Ripple has announced a $10 million USD contribution to Mercy Corps to expand financial inclusion and increase economic empowerment on a global level.
The company has partnered with a number of NGOs, universities and industry partners to bring the 1.7bn unbanked adults into the global financial system.
Mercy Corps is one of the NGOs that has a track record in creating economic opportunities for vulnerable populations through the application of new and innovative technology.
Its programs last year helped almost 28 million people while its investing arm, Mercy Corps Ventures, has invested in a number of social entrepreneurs to scale solutions to the world.
In partnership with Ripple and Rippleworks, Mercy Corps Ventures will support solutions that leverage digital financial technologies, such as distributed ledgers, digital assets and cryptocurrencies, to bring large numbers of people in emerging markets into the global economy over a three-year initiative.
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“The existing financial system is fragmented, antiquated, and exclusionary–leaving 1.7 billion people unbanked and disproportionately excluding women.” Said Scott Onder, Senior Managing Director at Mercy Corps Ventures.
“Emerging fintech, crypto and blockchain technologies have the potential to radically transform it, but there are substantial risks for the world’s most vulnerable people if their needs are not taken into consideration as these new technologies are designed and deployed.
“We are going to leverage our global resources and reach to ensure community voices are heard and vulnerable populations are not left behind in the fintech revolution.”
Ripple and Rippleworks’ contribution will also support the launch of FinX, a joint initiative by Mercy Corps Ventures and Mercy Corps to reimagine the existing financial system and build a coalition committed to ensuring this new system is inclusive for the un- and underbanked populations.
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