Blockchain for Microfinance

The lending space in Fintech is booming in India and around the world, with startups using machine learning and AI to better gauge the credit worthiness of an individual. Information from social media, text messages, and even location specific data from google is used to better understand customers by lending firms. Most lending firms target the middle class or even upper middle class of society, hence they are able to get accurate data through peoples’ mobile phones. Peer to peer lending is growing as an asset class in India with better KYCs enabled through the India stack APIs and Aadhaarnumber. Most traditional banks as well as emerging fintech players target the so called India-1 and India-2 who are the lower-middle to upper class.

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