Turning the 'fin' to where it ought to be- behind - is necessary to bank the unbanked. 'TechFin' is a contemporary term coined by the chairman of Alibaba Group Holdings.
See article: TechFin: Alibaba’s Jack Ma Notes “Everyone Should Have a Bank Account.”.
'TechFin' versus 'FinTech'
According to Jack Ma, the chairman of Alibaba Group Holdings, 'FinTech' is about financial system leveraging on technology to advance its system. 'TechFin' does the opposite. In short, Ma wants to solve what he calls "the problem of a lack of inclusiveness”, and to bring banking to everyone.
The Road Less Traveled
It isn't uncommon for huge corporations to have great ambitions. But for corporations to aim to bank everyone (that includes the rural villagers) is the road less traveled. The reason is simple: Areas without ready-available urban infrastructures equate to high risk and investments. The breakeven duration is also questionable.
Rural Taobao
To make the concept of TechFin a success, a lot more work has to be done- For instance, introduce the benefits of technology to the villagers.
Many of us, who lives in the urban jungle have never heard of 'Rural Taobao'. Rural Taobao is one of the many initiatives by Ma to introduce technology to the parts of the World that are underserved. Through a third-party, villagers can buy-and-sell fertilizers and crops to urban beings through the online platform. This, however, comes with a fee to the third-party.
Having to pay a third-party fee to buy-and-sell online is less than ideal to urban beings like us, as we took our IT-savviness for granted. Nonetheless, all these are good initiatives. Sooner or later, these villagers will pick up IT skills, and banish the need for a middle person.
Slowly But Gradually
TechFin is a vision as ambitious as FinTech, or perhaps even more ambitious. The concept of TechFin, which is to bank the unbanked, will take some time to achieve.
Will Ma possibly be achieving his concept of TechFin with the use of bitcoin?
It may be too early to speak now, read this article to see how good thing like TechFin is worth the wait.
Knowing that no one pleases everyone and there is a flip side to every coin, including Bitcoin. Whether you agree, agree to disagree, or the opposite, do not just take my words for it, be sure to look it up.
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