Xoomworks Technology a technology partner for Fintech for International Development or F4ID – a multi-agency aid partnership with Save the Children International, Standard Chartered and Barclays. F4ID is on a mission to create a world where every community has the technology, tools and resources to prosper. They needed to find an optimal and safer way to get financial aid to the people who need it most.
We have been working with Fintech for International Development to ideate and design a fintech solution in the form of a digital voucher that recipients can redeem in specific stores or services. Using biometric identification, the merchant or service provider can authenticate the user allowing them to pay for goods or services without needing cash. This will help families pay safely while ensuring prompt payment to the vendors.
The new product, launching in early 2022, will help deliver a trusted digital platform, that provides flexibility, supports the local economy and reduces fraud and aid diversion risk.
Joe Thompson, Senior Director, Tech & Product at Xoomworks Ltd:
“This is a huge milestone on a 3-year journey – I’m enormously proud to be a part of it. It’s very exciting to finally be able to share some more about it. This has the potential to transform millions of lives by providing more options and better opportunities to escape poverty. Bringing Xoomworks together with Save the Children International and two global banks, F4ID is a shining example of the hope that technology can bring to the developing world.”
Now banks and donors know where funds are going, and more importantly, people can access what they need to improve their lives. Watch to learn more about the product.
Read the official press release from Save the Children International here.
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