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Designed to serve the needs of micro and small businesses (SMEs) and freelancers, Yuze offers financial solutions that look to support local businesses and fuel growth in Indias economy. With its entry into India, the company aims to expand its impact by leveraging the nations growing fintech ecosystem.
These kinds of initiatives, as well as formal schemes by governments to improve access, will go a long way to improving this situation.” Governments are promoting digital payment systems and mobile banking to reach unbanked populations. In such cases, many micro-lenders use mobile phone data to inform lending decisions.
He said Mastercard has already launched inclusion initiatives all over the world in healthcare, agriculture, education and micro-retailing. The challenge is to find a way to build digital identities for underserved consumers and businesses so they can fully integrate into the digital economy.
Industry proponents have been making the case for telehealth for years, pointing to its potential to lower costs, ease pressure on overextended healthcare systems, and make care more accessible in rural and underserved areas. Government entities have also taken steps to reduce friction for businesses to offer telehealth services.
Open banking could drive significant advancements in financial inclusion across underserved markets. All of this can be made possible by lowering barriers to entry for new players and promoting interoperability. Furthermore, regulators across Asia are introducing frameworks to govern the ethical use of AI.
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