[MicroMoney] (https://www.micromoney.io) was established as a microfinance institution and has sharpened the business to become a decentralized Open Source Credit and Big Data Bureau on the Blockchain. We are providing financial services to people with critical circumstances through the implementation of Fintech. Thus, we are proud to be a Fintech company. Since 2015, we provide individuals and small enterprises with short-term loans as the best solution for their financial needs. MicroMoney uses innovative risk scoring powered by an artificial neutral network. In the long-run, we are able to help unbanked and underbanked people to build a multi-purpose digital identity, creditworthiness and financial reputation without borders of intermediaries. Our goal is to bring these people to the new global decentralized crypto economy.

In most of the countries, not only the unbanked but also the underbanked are forced to use cash in their daily life and no chance for them to address their urgent needs by applying for banking services. What they normally do is to borrow from friends or family as the most common source of urgent finances because their loan applications are hardly approved by banks. The reason is always that they have no credit history. Although the financial institutions make a declaration that there are fewer and fewer unbanked each year, those in the status of the unbanked and underbanked do not have much access to financial services to solve their situation.

What to be touched on mainly is the underbanked people, in other words, those who don’t have sufficient access to mainstream financial services. Emerging markets show interesting point that there is a high percentage of underbanked and a high penetration of internet and mobile services are occurred at the same time. the growing population of the underbanked people doesn’t have access to a wide range of financial services offered by traditional retail banks. These consumers become a huge opportunity for Fintech companies as they deprive vital financial help. By combining the advances in the latest technology, fast and convenient financial services are promoted. Therefore, the underbanked ’s ability to participate in various services like digital payments and financial assistance are expanded by Fintech.

So, Fintech, a main tool for empowering the underbanked?

Of course, it is. Besides, there are many reasons left to prove why Fintech is so. Firstly, Fintech startups are helping the underbanked by offering them convenient online ways to use the digital payments without the interference of banks. Usually, the underbanked can face difficulties to create a mobile wallet to make digital payments and they rely on cash to make purchases. But Fintech that simplifies the process of getting a mobile wallet makes it easier for the underbanked to take part in the environment that is free of cash. Then, the underbanked can get services as online loans through the application platform.

Furthermore, as the underbanked community have poor access to main financial services, they become one of the trendy targets of the Fintech industry. The strengths of Fintech are that it has faster, cheaper and simpler services, giving all people access to any kind of services.

Moreover, access to financial services and opening bank accounts are what Fintech provides. More and more Fintech companies around the world have been taking part in the inclusion of the underbanked. These companies have already started to focus on creating services for the underbanked. If you are one in the underbanked community, you no longer need to think about your financial issues and worry about how to get loan if you have no credit history. Therefore, we believe that Fintech makes a change that the industries adopting the technology give the underbanked a new perspective in banking.

All in all, the implementation of Fintech in [MicroMoney] (https://www.micromoney.io) is also empowering both the underbanked and the unbanked with full access to financial services. We also provide them with consulting services, explaining how to open a bank account or install an e-wallet as well as enable them to take loans without the need of credit history. For the unbanked, we will offer chances to be underbanked and, for the underbanked, we will help them get access to all financial services. In the world of digitalization, we will bring them into the cash-free environment from the cash environment by addressing their financial needs.