Milken Institute: Bringing Financial Inclusion to the Underserved

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Bob Collymore (Safaricom, M-Pesa), Chris Larsen (Ripple Labs), and panel moderator Chris Brummer (Milken Institute, Georgetown University)

Ripple Labs co-founder and CEO Chris Larsen participated in a panel at the Milken Institute Global Conference on financial inclusion Tuesday.

Moderated by Chris Brummer, a Georgetown University professor and senior fellow at the Milken Institute Center for Financial Markets, the panel also included:

  • Bill Barhydt—Founder and CEO, Abra Chairman, Boom Financial
  • Bob Collymore—CEO, Safaricom Ltd.
  • Shamina Singh—Executive Director, MasterCard Center for Inclusive Growth
  • David Thompson—Chief Information Officer and Executive Vice President of Global Operations and Technology, Western Union

The panel covered a wide range of topics with a focus on how technology can expand access to the over 2 billion people lacking access to proper financial services.

As Chris noted during the panel:

We’re trying to solve the problem of connecting local banks and financial institutions to the global economy. We have this problem where we have a variety of different networks, whether they are in the US, or Kenya or Europe—they’re not connected. You can make a phone call to anyone with a phone number and you can send an email to anybody with an email address, but you can only pay people that are in your payment network. The goal is—How do you get all of these things operating together?

He also took the opportunity to announce the pilot Ripple Labs is working on with Western Union to provide infrastructure for global real-time settlement.

You can watch the full panel here:

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