Turning great ideas into reality with the help of open finance

Turning great ideas into reality with the help of open financeTurning great ideas into reality with the help of open finance

At Finastra we place social responsibility at the heart of our culture, bringing people and technology together through financial inclusion, investment in youth and open innovation. An important part of our philosophy is helping to create a more level playing field through access to financial products such as micro loans, no matter who you are, or where you happen to live.  

One great example of how this works in practice is Meena, who lives on her family farm in Yeshwanthapura Village, Southern India. Meena had always helped out with the usual activities on the farm but had a special passion for designing and making clothes, so started a tailoring business from home.  

However, she found that managing its finances was challenging, and while she had a bank account, she did not understand how to take full advantage of it.

Then Meena heard about Finastra and Rang De, India’s first social peer to peer lending platform, which was recommended by a friend. Rang De enables individuals to invest in people from low income households, expanding access to low-cost credit.

Piyush Kumar is the operations associate for the Rang De Swabhimaan project, which provides doorstep digital financial literacy and credit in rural India. As partner to the project, Finastra supports Rang De in funding the training center where Meena undertook a range of financial literacy courses, passing all her assessments in the process.  

The sessions taught Meena how to deposit and withdraw money, unlocking the potential in her finances and business venture. Rang De also helped with Meena’s first loan, which she used to expand her tailoring business. This was the first time she had been offered the opportunity to borrow money to invest in her future.

As a result, Meena’s life has improved - along with the success of her business. And the speed with which she has learned about finance and paid back her loans makes her a role model for the rest of her community.

It’s impossible to say just how many people across the world have great ideas for businesses but are not reaching their full potential because traditional finance structures don’t meet their needs. Thanks to open finance and innovative ventures like Rang De, more and more people like Meena can turn their dreams into reality.

Watch the full story here.