DOHA: Technology should do more than just drive profits. It should push boundaries and solve real-world problems that affect people’s lives, especially those who are underserved or marginalized.
Today, with rapid advances in AI, blockchain, and other technologies, we have a unique opportunity to create solutions that can lift entire communities out of poverty, bring essential services to the unbanked, and give a voice to those who have long been ignored by traditional systems, said Abdumalik Mirakhmedov (pictured), Cofounder of UAE tech venture company, Scalo Technologies.
Now, more than ever, it’s crucial that tech founders and investors in the Middle East collaborate to tackle real-world challenges, particularly those affecting marginalized groups.
“Together, we can use innovation and resources to help people around the world, improving access to things like finance, education, and healthcare and create lasting social change. Investing in technology to address real-world problems is not only a moral duty, but also a lucrative economic opportunity.
One of the most exciting frontiers for the founder-investor partnership is the potential of blockchain and cryptocurrencies to revolutionize financial access for people without traditional banking services.
The World Bank says nearly 1.4 billion people globally have no access to banking services that many of us take for granted. This can be crippling, preventing them from saving money, getting loans, or taking part in the global economy.
Cryptocurrencies offer a decentralized way to make payments without a bank. In rural areas, people can use their phones to buy things or receive money from family overseas, avoiding high bank fees.
This is just the beginning of how decentralized finance can open doors for the underserved. Blockchain-based lending platforms are emerging that allow people without a credit history to borrow funds based on their blockchain transaction history.
By establishing trust through reliable financial profiles, Blockchain can reduce costs by streamlining processes and eliminating intermediaries, and increasing efficiency by automating tasks through smart contracts, he added.
A new way to build financial credibility outside traditional banking systems is of enormous significance in a country like Malaysia where, according to a financial literacy survey, 55% of people live paycheque to paycheque, spending exactly what they earn each month, or more. With 67% saying their emergency savings would last them three months or less, the arrival of the Shariah compliant FinTech startup, Orpheus, was a big step forward in a country.
Mirakhmedov said, one of the biggest challenges for tech pioneers today is the deeper issue that sits at the heart of innovation: the digital divide. More than 2.5 billion people globally still lack access to the internet. Without connectivity, these individuals are cut off from educational resources, healthcare services, and employment opportunities. Solving this issue is critical if we are to ensure that technology serves all people, not just the privileged.
This is why tech founders and investors must prioritize inclusive innovation. By creating solutions for the underserved, we unlock human potential on a global scale. Our partnership is essential to drive positive change and help those struggling through life.
