Two major international banks have partnered with Save the Children to create a new fintech company that will use digital solutions to help deliver increasing amounts of humanitarian aid to hard-to-reach communities, ensuring it reaches those who need it most.
Barclays, Standard Chartered and the world’s largest independent children’s rights organization have created the social enterprise Fintech for International Development (F4ID) which aims to deliver digital solutions that can empower vulnerable communities and also help build local micro-economies.
The first product, launched in early 2022, is a digital platform for cash and voucher programs that will allow families to select the goods and services they need from a large network of local merchants and suppliers all over the place. ensuring that these suppliers are delivered quickly and paid on time.
The platform will solve a number of issues associated with cash and voucher programming – a form of humanitarian aid totaling US $ 6.3 billion worldwide in 2020 that has more than doubled in the past five years – by providing an efficient, inexpensive, secure and reliable digital tool that gives communities flexibility and choice, supports the local economy and reduces the risks of aid fraud and misappropriation.
Natasha Benson, CEO of F4ID, said the company will work with ambitious, technology-driven development organizations to create and deliver safe, secure and sustainable support programs.
“* F4ID aims to tackle real-world issues associated with the world’s most marginalized communities. This differentiated and sustainable approach will allow us to be bold in our vision and our ecosystem, to create a future with healthier communities and stronger local economies, ”said Ms. Benson. *
The emergence of fintech for the humanitarian sector comes at an unprecedented time of need and is driven by the convergence of several major technological advancements, including widespread internet connectivity, cheap smartphones and other devices, cloud computing, mobile money platforms and biometric identification.
Data showed that in 2020, an estimated 243.8 million people living in 75 countries are in need of humanitarian assistance. This represents 19 million more people and 10 more countries compared to 2019 before the COVID-19 pandemic. Seven countries had the equivalent of more than half of their population in need.
Sam Sharpe, CFO of Save the Children, said:
“F4ID will develop better and safer ways to provide life-saving support to some of the world’s most vulnerable children. This exciting partnership between Save the Children, Standard Chartered and Barclays highlights the tremendous opportunities for humanitarian agencies to collaborate with private sector partners to address the challenges children face today.
Steve Harvey, Founder and Head of Concept Design at F4ID, said:
“Through innovation and technology, F4ID aims to alleviate difficulties by helping to develop self-sustaining micro-economies and supporting social protection systems. F4ID does this by bringing the humanitarian, technological and financial sectors together under one roof, to transform people’s lives in the long term.
Nicki Thomson, Managing Director of Public Sector Business Banking at Barclays, said:
“This is an exciting opportunity supported by the investment of three global leaders in the field to create a digital ecosystem for the delivery of humanitarian aid. This technology can dramatically improve the speed and efficiency of aid deployment to ensure it is received by those who need it most. “
Karby Leggett, Global Head of Public Sector Development Organizations at Standard Chartered, said:
“We are very proud to partner with Save the Children and Barclays in a company that applies recent technological solutions to a long-standing challenge in developing markets. We are on the ground in many of these countries and we are seeing solutions like this having a potentially significant positive impact in these communities. “
For more information or for spokespersons, please contact:
- Stéphanie Lowe St. [email protected]
- Daphnee Cook [email protected]/ +254717524904
- Fintech for international development [email protected] / www.f4id.org
- Our out of hours media contact (BST) is [email protected] / +44 (0) 7831 650409
About Save the Children
Over the past 100 years, we have helped ensure that the world’s most vulnerable children survive, learn and are protected. In 2020, we directly reached approximately 45 million children in 122 countries around the world. We responded to 136 humanitarian emergencies in 77 countries and contributed to 33 changes in policy or legislation for children’s rights.
Our shared ambition is that by 2030, no child will die from preventable causes before their fifth birthday; all children learn through quality basic education, and violence against children is no longer tolerated.
We are tackling big problems. Each child is not defined by his situation, but by what is possible. By who they are. By what they can be. Please visit us at www.savethechildren.net
About Standard Chartered Bank
We are a leading international banking group, present in 59 of the world’s most dynamic markets and serving clients in 85 others. Our goal is to foster commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand. promised, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions, please visit Insights on sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
Barclays is a British universal bank. We are diversified by activity, by different types of clients and clients and by geography. Our business includes global consumer banking and payments, as well as a leading, full-service global merchant and investment bank, all supported by our service company which provides services technological, operational and functional to the entire Group.
Barclays’ public sector team directs UK bankers to central and local government, social housing, education, and the charitable and non-profit sector. For more information on Barclays, visit: https://home.barclays/