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Sam Conner and Amit Sharma Discuss FinClusive
Manage episode 282911411 series 2807114
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FinClusive's mission is to bring secure, compliance-centered banking to the 2.5 to 3.5 billion people and businesses worldwide who are financially excluded or underserved. FinClusive is using the open and inclusive Stellar network to deliver on this mission.
Sam Conner and Amit Sharma (CEO of FinClusive) discuss Amit's background and how the United States' response to the September 11th attack ultimately resulted in excluding both good and bad people from the world's financial system. Amit further explains how these new regulations disproportionally impacted low income and other groups of people and businesses as banks evaluated the cost of compliance and made the commercial choice to "derisk" - i.e., not do business with certain segments of the economy.
Sam highlights Amit's statement that a quarter of the United States is either unbanked or underbanked - the plight of the unbanked or underbanked is not just a global poor phenomenon.
Amit then explains how FinClusive provides compliance as a service to lower the cost of compliance and expand the number of entities able to provide compliant financial services to people and businesses. The podcast ends on use cases and a future vision for which leaves Sam nearly speechless.
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