Published On: Tue, Oct 17th, 2017

Blockchain Changes Banking for the Unbanked

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MicroMoney COO and co-founder Sai Hnin Aung offers his thoughts on how blockchain technology can level the financial playing field for the 2.5 billion unbanked people in the world.
[Note: This is a sponsored article.]
I am completely sure that financial exclusion can really be eradicated. That has become possible due to the lending industry I have the honor to belong to.
Our social business idea hasn’t arisen out of the blue. For centuries people have been trying to solve the problem of inequity: why do some enjoy their riches while others struggle for services they have no access to? The genuine revolution is being made by blockchain companies today.
On the one hand, this bank rule may be senseless and not effective: people with no credit histories are not creditworthy. They won’t get a loan if they don’t have credit rate, or they can’t provide any collateral, or moreover, work so hard that they have no time to collect the necessary papers. So they stay unbanked because the decision to approve a credit for such people contradicts to all the rules which bankers used to abide by.
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