Doreming Joins Exhibit in the Financial Inclusion Section at the Global Summit 2016
After participating and exhibiting in the financial inclusion section at the Global Summit 2016, Doreming was very grateful for being the first fintech company in Japan to join the summit.
One of the highlights of this summit was regarding how fintech can be used to tackle the refugee issue.
Due to the fact that refugees do not have valid IDs, it is far possible for them to open a bank account and own a payment card. There could also be some cases when they can no longer wait for their salaries until payday. Thus, if they could use Doreming’s Payming service, which allows individuals to spend up to the earned salary that they have worked, they will be able to buy their needs. This payroll system is expected to prevent wage earners from borrowing money at high interest rate and even committing a crime.
So far, 3 out of 4 adults in the world do not have bank account. Therefore, Doreming is looking forward to providing financial inclusion for unbanked individuals.
In few developing countries such as in some parts of Africa, Central and South America and Asia, bank itself does not exist, and even if bank exists, it may be too far for most people to reach or requires maintenance fees. Thus, a lot of people opted not to have a bank account.
Unfortunately for the unbanked individuals, they cannot take advantage of the use of remittance and card payment. In addition, people who bring cash have higher risk of being victimized by heinous criminals.
M-Pesa originated in Africa and since its advent, more than 80 percent of adults use mobile phone and mobile payments, and the use of remittance quickly spread all over Africa, Middle East and India, and that seems to be the birth of fintech. Now, if Doreming’s pay-as-you-earn service – Payming, has been connected to such system, it is expected to improve the KYC process as well as to solve money laundering issues not just in the said regions but all over the world.