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Fintech Ecosystem Development Corp. (NASDAQ: FEXD) Driving Digital Financial Inclusion on Power and Capabilities of Artificial Intelligence
August 18, 2023

Fintech Ecosystem Development Corp. (NASDAQ: FEXD) Driving Digital Financial Inclusion on Power and Capabilities of Artificial Intelligence

  • FEXD is developing a global financial technology ecosystem that will address unmet mobile money needs in developing and industrialized markets and make it easier and more affordable to transact digitally
  • The company aims to use emerging technologies such as AI to reduce costs associated with and fast-track the processing of money transfers and loans
  • AI is a powerful technology that has been positively associated with the improvement in digital financial inclusion
  • The technology is used in credit risk assessment, investment-related decision-making, fraud detection and prevention, prediction, and customer service
  • With FEXD eying digital money transfers, which are unfortunately prone to cyber threats and fraud attempts, the company aims to tap into the power of AI to promote security and efficiency, thus driving digital financial inclusion

Long before large language models (“LLMs”) like ChatGPT and Bard democratized artificial intelligence (“AI”), this powerful technology existed and was deployed in different industries. The banking, financial services, and insurance (“BFSI”) industry, for instance, is recognized as one of the earliest and most prominent adopters of the technology, having first incorporated some form of AI about three and a half decades ago ( But the rise of new frontiers in AI, such as generative AI, of which LLMs are part, has created new opportunities that incumbents and startups can use to their benefit.

The earliest implementation of AI in the BFSI space was in the domain of credit risk assessment. And many years on, financial services companies such as banks and lenders still use the technology to assess the creditworthiness of customers. But, compared to the formative years, AI has evolved, thanks in large part to a combination of better big data collection and storage capabilities (the data is used to train AI models), increasing computational power, and AI research. As a result, the capabilities of AI have comparably increased, birthing tools that help businesses make decisions around investments, predict trends, detect and prevent fraud and financial crime, offer more personalized customer communication, and more (

On their part, fintech companies, which are also part of the BFSI industry, are looking to expand the scope of what is possible with AI, delivering new or less common ways of implementing and leveraging the technology in addition to what has traditionally been used. One such company is Fintech Ecosystem Development (NASDAQ: FEXD). Formed in 2021, FEXD aims to develop a global financial technology ecosystem. The company is keen on addressing unmet mobile money needs in developing and industrialized markets and making mobile transactions easier and more affordable. To turn its vision into a reality, FEXD is adopting emerging technologies like AI.

“We aim to use emerging technologies such as blockchain, Web 3.0, Metaverse, and artificial intelligence (‘AI’) to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services which will benefit consumers and businesses in many countries,” said Dr. Sainful Khandaker, CEO, President, and Founder of FEXD (

Digital or mobile money transfers and peer-to-peer (“P2P”) platforms enhance financial inclusion by increasing the number of individuals who have access to financial services. Unfortunately, as the number of digital transactions grows, so too does the number of digital fraud attempts. According to a recent study, such attempts increased by 80% from 2019 to 2022 (

Given the role AI has historically played in helping companies detect, measure, and manage risk, it is still being called upon to deal with financial crime and cyber threats and detect fraud. In addition, and alongside these crucial applications of the technology, companies are also using AI to provide information that customers would ordinarily not access using traditional routes. In this way, AI and AI-enabled solutions also promote digital financial inclusion (

Moreover, the rise of generative AI also portends improvements in how companies like FEXD deliver their services and products to their customers. It is poised to enable hyper-personalization of financial products and services, help customers make financial decisions much faster (hence accelerate money transfers), and facilitate digital financial concierges, which, according to consulting firm BCG, will help customers automatically complete tasks such as sending remittances, disputing charges, paying bills, and more without requiring their input (

FEXD aims to tap into these capabilities of AI to power its financial systems, driving digital financial inclusion. By harnessing the power of AI, which has been proven to detect and manage risks associated with fraud, cyber threats, and financial crimes, FEXD hopes to process money transfers and loans both securely and more efficiently than ever before. Moreover, should customers require any help, the company expects to deploy generative AI solutions.

To actualize its goals, the company intends to merge with or acquire high-growth global fintech targets primarily operating in South Asia. The targets include fintech service providers that will benefit – or are benefiting – from incorporating more advanced technologies, chief among them AI-enabled solutions. One of its acquisition targets, Mobitech International LLC (dba Afinoz), is a digital lending platform and fintech marketplace in India that uses AI-powered tools to make complex personal money decisions simple and transparent. The company uses these tools to provide its customers with unbiased advice and help them choose the most suitable financial products and access and compare multiple personal credit offers.

For more information, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at

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