Californian FinTech agency Ripple has introduced that it has donated $10 million to Mercy Corps to “expand financial inclusion and increase economic empowerment globally.”
Ripple’s blog post begins by explaining the motivation behind the corporate’s need to develop monetary inclusion for the entire world:
“The existing financial system is antiquated, broken and poorly designed to serve the needs of those in emerging markets, which are too often overlooked by financial service providers. As the pandemic spurs an increasing shift toward digital payments, the number of those without access to affordable financial services is only growing. There is much at stake.”
On 27 September 2018, Ripple introduced its social impression program “Ripple for Good” and mentioned that this may “focus on projects related to education and financial inclusion.”
Ken Weber, Head of Social Impact at Ripple, mentioned on the time:
“When we mirrored on the distinctive position Ripple may play from a social impression standpoint, we stored touchdown on the concept the advantages of those new applied sciences ought to attain as many individuals as potential.
“If we’re actually dedicated to transformative world change, we are going to work to assist make sure that improvements in banking and world funds can be found in every single place to everybody, amongst unbanked and underbanked populations and in economies and financial sectors that serve the better good.
“Our goal is to deliver on the promise of an Internet of Value for all.”
Ripple went on to say that Ripple for Good would “collaborate with RippleWorks, a nonprofit co-founded by Chris Larsen and Doug Galen that supports social ventures across multiple sectors, including financial inclusion and education.” The thought was that Ripple For Good would “learn from – and build on – RippleWorks’ experience addressing financial exclusion around the world” by “identifying organizations and initiatives to support as well as engaging Ripple’s employees in hands-on volunteer project work.”
Then on 5 October 2020, Ripple rebranded Ripple for Good to Ripple Impact:
“Ripple Impact, formerly called Ripple for Good, partners with mission-driven organizations to create greater economic fairness and opportunity for all—through research, education and philanthropy. In concert with the University Blockchain Research Initiative (UBRI), Ripple Impact is a natural extension of Ripple’s products and services.”
Ripple Impact has 4 predominant initiatives: “Financial Inclusion”; “Blockchain Education and Diversity”; “Blockchain for Good”; and “A Greener Future”.
On Thursday (October 15), Ripple defined why it had denoated $10 million to Mercy Corps:
“Among NGOs, Mercy Corps is a proven leader in creating economic opportunities for vulnerable populations through the application of new and innovative technology. Last year alone, Mercy Corps’ programs helped nearly 28 million people and its impact investing arm, Mercy Corps Ventures, invests in and partners with innovative social entrepreneurs to scale solutions to the world’s most persistent challenges, including financial exclusion.”
Ripple says that Mercy Corps Ventures will “support solutions that leverage digital financial technologies—such as distributed ledgers, digital assets and cryptocurrencies—to bring large numbers of people in emerging markets into the global economy over a three-year initiative.” Apparently, this contribution from Ripple will assist “support the education of Mercy Corps’ field staff working to address the financial challenges faced in these regions and apply digital financial solutions.”
Scott Onder, Senior Managing Director at Mercy Corps Ventures, had this to say:
“The present monetary system is fragmented, antiquated, and exclusionary–leaving 1.7B folks unbanked and disproportionately excluding ladies.
“Emerging fintech, crypto and blockchain applied sciences have the potential to radically rework it, however there are substantial dangers for the world’s most weak folks if their wants are usually not considered as these new applied sciences are designed and deployed.
“We are going to leverage our global resources and reach to ensure community voices are heard and vulnerable populations are not left behind in the fintech revolution.”
Also, Ripple and Rippleworks’ contribution will “support the launch of FinX, a joint initiative by Mercy Corps Ventures and Mercy Corps to reimagine the existing financial system and build a coalition committed to ensuring this new system is inclusive for the un- and underbanked populations.”