As part of its accelerated innovation mission and open cloud strategy, Finastra has set forth a plan to support 9m lives around the world and focus on resolving the SME funding gap, inequality in financial services and financial exclusion.
In an attempt to bridge the $19 billion SME funding gap in Kenya, Finastra has launched Trust Machine, a microfinance initiative that with support from partners such as GreenPoint Financial, University of Leeds, ETH Zurich, Straterix and ConsenSys, provides a loan and balance sheet optimization solution. Trust Machine’s aim is to lower the funding gap by 1% in every country Finastra approaches, potentially creating 50,000 new jobs and in turn, improving sustainable economic growth. Alongside this boost to the SME sector, this model allows fintech firms to localize components and build business lending apps, which can target a generic customer base or focus on specific outcomes such as female empowerment, healthcare or energy. Simon Paris, CEO of Finastra, highlights that amid unprecedented change and disruption, with it must “come a broader awareness of the need to redefine finance for good, and to empower better outcomes for society as a whole.”