As Bahrain grows as a tech hub, 1.4 billion remain unbanked and 2.5bn are offline, a leading tech expert has said, underlining the need to leverage innovations like blockchain and crypto to solve real-world problems.
According to UAE tech venture Scalo Technologies co-founder Abdumalik Mirakhmedov, universal Internet access could generate $8.7 trillion for developing nations by 2030, hence the importance of founders and investors tackling challenges like financial exclusion and the digital divide cannot be overstated.
“Tech founders and investors in the Middle East must collaborate to address real-world problems affecting marginalised groups,” says Mr Mirakhmedov. “Together, we can improve access to finance, education, and healthcare, creating lasting social change.”
He highlights blockchain and cryptocurrencies’ potential to revolutionise financial access for the unbanked. “Nearly 1.4bn people lack access to banking services,” he notes. “Cryptocurrencies offer decentralised payments, allowing people in rural areas to use phones for transactions, bypassing high bank fees.” He adds that blockchain-based lending platforms are emerging, enabling those without credit histories to borrow funds. “Blockchain builds trust, reduces costs, and automates tasks.”
Mr Mirakhmedov cites Orpheus, a Malaysian startup, as an example. “Orpheus helps individuals in rural areas without banking access secure financing,” he explains. “Using AI, it provides digital financing solutions to underserved individuals and SMEs.”
He also discusses technology’s impact on education. “AI-powered platforms like Afrilearn are bridging the education gap,” he says, noting its AI-enhanced platform and “learning and earning” app. “This makes education more accessible, engaging, and effective.”
Addressing the digital divide, Mr Mirakhmedov emphasises the need for Internet access. “Over 2.5bn people lack Internet access, cutting them off from essential resources,” he points out. “Solving this is crucial for inclusive technology.”
“Investing in solutions for real-world problems is both a moral duty and a lucrative opportunity,” he says, citing research that universal internet access could generate trillions in economic benefits.
“The digital divide is a key challenge,” Mr Mirakhmedov concludes. “Tech founders and investors must prioritise inclusive innovation. By creating solutions for the underserved, we unlock global human potential. Our partnership is essential for positive change.”
avinash@gdnmedia.bh
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