Adding 2 Billion UnderBanked to World Economy with Blockchain

Underbanked

We at FintekNews have written and commented on the global transformation of how people are now becoming connected to the world of finance. There are more than 2 billion underbanked people in the world with no access to banking, credit, etc., making lifting themselves out of poverty a HUGE task. But, with blockchain technology and mobile infrastructures its all changing. For the good. This is a super read and it reinforces the reality that the world really is changing. Think what can happen when 2 billion people can invest in things like gold with the click of a phone.
(Bill Taylor/CEO)

“More than two billion people worldwide are deprived of basic financial services due to underdeveloped infrastructures and institutional inefficiencies, making the way out of poverty even harder than it already is. Lack of access to affordable credit and frictionless methods to store and transfer money are among the main obstacles to economic growth and financial inclusion. Everex combines blockchain technology, abundant mobile infrastructures, machine learning software and innovative business models to remove this barrier to entry, and to allow anyone to take part in the global economy.

The financial sector, often mystified and misunderstood, is the cardiovascular system of our modern economy. Financial services coordinate and regulate the flow of the building blocks of global markets — risk and capital — and as such function as a gateway to entrepreneurship and social mobility for many who would otherwise be devoid of the prospect to harness their full potential.

Access to credit and the ability to securely and swiftly move money around allows groups and individuals of modest means to turn bold ideas into goods and services, expanding the market, while considerably improving their standard of living and that of their communities. Although often taken for granted in the industrialized world, providing these services adequately normally requires highly developed markets, well-functioning political environments, and cost-intensive infrastructures that too many people around the world are deprived of.

To date, about 2 billion individuals, more than a quarter of the world’s population, are entirely disconnected from the global financial system and make ends meet without a bank account, let alone access to credit. Many more are chronically underbanked and trapped in underdeveloped and often exploitive financial systems.

These numbers are by all means dire, but they’re better than they used to be…”

Source: Everex