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" ... Central banks are working with digital currencies because they recognize that financial systems, for all the post-financial crisis work done to bolster them, still have vulnerabilities and flaws. Large financial firms concentrate risks and cross-border payments can be slow and expensive. At the opposite end of the spectrum, financial inclusion remains a problem in many countries, with the U.S. alone having tens of millions of unbanked or underbanked consumers who are overly reliant on cash, and emerging markets like Mexico with over 80% in cash transactions. ... "
" ... Forbes: Can you explain a little bit of what Project REACh is about? Can FinTech play a role in supporting the unbanked and underbanked in the U.S.? ... "
" ... People mainly lack financial services because they lack income and not the other way around. So, to effectively bank the unbanked, the key problem to solve is how to help people generate more income. This prime factor is ignored by many technologists because when it comes to helping people gain wealth, there is no singular app for that. ... "
" ... Ripple Impact, the impact arm of the payments network Ripple, has two goals: to build what it calls "Decentralized Financial Solutions for the Real World" and develop an internet of value (IoV) that moves money as the Internet moves information today. Ripple Impact estimates that the current global financial system does not meet the needs of 1.7 billion unbanked people. Leveraging digital assets and distributed ledger technology (DLT), the company seeks to transform how these unbanked and underbanked populations access essential financial services. ... "