Vision & Mission
Sustainable Development Goal 10
SDG #10 calls for reducing inequality within and among countries, and ARYZE is working to make that happen by building the tools to create a financial ecosystem that reduces international money transfer costs. This would allow 100% of remittance money to make it back to developing countries, making a big impact on inequality.
Financial Inclusion
Asian SME´s have countless issues getting a bank loan. This is a problem when they account for 99.6 % of the entire industry in Asia.
Adults Unbanked
31% of the world’s adult population remains unbanked. Without access to basic financial services, it is nearly impossible for that population to rise out of poverty.
Financial Inclusion
Almost 2 billion adults do not have access to banking because they don‘t have the money or proper identification. This lack of access prevents them from being economically strong and self–sufficient. This is especially a problem for small businesses that can’t access global markets. ARYZE is making money entirely digital so that it can be used on open-source blockchains and protocols. This would allow anyone with a smartphone to access money without having to go through a bank or other financial institution.
According to the World Bank’s Global Findex latest report, 1.7 billion adults are left unbanked. Some people cannot access basic financial services such as credit, savings, and investments due to their lack of identity. Imagine a person suffering domestic and financial abuse by their partner, dreaming of starting their own business that will finally help them be self-sufficient and economically strong. However, banks do not see everyone as profitable customers because of outdated business models, a lack of funds or official identification documents.
Conforming to the 2017 Global Findex data, 65% of women worldwide have a financial account, compared to 72% of men. Another relevant indicator is that over 70% of women-owned small and medium enterprises (SMEs) have inadequate or no access to financial services. In a survey performed by the Asian Development Bank Institute (ADBI), half of the Philippines’ population does not make enough money to be included in the financial system. SMEs, in general, have issues borrowing money in some parts of Asia, and there is an information asymmetry gap, which results in higher due diligence costs, perception of risks, and higher interest rates for SMEs. The World Bank established a connection between reducing poverty and inequality and providing financial services access. It is a huge problem that micro, small, and medium-sized businesses do not have access to financial services, given that they account for 99.6% of this region’s industries, according to the ADBI surveys.
Full Reserve Banking
ARYZE will tackle the issues mentioned above in two important ways. First, we are making money fully digital (Digital Cash) so that it can operate on open-source blockchains and protocols. This will ensure that managing fiat is a ‘permissionless’ task, and anyone with a smartphone can access a trusted version of money without having to become a client of a bank or fintech. The second part of our mission is to present client tools (MAMA & MAMA Business) to enable most people to create a MAMA account and, from there, access basic financial services. Through MAMA, SMEs can facilitate the shift from in-store cash payments to digital payments, driving a lower carbon footprint of transactions and solving the information asymmetry gaps that make lending to SMEs difficult ($5 trillion financing gap a year today).
Addressing this opportunity can increase Gross Domestic Product (GDP) by between 9% and 14% in the Philippines economy.
Related material
According to the World Bank’s Global Findex latest report, 1.7 billion adults are left unbanked.
The pursue of financial inclusion is a growing concern for central banks and other policymakers. Financial inclusion bestows financial stability and economic growth, showing a connection between financial integration and economic development as established by the World Bank.
The Philippines is on the move towards a cashless society!
In a virtual briefing on Thursday, BSP Governor Benjamin Diokno reported that the number of basic deposit accounts grew by 53 percent, while the e-money accounts grew by 30 percent during the period compared to the end of 2019.
Mobile wallets can help deepen financial inclusion by providing access to banking services for everyone, regardless of location or income.
Unfortunately, in Nigeria, Financial Inclusion is a serious challenge as Enhancing Financial Innovation & Access (EFInA), a financial sector development organization that promotes financial inclusion in Nigeria recently said that 60.1 million Nigerians are currently financially excluded.
The future of financial inclusion in India is bright, with digital-savvy millennials joining the workforce and driving growth.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said financial inclusion in the country is poised to grow exponentially with digital-savvy millennials joining the workforce, social media blurring the urban-rural divide and technology shaping the policy interventions.
