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Aequalend launches innovative financial services platform designed to bridge the financial inclusivity gap for underserved communities

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1 year ago

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Black, Latino communities and Gen Z more likely to be underserved by the mainstream U.S. financial system.

HOUSTON, Sept. 5, 2023 /PRNewswire-PRWeb/ — Aequalend, a new minority-owned financial technology company seeking to revolutionize the financial services industry by addressing financial exclusion in the U.S., announced its official launch today. The company aims to empower underserved groups, including unbanked and underbanked minority communities, through robust community engagement, financial literacy education, and innovative, personalized and affordable financial solutions that challenge the status quo of traditional financial institutions.

 

“We believe financial inclusion is not a privilege but a fundamental right. And we know access to financial literacy is critical to economic mobility for the underserved. We want to dismantle barriers to resources that can transform lives.” – Aequalend CEO & Co-Founder, Marc Hernandez

The term “unbanked” refers to households that lack checking or savings accounts at traditional banking institutions, while “underbanked” households may have a bank account but still resort to nonbank financial products and services, such as check cashing services or payday lenders. According to the Federal Deposit Insurance Corporation’s 2021 National Survey of Unbanked and Underbanked Households, an estimated 4.5% of U.S. households (representing 5.9 million households) were unbanked and 14.1% of households (18.7 million households) were underbanked. Black and Latino communities were more than twice as likely to be in these categories – a challenge that perpetuates systemic inequalities, stifles economic progress and deprives a significant segment of the population of the resources necessary to build a secure and prosperous future and, ultimately, generational wealth.

“We believe financial inclusion is not a privilege but a fundamental right. And we know access to financial literacy is critical to economic mobility for the underserved. We want to dismantle barriers to resources that can transform lives,” said Aequalend CEO and Co-Founder Marc Hernandez. “By leveraging cutting-edge technology, embracing diversity, facilitating knowledge and maintaining an unwavering commitment to our mission, Aequalend is poised to redefine financial inclusion in the United States.”

The TIAA Institute-GFLEC Personal Finance Index, an annual study that assesses financial literacy among U.S. adults, reports significantly lower financial literacy rates among Hispanic and Black Americans, who correctly answered 6% and 7% of P-Fin Index questions, respectively. White and Asian Americans correctly answered 24% and 23% of the questions, respectively. Additionally, financial literacy rates are declining with each generation, which only compounds the financial challenges Gen Z faces.

“As minorities ourselves, we’ve witnessed the struggles that result from the inclusion gap firsthand – both amongst our families and our customers,” said Aequalend President and Co-Founder Sandra Estrella. “Not only is there a lack of affordable, accessible and culturally competent financial products to meet these consumers’ needs, they’re already behind from birth and very rarely catch up because they lack financial literacy. And a lack of financial literacy in the U.S. isn’t unique to minorities; it’s a major issue that’s also currently impacting Gen Z across all races and ethnicities. We want to make a difference.”

KEY HIGHLIGHTS:

Tailored financial solutions: Recognizing that one size doesn’t fit all, Aequalend offers residential mortgages, personal loans and credit cards, small business loans, financial education and personalized financial management tools designed to meet the unique needs and challenges of underserved communities.Financial literacy: Aequalend believes in empowering its customers. Beyond just providing financial services, the company prioritizes financial literacy ensuring its customers understand how to use its products and possess the knowledge to make sound financial decisions, thereby fostering financial independence.Culturally competent services: Aequalend is committed to understanding and respecting the diverse cultural nuances of its customers, making it truly relatable.Tech-driven accessibility: Using innovative technology, like artificial intelligence and blockchain, to democratize access to wealth creation, Aequalend delivers a seamless, secure and transparent user experience that promotes trust and long-term relationships with its customers.

The nation is witnessing the intersection of finance and technology, as well as a surge in minority entrepreneurs, families and individuals looking to shape their financial destinies. These factors are transforming the way people manage their money, access credit, invest and make payments – democratizing access to previously exclusive financial services. With a focus on financial inclusion, innovation and community empowerment, as well as a commitment to transparency, Aequalend is well-positioned to make a lasting difference in the lives of the individuals and communities it supports.

Hernandez and Estrella have a combined 40 years of financial services experience with a focus on helping minorities purchase homes. Aequalend’s team brings vast experience in finance, technology and community development, as well as a profound grasp of compliance requirements, to the table. The company currently serves residents in Texas, Georgia, Colorado, Florida and Washington, D.C., and plans to expand its operations across the U.S. in the coming months.

As it grows its national presence, Aequalend is also looking to grow its team with associates who share its vision for a more equitable financial future in the U.S. and an undivided approach to finance.

About Aequalend

Aequalend (pronounced eh-KWUH-lend) is a minority-owned fintech company seeking to revolutionize the financial services industry by addressing financial exclusion in the U.S. With a focus on innovative technology, affordable financial solutions and financial literacy education, the company’s mission is to help close the financial wealth gap and build generational wealth within underserved populations across America. Aequalend is headquartered in Houston. To learn more, visit www.aequalend.com

Media Contact

Jasmine Hernandez, Aequalend, 1 7735172105, marketing@aequalend.com, www.aequalend.com

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SOURCE Aequalend

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PSA and NUS launch supply chain living lab facilitating efficient and sustainable supply chain growth

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November 25, 2024

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SINGAPORE, Nov. 25, 2024 /PRNewswire/ — PSA International (PSA) and National University of Singapore (NUS) announced today the launch of the PSA-NUS Supply Chain Living Lab. Recognising the growing need for integrated solutions that extend beyond container handling within ports, PSA has in recent years, expanded its role as a leading global port operator to also encompass complementary services in the broader supply chain sphere. In line with its overall strategy, PSA will be supporting the initiative with funds totalling up to S$10 million.

The PSA-NUS Supply Chain Living Lab will strengthen collaboration between industry and academic expertise to address critical supply chain challenges. The Lab will provide a sandbox to foster the development of community-centric solutions for supply chain optimisation together with industry stakeholders, with a focus on enhancing agility, resilience and sustainability for supply chain operations both regionally and globally.

Mr Ong Kim Pong, Group CEO of PSA International, said, “As we navigate the rapidly evolving landscape of global trade, it has become essential for PSA Group to continually adapt and refine our business strategy. We will continue to look for new areas of expansion whilst enhancing our presence in key locations, and connecting these strategic nodes to form a cohesive and integrated network across the globe. This collaboration with NUS also marks a significant step in our journey towards strengthening PSA’s position as a leading global port operator and supply chain services provider, capable of delivering supply chain efficiency and resilience across the world.”

Professor Tan Eng Chye, NUS President, said, “The establishment of the PSA-NUS Supply Chain Living Lab marks a significant milestone in our collaborative efforts to advance supply chain innovation. This initiative exemplifies the synergy between academia and industry, leveraging our combined strengths to address complex challenges such as optimising logistical efficiency, enhancing data-driven decision-making, and integrating sustainable practices across supply chain operations. By fostering a dynamic ecosystem for research and development, we aim to drive transformative solutions that enhance the resilience and efficiency of supply chain operations, ultimately benefitting communities and economies worldwide.”

The launch of the Supply Chain Living Lab follows the recent groundbreaking of the upcoming PSA Supply Chain Hub (PSCH), which is an integral part of PSA’s strategic expansion of Singapore’s Tuas Port Ecosystem. The state-of-the-art PSCH facility is scheduled to be ready by 2027 and will seamlessly integrate with Singapore’s extensive supply chain ecosystem, offering unparalleled connectivity and supply chain synergies.

Read more at: https://news.nus.edu.sg/psa-and-nus-launch-supply-chain-living-lab/  

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SOURCE National University of Singapore

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SPJIMR launches ‘Sashakt’ to empower small business entrepreneurs

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50 minutes ago

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November 25, 2024

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The community-focused initiative aims to provide underprivileged entrepreneurs with the skills to build sustainable businesses.

MUMBAI, India, Nov. 25, 2024 /PRNewswire/ — Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research’s (SPJIMR) Centre for Family Business & Entrepreneurship (CFBE) is pleased to announce the launch of Sashakt, a new community-focused initiative aimed at empowering small business entrepreneurs (SBEs) from underprivileged backgrounds in Mumbai’s Andheri K-West Ward. Beginning in December 2024 and running through March 2025, this programme seeks to provide vital knowledge and skills to help these entrepreneurs build sustainable businesses and strengthen their economic resilience.

Sashakt is tailored for local entrepreneurs aged 25-30 who are operating micro-enterprises. Selected from SPJIMR’s Abhyudaya programme, participants will benefit from free education and mentorship aimed at youth from underserved communities. Over three months, the structured curriculum will provide practical, hands-on learning sessions in Hindi, ensuring accessibility and relevance. Each session will cover essential areas such as financial management, marketing, operations, and leadership, equipping participants with the tools necessary for success.

Faculty and alumni from the SPJIMR network will offer personalised mentorship, supporting participants in overcoming their unique business challenges and taking actionable steps toward growth.

Sashakt aims to:

Create a supportive learning environment for entrepreneurs from underprivileged communitiesProvide access to resources and mentorship to help participants expand their businessesEnhance participants’ financial literacy, business acumen, and operational efficiencyFoster local economic resilience through community engagement and education

“As a community-focused institution, SPJIMR believes in the power of education to uplift and transform lives,” said Prof. Varun Nagaraj, Dean of SPJIMR. “With Sashakt, we are equipping local entrepreneurs with the knowledge and skills they need to grow their businesses and make meaningful contributions to their communities.”

“Each year, CFBE empowers hundreds of entrepreneurs and family business leaders across India through programmes that blend cutting-edge business education with practical mentorship. Sashakt extends our mission to the grassroots level, equipping local business owners with the skills and support needed to drive sustainable economic growth within their communities,” said Prof. Tulsi Jayakumar, Executive Director of the CFBE at SPJIMR and Chairperson, Post Graduate Programme in Family Managed Business.

Visit CFBE Sashakt for more information.

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Persistent Wins Coveted 2024 ISG Star of Excellence™ Overall Award for Superior Customer Experience

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50 minutes ago

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November 25, 2024

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Also wins awards for Universal ITO, Most Adaptable Partner, and Outstanding Service in the Americas Region based on the voice of customers

SANTA CLARA, Calif. and PUNE, India, Nov. 25, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) and (NSE: PERSISTENT), a global pioneer in Digital Engineering and Enterprise Modernization, has been recognized with the prestigious 2024 ISG Star of Excellence™ Overall Award for superior customer experience, presented by Information Services Group, a leading global technology research and advisory firm. In addition, the Company has received Star of Excellence awards in the categories of Most Adaptable Partner, Universal Information Technology Outsourcing (ITO), and for Outstanding Service in the Americas Region.

ISG’s Star of Excellence Awards rank providers on the quality of their services based on direct feedback from enterprise customers in the areas of business continuity and flexibility, collaboration and transparency, execution and delivery, governance and compliance, innovation and thought leadership, and people and cultural fit.

These accolades demonstrate client trust, underscoring Persistent’s unwavering commitment to delivering exceptional value that surpasses client expectations and fuels long-term relationships. Persistent was the only provider to win in four categories.

Persistent’s notable achievements are exemplified by its outstanding customer experience (CX) score in the research program of 87.9, significantly surpassing the industry benchmark of 72.7. This score showcases Persistent’s success in building strong client relationships and its commitment to customer satisfaction.

Sandeep Kalra, CEO and Executive Director, Persistent

“At Persistent, our AI-led, platform-driven services strategy is centered on anticipating client needs, exceeding their expectations, and gaining their trust. The ISG Star of Excellence Awards, based on the Voice of Customer, validate this commitment, highlighting our deep understanding of client goals and proactive approach to developing innovative solutions that fulfill evolving requirements. Our primary goal is to drive client success and foster business growth. We are honored by this acknowledgment from ISG, which reflects the enduring partnerships we build with our clients by reimagining businesses across industries.”

Jan Erik Aase, Partner and Principal Analyst – Global Head of ISG Provider Lens

“Congratulations to Persistent Systems for earning top honors in the ISG Star of Excellence™ program 2024, including the prestigious Overall Award. They have received exceptional customer satisfaction across CX pillars, technologies, regions, and industries. Having been a finalist for this award last year, Persistent Systems continued with its focus on customer-centricity and experience to secure the top spot in 2024. This accomplishment not only reflects their adaptability and innovation but also demonstrates their stamina in consistently delighting customers and exceeding expectations. In 2024, as client expectations rise in the age of AI, organizations seek partners who elevate relationships into true collaborations. Persistent Systems has risen to this challenge, achieving the highest satisfaction in the ‘People and Cultural Fit’ CX pillar and earning recognition as the ‘Most Adaptable Partner’ by clients. These accolades highlight Persistent Systems’ ability to foster deep, value-driven partnerships and deliver unparalleled client experiences.”

About ISG:

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit http://www.isg-one.com/.

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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