Global Mobility Service Inc., a Finance-Technology startup which provides IoT-based fintech services for financial inclusion to the world's 1.7 billion poor and low-income people who cannot afford to own a car, announced that its efforts have been featured in a report published by the Asian Development Bank titled “Asia Small and Medium-Sized Enterprise Monitor 2020—Volume III: Thematic Chapter—Fintech Loans to Tricycle Drivers in the Philippines”
The study identified that fintech services help tricycle drivers improve their living standards and social welfare as well as support the development of country’s local economies. It also emphasized the importance of fintech services for self-employed people (drivers) in surviving the post-COVID-19 or “new normal.”
The report discussed the case of GMS's fintech services for financial inclusion, which have enabled the company to solve social issues left behind in the analog era through digital transformation and provide finance to poor and low-income people who had so farno access to financial services.
ADB Report Summary:
• Through fintech, financial institutions will be able to provide finance to poor and low-income people who had so far no access to financial services.
• Fintech illustrated by GMS's self-developed technology enables financial institutions to monitor vehicles accurately and ensure that loan and lease payments are made on time.
• The IoT based fintech service can track work behavior on self-employed people (drivers) and has a potential to build further credit scores and bringa better life for drivers.
With the widening disparities caused by COVID-19, there is a growing need for GMS's services. GMS, together with its partner companies, financial institutions, and finance companies, will continue to provide services that enable people who are willing to work hard to improve their lives through finance.
GMS will continue to promote truly sustainable business in Japan and in countries part of ASEAN by creating economic rationality while solving social issues such as poverty, considered to be one of the most important issues of the United Nations’ Sustainable Development Goals (SDGs).
GMS is a fintech startup working for financial inclusion by creating credit for the 1.7 billion poor and low-income people in the world. By analyzing vehicle data (driving status, speed, etc.) collected by the MCCS, an IoT device equipped with technology to remotely control vehicles, and financial data (payment status, etc.) obtained in conjunction with financial institutions, GMS visualizes the creditworthiness of drivers and create opportunities to utilize financial services such as loans and leases for those who are unable to qualify for conventional credit screening. As of October 2020, GMS has raised a cumulative total of 5.6 billion yen in recognition of its business model of addressing social issues by creating job opportunities for poor and low-income people in Japan and in ASEAN countries (Philippines, Cambodia, and Indonesia).