add more than $250bn to global GDP and help to bring in millions more into the financial system; conquering the challenges in each market would be the first step for FiDaaS to prove itself out and firms like Juvo are making strides in achieving this. Forbes

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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