Op-ed by Abdumalik Mirakhmedov, the Director and co-founder, Scalo Technologies

With 1.4 billion people currently unbanked and 2.5 billion still offline, tech founders and investors must unite to ease their struggles. Blockchain and crypto can be used to revolutionize financial access for those without traditional banking services. Delivering internet access to developing nations could bring them $8.7 trillion in economic benefits by 2030. Technology must serve all people, not just the privileged.

Technology should do more than just drive profits. It should push boundaries and solve real-world problems that affect people’s lives, especially those who are underserved or marginalized. 

Today, with rapid advances in AI, blockchain, and other technologies, we have a unique opportunity to create solutions that can lift entire communities out of poverty, bring essential services to the unbanked, and give a voice to those who have long been ignored by traditional systems.

As a tech investor and entrepreneur, I’m driven by a passion to support founders with the vision and will to develop technology that can make a difference.

Now, more than ever, it’s crucial that tech founders and investors collaborate to tackle real-world challenges, particularly those affecting marginalized groups. 

Together, we can use innovation and resources to help people around the world, improving access to things like finance, education, and healthcare and create lasting social change.

Investing in technology to address real-world problems is not only a moral duty, but also a lucrative economic opportunity. Research suggests that achieving universal internet access by 2030 could cost $446 billion, yet generate a staggering $8.7 trillion in economic benefits for developing nations.

One of the most exciting frontiers for the founder-investor partnership is the potential of blockchain and cryptocurrencies to revolutionize financial access for people without traditional banking services. 

The World Bank says nearly 1.4 billion people globally have no access to banking services that many of us take for granted. This can be crippling, preventing them from saving money, getting loans, or taking part in the global economy.

Cryptocurrencies offer a decentralized way to make payments without a bank. In rural areas, people can use their phones to buy things or receive money from family overseas, avoiding high bank fees.

This is just the beginning of how decentralized finance can open doors for the underserved. Blockchain-based lending platforms are emerging that allow people without a credit history to borrow funds based on their blockchain transaction history. 

By establishing trust through reliable financial profiles, Blockchain can reduce costs by streamlining processes and eliminating intermediaries, and increasing efficiency by automating tasks through smart contracts.

A new way to build financial credibility outside traditional banking systems is of enormous significance in a country like Malaysia where, according to a financial literacy survey, 55% of people live paycheque to paycheque, spending exactly what they earn each month, or more. 

With 67% saying their emergency savings would last them three months or less, the arrival of the Shariah compliant FinTech startup, Orpheus, was a big step forward in a country where 61.3% of the population of more than 32 million are muslim. 

Orpheus was founded in Kuala Lumpur in 2020 to help the many individuals in rural areas with no access to traditional banking services, making it difficult for them to secure financing, or have a good cash-flow, for their business and expenses.

Using an advanced AI to boost its automated solutions, the company provides a fully digital line of financing to underserved, unserved and unbankable individuals and SMEs.

Its advance salary services provide a lifeline for people facing financial emergencies, helping them avoid debt and improve their overall well-being. 

For businesses, Orpheus offers invoice and contract financing to help SMEs cope when they have invoices outstanding, and get the capital needed to fulfill contracts.

Meanwhile, tech is playing a growing role in revolutionizing education for underserved populations. In regions where access to quality education is scarce, AI-powered learning platforms like Afrilearn are bridging the gap. 

This EdTech startup, which provides personalized learning experiences through video lessons, live classes, and interactive tests, was set up in 2019 in Nigeria, where 80 million people - 40% of the population - can't read or write. 

With the help of UNICEF investment two years ago, AI has been used to enhance the platform’s personalization, improving learning outcomes for millions of students across Africa. 

A few months ago, Afrilearn launched the World’s first learning and earning app. By gamifying the learning experience and offering rewards for academic achievements, this not only makes education more accessible, but more engaging and effective.

One of the biggest challenges for tech pioneers today is the deeper issue that sits at the heart of innovation: the digital divide. More than 2.5 billion people globally still lack access to the internet. 

Without connectivity, these individuals are cut off from educational resources, healthcare services, and employment opportunities. Solving this issue is critical if we are to ensure that technology serves all people, not just the privileged.

This is why tech founders and investors must prioritize inclusive innovation. By creating solutions for the underserved, we unlock human potential on a global scale. Our partnership is essential to drive positive change and help those struggling through life.

Abdumalik Mirakhmedov, the co-founder and Director of Scalo Technologies, is now based in Dubai, which helps startup founders build impactful technology companies, and generate sustainable growth across key sectors of the global digital economy.