SIXCAP: Fintech is the future of social innovations

SIXCAP: Fintech is the future of social innovations

In a keynote speech at a recent non-profit leadership summit, SIXCAP earmarked financial technology as a key digital medium which can connect social capital stakeholders with investors and donors, provide democratic access to tools that empower, and offer a secure environment for crowdfunding transactions.

On 5 June, SIXCAP was honoured to be one of the keynote speakers at the Tote Board-SSI Global Leader Series for Non Profits (GLS), a conference which gathered non-profit thought leaders and experts to explore best practices on leadership and social capital-related themes.

Founder, Chief Dealer and Chairman Patrick Teng took the stage to demonstrate how social economic empowerment can be achieved through financial technology (fintech). Calling it a ‘fintech movement with a higher purpose’, he identified the challenges that affect social innovation and economic empowerment – the need for the disempowered to take ownership of opportunities, a shortage of education and tools which can enable those in need, and limited access to democratic platforms that connect the stakeholders, donors, and those in need.

For Teng, addressing these factors would change the face of social innovation. He also recommended leveraging on media consumption habits, and by extension, digital entertainment platforms like SIXCAP’s thundr as a solution to facilitate social economic empowerment.

As a content service provider and monetising platform, Teng sees thundr as an ideal ecosystem that can help empower those in need by encouraging them to take charge of their future through content production, and self-learning. By employing machine intelligence, thundr profiles users and matchmakes them with the skill development materials they need, linking them to the tools they can use to improve and enable themselves. Teng added that thundr has taken the first step to providing liberalised access to educational materials by working with universities to digitise their learning content, and believes that thundr is the key to democratising access to learning on a widespread level.

Teng also noted the power of crowdfunding could be capitalised upon for social causes, using public platforms which connects social capital stakeholders with donors and other organisations to ‘catalyse the co-creation of social innovation and financing’. With secure and transparent environments built into digital mediums like thundr for transactions, Teng said, ‘everyone can be a social impact investor’.