1.7 billion people lack bank accounts. Financial inclusion is crucial for economic development and achieving 7 UN Sustainable Development Goals. With more mobile phones and technology in developing countries, AI is being explored to bridge the financial gap.
Chipquip sat down with Neha Mehta to learn her perspective on making financial inclusion a reality for everyone.
Chipquip: How would you describe FemTech Partners and what it does as a consulting firm?
Neha Mehta: FemTech Partners is a consulting firm dedicated to promoting financial inclusion and gender equality through innovative fintech solutions. We specialize in providing strategic advisory services to financial institutions, technology companies, and development organizations. Our mission is to harness the power of technology to create sustainable and inclusive financial ecosystems that empower underserved populations, particularly women. We focus on market research, policy advocacy, and capacity building to drive impactful change in the financial sector.
Chipquip: How is FemTech Partners addressing financial inclusion in Asia?
Neha Mehta: FemTech Partners is actively addressing financial inclusion in Asia by leveraging technology to bridge the gap between financial services and underserved communities. We collaborate with local and international stakeholders to design and implement innovative financial products and services that cater to the unique needs of the region. Our initiatives include:
- Digital Financial Literacy Programs: We conduct workshops and training sessions to educate individuals on the use of digital financial services, enhancing their ability to access and manage financial resources effectively.
- Partnerships with Fintech Companies: We work with fintech startups to develop and scale solutions that provide affordable and accessible financial services to low-income populations.
- Policy Advocacy: We engage with policymakers to create an enabling environment for financial inclusion, advocating for regulations that support the growth of digital finance.
- Research and Insights: We provide valuable insights through research and analysis, helping stakeholders understand market trends and opportunities for enhancing financial inclusion.
Chipquip: How is FemTech Partners’ approach different from other businesses working in this area?
Neha Mehta: FemTech Partners’ approach stands out due to our focus on gender-sensitive financial inclusion and our commitment to leveraging cutting-edge technology to address the unique challenges faced by underserved populations. Key differentiators include:
- Gender Lens: We prioritize the financial empowerment of women, recognizing their pivotal role in driving economic development. Our solutions are designed to meet the specific needs of women, fostering greater financial independence and security.
- Technology-Driven Solutions: We embrace the latest advancements in fintech, such as AI, blockchain, and mobile technology, to create scalable and sustainable financial solutions.
- Collaborative Approach: We believe in the power of partnerships and work closely with a diverse range of stakeholders, including governments, NGOs, financial institutions, and tech companies, to create holistic and impactful solutions.
- Local Expertise: Our deep understanding of the Asian market, combined with our global perspective, allows us to tailor our solutions to the specific cultural and economic contexts of the region.
Chipquip: Can you give some examples where technology and innovation have given FemTech Partners the most success?
Neha Mehta:
- Mobile Banking Solutions: We have successfully partnered with fintech companies to develop mobile banking platforms that provide convenient and secure financial services to remote and underserved areas. These platforms have enabled thousands of individuals to access banking services, transfer money, and save for the future.
- AI-Driven Credit Scoring: By leveraging AI and machine learning, we have helped financial institutions implement alternative credit scoring models that assess creditworthiness based on non-traditional data sources. This has enabled many individuals, previously excluded from the formal financial system, to access credit and improve their economic prospects.
- Blockchain-Based Remittances: We have facilitated the development of blockchain-based remittance solutions that offer faster, cheaper, and more transparent cross-border money transfers. This innovation has significantly benefited migrant workers and their families by reducing transaction costs and increasing the speed of remittances.
- Digital Identity Solutions: We have worked on projects that utilize biometric and digital identity technologies to provide secure and verifiable identities for individuals, enabling them to access financial services and government benefits with ease.
What is your advice to other innovators on this path?
- Understand the Local Context: Innovators should take the time to understand the unique challenges and needs of the communities they aim to serve. This involves conducting thorough research and engaging with local stakeholders.
- Embrace Technology: Leverage the power of emerging technologies to create scalable and sustainable solutions. Stay informed about the latest trends and advancements in fintech and continuously explore how they can be applied to enhance financial inclusion.
- Focus on Partnerships: Collaboration is key to driving impactful change. Build strong partnerships with diverse stakeholders, including governments, NGOs, financial institutions, and tech companies, to create holistic solutions that address multiple aspects of financial inclusion.
- Prioritize User-Centric Design: Ensure that your solutions are designed with the end-users in mind. This involves creating intuitive and accessible interfaces, providing user education and support, and continuously gathering feedback to improve the user experience.
- Advocate for Policy Change: Engage with policymakers to create an enabling environment for financial inclusion. Advocate for regulations that support the growth of digital finance and protect the rights of underserved populations.
- Measure Impact: Continuously monitor and evaluate the impact of your initiatives to ensure they are achieving the desired outcomes. Use data-driven insights to refine your strategies and maximize the positive impact on financial inclusion.
About Neha Mehta
Neha Mehta is a distinguished lawyer, former UN diplomat for the UNCDF in the Pacific, and a passionate advocate for sustainability. Currently, she serves as the CEO and Founder of FemTech Partners, a consulting firm dedicated to promoting financial inclusion and gender equality through innovative fintech solutions. Neha is also the author of One Stop and an Adjunct Professor at NTU Singapore, where she teaches fintech and sustainability.
