VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2016) - Despite the recent drop in the world's unbanked population as a result of greater access to financial institutions and a growing number of mobile money service providers, an estimated 2 billion adults remain without access to a bank account. As a result, the World Bank has set an ambitious goal of achieving universal financial access by 2020.
To help achieve the goal, the World Bank is looking to credit card companies, banks and microcredit institutions to offer deeper, global access to basic banking. Yet, in Canada it is the FinTech industry leading the charge when it comes to developing new platforms and emerging technologies to help close the gap in financial inclusion.
One country plagued by some of the lowest financial access is the Philippines, where close to 70% of adults are without a bank account, in part due to the minimums and fees associated with having an account. With an estimated $2 billion sent abroad from Canada to the Philippines annually, an inaccessible and fractured financial system poses inefficient and costly challenges.
As a result, Vancouver-based FinTech company, nTrust, has identified and developed a suite of services available through their cloud-based platform to provide those living in or sending money to the Philippines effective access to their funds, offering greater financial inclusion both at home and abroad. These services include:
Committed to furthering the development of partnerships and proprietary technology to help people around the world instantly move and access their money, nTrust is eager to continue to advance financial access through FinTech.
nTrust is a rapidly growing online and mobile money transfer platform that helps people around the world instantly move and access their money. Using nTrust, members can send money to friends, cash out to their bank account, spend money through their phone, or load funds to a prepaid card to use anywhere the MasterCard® Acceptance Mark is displayed, online or in-person. nTrust's proprietary technology uses the highest encryption standards and is "PCI-DSS Level 1" certified, which remains the top global standard for operational and technical security designed by Visa, MasterCard®, and American Express.