The Fintech industry is not only about pompous projects, or failures. We must also remember that there are always initiatives within this field that can be used to create a more inclusive financial world. This is precisely what Ripple aims to achieve by donating $ 10 million to Mercy Corps for this purpose.
Ripple will help Mercy Corps provide digital financial inclusion solutions
Ripple recently unveiled its $ 10 million contribution to Mercy Corps to help create economic opportunities for vulnerable populations. Specifically, the funds will go towards ensuring that the unbanked are “not left behind in the fintech revolution.”
Mercy Corps, a non-governmental organization (NGO) specializing in «create economic opportunities for vulnerable populations«. In that sense, they seek to bring digital finance to millions of unbanked people, the company announced in October.
“The existing financial system is fragmented, outdated, and exclusionary, leaving 1.7 (billion) people without banking services and disproportionately excluding women. Emerging fintech, crypto and blockchain technologies have the potential to radically transform you »said Scott Onder, senior managing director of Mercy Corps Ventures.
He also highlighted that there are substantial risks for the world’s most vulnerable people if their needs are not taken into consideration while designing and implementing these new technologies.
Finally, he commented that Mercy Corps plans to leverage its global resources “so that vulnerable populations are not left behind in the fintech revolution.” In this way, you can ensure that the voices of the world’s population are heard.
How will this alliance develop?
Rippleworks is a non-profit organization focused on social enterprises, they will help NGOs to implement “solutions that take advantage of digital financial technologies.” This includes cryptocurrencies, digital assets, and distributed ledgers.
The plan calls for this initiative to last three years, during which the organizations plan to “bring large numbers of people in emerging markets into the global economy.”
Therefore, Ripple and Mercy Corps Ventures are already working on several pilot projects and planning investments in the early stages of Latin American fintech startups.
Ultimately, Ripple’s contribution will go towards various educational programs that help Mercy Corps staff to «address the financial challenges these regions face and apply digital finance solutions«. The ultimate goal is to reach 10 million people in the next decade.