Financial IDs for unbanked could boost APAC GDP by $75 billion

Establishing financial identities for the unbanked population across the Asia Pacific region would add an extra $75 billion to annual GDP for the region, says a new report. FiDaaS technology analyzes alternative data using machine learning to build financial identities, ostensibly allowing billions of unbanked and underbanked consumers to qualify for financial services, often for the first time. In the FIDaaS scenario, mobile operators extend low-cost, low risk offers to their customers, such as airtime loans. Based on payback behavior, consumers gradually build up to larger transactions: and then access other financial services, via partnerships between operators, financial service providers and merchants. With a financial profile in place, unbanked mobile users can tap into consumer financial services that wouldn’t have otherwise been available to them,” he says.

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