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Standard and Profinch Partner to Accelerate the Financial Inclusion Revolution in Unbanked Communities and Underbanked Countries

Standard Stories

Tuesday, Apr 4, 2023 / Technology / By Standard Labs

Standard and Profinch Partner to Accelerate the Financial Inclusion Revolution in Unbanked Communities and Underbanked Countries

**April 4th 2023: Dover DE: ** Today, Standard and Profinch announced a strategic partnership to unlock significant value by offering financial inclusion solutions to unbanked communities and underbanked countries. With this partnership, Standard and Profinch will accelerate the digital banking revolution by leveraging cutting-edge technology and social innovation.

The strategic partnership between StandardDAO and Profinch has the potential to address the banking insecurities within the USA. This is timely in light of the current banking collapses of Silicon Valley Bank, Silvergate, and Signature Bank. By leveraging composable technology and social innovation, the partnership aims to accelerate the digital banking revolution by offering secure, transparent, and regulated solutions that unify the digital and data journeys to achieve impactful outcomes.

Profinch is an enterprise software services and products company with over 140 clients in 60 countries. It has built extremely powerful digital and data products that cover BFSI enterprise needs of its customers, employees, partners, and regulators. For example, Profinch's Atumverse product is an integrated low-code, platform-agnostic, cloud-ready data and digital platform designed to deliver flawless regulatory compliance, data-supported business decisions, machine-led interactive insights, and a single platform for wallets, payments, originations, collections, agency banking, branch automation, and much more.

Aaron Rafferty, CEO of Standard, said, "We are thrilled to partner with Profinch to accelerate the digital banking revolution in underbanked countries. The combination of Profinch's expertise in enterprise software services and products and Standard's social innovation approach will unlock significant value in this industry."

Standard is an organization that leverages technology and resources to drive social innovation and social impact. They have established a growing ecosystem of projects that generate positive social change for communities. Standard's innovative approach applies a multi-discipline lens, team, and a systems-thinking design process. Their projects are spread across innovative technologies like artificial intelligence, digital banking, and blockchain.

By partnering with Profinch, Standard aims to accelerate the digital banking revolution in unbanked communities and underbanked countries by leveraging the power of technology and social innovation. The partnership between Standard and Profinch is expected to impact the banking industry in underbanked countries significantly.

Jaskaran Singh Bhogal, Executive Director of Profinch, said, "We are excited to partner with Standard to leverage our composable technology and adaptable product architecture to drive positive change in the banking industry that facilitates financial inclusion among unbanked communities. Our Atumverse product, combined with Standard's multi-discipline approach, will provide a powerful solution to accelerate the digital banking revolution in these communities."

Standard's approach to social innovation and social impact will help address the challenge of banking the unbanked. In many cases the barriers to populations accessing banking services are social and cultural, so Standard’s approach seeks to work closely with local communities to ensure their needs are being met in context-appropriate ways. The partnership's focus on digital banking can make it easier for people with limited access to traditional banking services to access micro-finance and micro-loans. By providing a single platform for wallets, payments, originations, collections, agency banking, branch automation, and much more, the partnership can help reach underserved communities.

Together, we will be able to provide an integrated low-code, platform-agnostic, cloud-ready data and digital platform designed to deliver flawless regulatory compliance, data-supported business decisions, machine-led interactive insights, and a single platform for wallets, payments, originations, collections, agency banking, branch automation, and much more.

The partnership's commitment to leveraging technology and social innovation to address banking insecurities and create positive social change is noteworthy. The partnership has the potential to be transformative in addressing the challenges of banking the unbanked, providing access to micro-finance and micro-loans, and accelerating the digital banking revolution in unbanked communities and underbanked countries.