What exactly does financial inclusion mean?
Can you imagine yourself without a debit card or a credit card? Or maybe without a bank account? Imagine traveling without an insurance? Guess what around 2 billion people or around 30% of the world still do not have bank accounts.
Financial inclusion is all about providing affordable access to financial services and products to all sectors of society, especially to those who are economically disadvantaged.
According to research, giving financial access to communities stirs economic growth in local areas. Financial inclusion is also discovered to be directly related to positive increase in employment.
The impact of promoting financial inclusion in Asia is exponential. It could develop communities and change lives.
When we break down barriers and give people have access to financial products and services such as more affordable remittance rates, loans, insurance, savings accounts and more, you give them opportunities to take charge of the finances and to seek opportunities to improve their financial state.
Small businesses should also be given a priority when it comes to financial inclusion. In Asia, 95% of all enterprises are considered as SMEs (small and medium-sized enterprises).
In spite this, small business are usually hindered to take advantage of financial products and services offered by banks because of many limitations such as high cost and restrictive documentary requirements.
This is where startup fintechs come in.
Through fintench startups aiming to foster financial inclusion, such as those in Sagefintech’s portfolio, we provide high quality and affordable financial solutions to both individuals and businesses.
Sugima.id, for example, is an online platform that allows microfinance institutions to serve the needs of their customers and investors.
Rbi Premium, on the other hand, Rbi Premium provides protection such as medical and travel insurance.
CoinPip allows small businesses to make smooth, fast, and cheap online payments within the ASEAN region.
Another fintech startup for insurance, Vesl enables access to invoice financing and trade credit insurance to companies who were considered ineligible before.
Sagefintech strives to continue working for financial inclusion in Asia by creating innovative business solutions and by working with innovative startups.