India and Bangladesh Play Unlikely Starring Role at Money 20/20
Tuesday, October 27, 2015
Developments in India and Bangladesh were called out by speakers as diverse as keynote Vinod Khosla of venture capital firm, Khosla Ventures, as well as from panellists in earlier deep dive sessions on the topic.
In a session focused upon financial inclusion Michael Schlein, the chief executive officer at Accion, a non-profit with long experience in using microfinance to activate local financial services, was asked what initiatives excited him most: “India. India. India.”
He continued, “They have a universal identity system, using biometrics, accessible to over one billion people. Smartphones with biometric capabilities are proliferating. They have 11 new payment banks and a good approach to regulation. And its all interoperable.”
The need for interoperability was emphasised. While Kenya’s M-Pesa mobile payments system has become the poster child example of technology enabling access to financial services among the unbanked, its success within Kenya was qualified by some for being a closed system.