Technology and ecosystem to tackle financial inclusion challenges, including banking the unbanked and closing the SME trade finance gap
Singapore - 23 September, 2020 – Finastra has announced plans around a range of initiatives which will enable its customers to accelerate through change, as well as creating positive outcomes for millions of people around the world. The move is part of the company’s ongoing innovation and open cloud platform strategy.
Through technology and collaboration, Finastra and its customers are set to positively impact over nine million lives around the world, with key areas of focus in the Asia Pacific region to include:
• Bringing financial inclusion to developing markets
• Closing the trade finance gap – The Asian Development Bank (ADB) estimates that SMEs face a global trade finance gap of US$1.5 trillion. This problem is particularly acute in Asia, where many businesses rely on cash and are therefore unable to demonstrate their creditworthiness to traditional lenders. This problem has been further exacerbated by the global pandemic. In response, Finastra has partnered with Mastercard and the ADB to help build a new digital pathway to credit for wholesalers. Through the application of technology, the program aims to help SMEs digitize trade, making it easier for them to participate in global supply chains. The program will start in Indonesia with 500 retailers and aims to build to 5,000 retailers by the end of Q1 2021.
For other global initiatives and projects, click here.
Wissam Khoury, Head of International at Finastra, said, “The pandemic has brought the future forward, driving increased demand for digital transformation in the financial services sector. We’re committed to helping our customers accelerate through this change with our technology and ecosystem. This is also a pivotal moment in which we have the chance to redefine finance for good and create new solutions that put better outcomes for society at the center.”
Finastra’s broad technology product set across lending, payments, treasury and retail banking is powering these initiatives, alongside its FusionFabric.cloud open developer platform. It is all underpinned by a comprehensive suite of data-driven insights applications to improve business intelligence; and a suite of transformational services designed to help customers successfully accelerate through change.
To find out more, join our APAC webcast today, 23 September, at 11am SGT. To register or to access the recording, visit: https://www.finastra.com/financeforgoodlive
For further information please contact:
Benjamin Jun Tai
Senior PR Lead
T: +65 9058 1160
E: [email protected]
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