Press release

Tech Alliance is Helping Rebuild the Shattered Economies by Democratizing FinTech During the Pandemic

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Sponsored by Businesswire

You can’t rebuild during a hurricane. But you can rebuild during a pandemic. While this pandemic rages on we can prepare for the future we are going to need to rebuild. The future that was well underway, where innovations in financial inclusion were eliminating extreme poverty for not millions, but hundreds of millions of people around the world. Now this progress is set back because of the pandemic disrupting economies, especially young and fragile ones.

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Corent Tech’s SurPaaS® Platform, together with Microsoft Azure Cloud enable Mifos Initiative to offer affordable core financial services to the 2 billion unbanked and impoverished populations as a backbone of financial inclusion, access to credit and micro-financing. (Photo: Business Wire)

Corent Tech’s SurPaaS® Platform, together with Microsoft Azure Cloud enable Mifos Initiative to offer affordable core financial services to the 2 billion unbanked and impoverished populations as a backbone of financial inclusion, access to credit and micro-financing. (Photo: Business Wire)

It will take a concerted effort to rebuild those economies, to once again start lifting the unbanked, the uncredited, the impoverished millions hardest hit by this economic stop orders. The world flung itself into stasis to cope with a virus, now we need to work to revive and rebuild those economies.

The Mifos Initiative mission is to speed the elimination of poverty by coordinating a global community that builds, supports, and uses Mifos X, a free and open source platform that enables financial service providers to more effectively and efficiently deliver responsible financial services to the world’s 2 billion poor and underbanked.

Corent recently collaborated with The Mifos Initiative to bring the Mifos X platform onto Microsoft Azure Cloud as an efficient self-service SaaS (Software as a Service) using Corent’s SurPaaS® SaaS-enablement platform, offering an easy pathway to an affordable Mifos X environment for any fintech solution provider. Now anyone who wants to start rebuilding the economy of the world by offering financial inclusion has an opportunity to do so very easily with the Mifos X platform running on Azure for a modest monthly fee. The Mifos X platform is a highly regarded core banking system which can be used by any organization to deliver core banking capabilities at very low cost.

“Offering Mifos X as SaaS – empowered by Corent’s SurPaaS on Microsoft Azure – opens up many new opportunities for us to advance our mission of facilitating a global financial inclusion movement.” – Ed Cable, CEO, Mifos Initiative.

We need to get started. There are millions who can’t afford to wait. Corent and The Mifos Initiative are launching a call to action for all the fintech entrepreneurs to start the rebuilding now. The world needs every fresh idea, new perspective and opportunity to be seized and nurtured. To help start the rebuilding of so much of the world’s struggling economies that are suffering from pandemic collapse, Corent and Mifos are offering the fintech solution providers the SurPaaS® powered Mifos X platform on Azure for an incredibly low cost.

The Mifos Initiative tells the story of Marie to illustrate the transformative power of financial inclusion. Marie was a poor woman who, through one of the fintech organizations that uses Mifos X, applied for and got her first ever loan to start a restaurant business. In real terms it would be considered a very small loan, yet it enabled Marie to start and grow her business and be able to afford to pay the school fees for her children. It was a loan that made a huge difference to Marie’s life, enabling her to improve her circumstances and her community. The goal is to create millions of Maries, and it is being repeated millions of times in hundreds of places to enact that economic miracle for people all over the world.

“Microsoft is honored to be working with Corent Technology and the Mifos Initiative to empower financial inclusion with the potential of positively impacting the lives and livelihood of people around the globe.” – Gavriella Schuster, Corporate Vice president, One Commercial Partner, Microsoft Corp.

The setback this pandemic has caused endangers a lot of progress. We need all the fintech solution providers, the community service organizations, the co-operatives and associations of independent farmers, artisans and other capable hardworking people of the world to rise to the challenge and not let the most fragile economic successes of the last decade slip away. Work with us and keep the economic miracles that have let hundreds of millions raise themselves out of poverty – use the SurPaaS® powered Mifos X platform on Microsoft Azure to create your own bank of success.

“Corent’s OpenSaaS™ Initiative is about advancing technology to liberate open source for the SaaS era, and to do that in support of the Mifos mission in this time of economic stress is especially gratifying. ” – Scott Chate, VP Partner & Market Development, Corent Technology.

Related Links:

Microsoft Customer Success Story:

https://customers.microsoft.com/en-us/story/810894-mifos-corent-azure

Dealing with Covid-19 Economic Impact – 5 min Mifos video:

https://www.youtube.com/watch?v=LSkpG3FS2KU#action=share

About Corent Technology

Corent Technology, Inc. is a leading innovator in the cloud migration and SaaS-enablement technology space. Corent’s SurPaaS® Platform is used by key enterprises, system Integrators and cloud providers to enable rapid discovery, analysis, planning, optimization and migration to the cloud; and optionally, automated transformation of software applications to efficient, scalable SaaS. Corent is managed by a team of industry veterans from Microsoft, IBM, HPE, EMC, Oracle, and VMware among others. For more information about Corent, please visit www.corenttech.com and to contact Corent please drop a note to info@corenttech.com.

About Mifos Initiative

We are a US-based 501(c)3 non-profit initiative that stewards the global community that builds the Mifos X platform – an open technology platform for financial inclusion used by financial services providers worldwide, supported by a network of certified local partners and maintained and extended by a global team of volunteers.

Our Mission

To speed the elimination of poverty by coordinating a global community that builds, supports, and uses Mifos X, a free and open source platform that enables financial service providers to more effectively and efficiently deliver responsible financial services to the world’s 2 billion poor and unbanked.