Open Data

Bridging the Gap: Financial Inclusion, Cybersecurity, and the Intersection of Technology and Art

Published: 2023-08-07

Financial inclusion is a pressing issue that affects billions of people around the world. In emerging economies, nearly 1.5 billion individuals lack access to formal savings and credit, while even in wealthy countries like the United States, millions of people are underbanked and rely on expensive financial services. One significant factor contributing to this problem is the racial wealth gap, with Black communities facing limited access to financial services and exclusionary practices.

Achieving financial inclusion goes beyond simply opening bank accounts; it is about bridging the gap between economic opportunity and achievement. Mobile providers and open financial data can play a crucial role in increasing financial inclusion globally. By leveraging technology and making financial services more accessible, we can empower individuals and communities to take control of their financial futures.

Closing the racial wealth gap in the US would not only benefit marginalized communities but also the entire economy. There are five key aspects of financial inclusion that are particularly important for Black Americans:

1. Safe and affordable transaction accounts: Access to basic banking services is essential for individuals to manage their day-to-day finances and build a solid financial foundation.

2. Access to credit: Access to affordable credit is crucial for individuals to invest in education, start businesses, and build wealth over time.

3. Insurance against risk: Having access to insurance products can protect individuals and families from unexpected events and provide a safety net during challenging times.

4. The ability to save: Encouraging a culture of saving is vital for individuals to build assets and plan for the future.

5. The opportunity to accumulate long-term wealth: Creating pathways for individuals to build long-term wealth through homeownership, investments, and entrepreneurship is essential for closing the wealth gap.

In addition to financial inclusion, another important topic in today’s news is cybersecurity. The White House is hosting a cybersecurity summit for K-12 schools to address the increasing threat of state-backed ransomware attacks. With the rise of remote learning and increased reliance on technology, schools have become prime targets for cybercriminals. The summit aims to provide training sessions to help schools identify their own cyber risks and improve post-attack monitoring and response capabilities.

IT and software giants like Amazon Web Services, Cloudflare, and Google are also joining forces with the Biden administration to provide grant funding and free cybersecurity services to schools. Enhancing media literacy to recognize disinformation and fraud attempts is another crucial aspect of cybersecurity in schools.

In the world of technology and art, WISe.ART AG, a subsidiary of WISeKey, has received strategic funding from The Hashgraph Association (THA) to accelerate the adoption of trusted non-fungible tokens (NFTs) through the WISe.ART platform. This funding will be used to develop the WISe.ART platform version 3.0 and commercialize the extension of the Trusted NFT solution. WISe.ART is a marketplace that connects the arts and technology industries, offering unique NFT designs and features such as curators and multipliers.

The integration of the Hedera network will enable the tokenization of WISe.ART AG shares, simplifying the process of buying, selling, and trading shares. This advancement in technology opens up new possibilities for artists and collectors, allowing them to showcase and monetize their work in a secure and transparent manner.

Lastly, the article highlights the growing scrutiny on the environmental, social, and governance (ESG) credentials of companies and financial firms. Consumers, industry participants, regulators, and the media are questioning the integrity of “green” claims made by these entities. This increased scrutiny presents both challenges and opportunities for businesses in the insurance supply chain.

In conclusion, today’s news touches upon various aspects of our society, from financial inclusion and cybersecurity to the intersection of technology and art. These topics highlight the importance of open data, transparency, and accessibility in creating a more equitable and secure world for all. By leveraging technology and embracing innovation, we can work towards a future where everyone has equal opportunities and access to essential services.

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-financial-inclusion

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