The Passion Project’s vision is one of FULL social and financial inclusion.
In preparation for this and in addition to its work on Social Impact Bonds, the Passion Project and its technology partner are working to develop a range of new financial products and services to support the unbanked and the underbanked.
This will look to include a new range of alternative financial products and financial education tools that can help support those most in need in a manner they can access and at a cost they can afford.
The Passion Project Foundation and Centre of Excellence, alongside external academics and the wider Passion Project community, are working to define the individual and community benefits arising from the provision of the following services:
- New credit scoring system;
- Banking services for the unbanked.
- Provision of mobile payments solution;
- Secure and assured supply chain management;
- Fraud prevention; and
- Economic crime detection.
All of these activities form part of the overall Passion Project research, evaluation and delivery process.
As with all Passion Project activities – they are impact driven and evidence-based, which result in a clear understanding to Treasury of the socio-economic benefits being created. This process gives the team an opportunity to showcase innovation and help support an authentically led “Bottom-Up” approach to the levelling up process.
