1、INDEPENDEN T P U B L I C AT I O N BYRACONTEUR.NET26/06/2022#0814“The war in Ukraine has highlighted how financial connectivity across borders isnt as strong as it could or should be,”she adds.“If a country is excluded from a global payment infrastructure or if know your customer(KYC)and credit histo

2、ry data cant be shared across borders,its often the people who are fleeing war that face difficulties accessing finance while theyre resettling.”Mikkel Velin is co-CEO at embedded finance provider YouLend.He also sees KYC as a big problem,given stringent iden-tification requirements that can exclude

3、 refugees from obtaining mortgages and business financing.Fintech solutions,he suggests,offer an answer by focusing on more data streams that can be analysed far more quickly.“The main issues are discrimination and misunderstanding possibly subconscious over what data is needed in the 21st cen-tury

4、to determine if someone is eligible to access certain products and services,”he says.“Wider data sources and open banking can allow banks and lenders to make more concrete risk assessments.”Elsewhere,other companies are solving different problems.For example,Cheqd uses the blockchain to store and va

5、lidate identities,known as self-sovereign identity(SSI).Along with its Turkish partner Tykn,this solution has been piloted by the government in Turkey to optimise and speed up the issuing of work permits to ref-ugees and then hold the validated docu-ments in a digital wallet.There is another critica

6、l area that fintech companies must consider when it comes to conflict.This is about the enforcement of global financial sanctions,such as those levied against Russia.Fintech solutions are deployed to prevent fraud in this area,with startup SEON recently raising$94m Access all areas:new routes to saf