Nyi Nyein Aye, the founder and CEO of our latest member, ThitsaWorks Pte. Ltd., graciously provided insights into ThitsaWorks’ objectives as a Mojaloop Foundation member. He discussed what excites him about joining, how our mission connects to the company, and more.
Q: Please introduce yourself and your company.
A: I’m Nyi Nyein Aye, and I have the privilege of leading ThitsaWorks Pte. Ltd. Our team is deeply committed to leveraging technology to enhance financial inclusion globally. Based in Singapore, ThitsaWorks has earned recognition for its efforts in improving the reliability and efficiency of digital financial transactions, particularly for those who have limited access to traditional banking services.
At the heart of our work is a simple, yet powerful mission: to make financial services accessible and affordable for over-unbanked and underbanked individuals. We believe in the right to financial inclusion as a cornerstone for personal and community development. By focusing on cross-border payments, we aim to ease the financial challenges faced by migrant workers, small businesses, and families dependent on remittances.
Our approach to achieving this mission relies heavily on open-source technologies, such as those provided by the Mojaloop Foundation. These tools enable us to create scalable, secure payment solutions that work seamlessly across different financial ecosystems. The principle of interoperability guides our efforts, ensuring that our users can conduct transactions effortlessly, regardless of the platforms they use.
Q: Why is the Mojaloop Foundation’s mission of financial inclusion important to your company?
A: At ThitsaWorks, our ethos and mission are intricately woven around the principles of financial inclusion, mirroring the foundational goals of the Mojaloop Foundation. Our dedication to eradicating the barriers that prevent millions from accessing essential financial services is not merely a business objective; it is a commitment to social equity and economic empowerment. The Mojaloop Foundation’s mission of fostering financial inclusion through Mojaloop open-source software and designing interoperable payment systems to be inclusive is pivotal to our company for several reasons, each resonating with our core values and strategic objectives.
Firstly, the Mojaloop Foundation’s commitment to open-source solutions as a vehicle for financial inclusion is a cornerstone of our strategy at ThitsaWorks. By embracing open-source platforms like Mojaloop, we leverage a collective wealth of knowledge and innovation, enabling us to develop and deploy payment solutions that are both cost-effective and scalable. Secondly, the Mojaloop Foundation’s focus on interoperability is crucial to our vision of creating a seamless and inclusive financial ecosystem. ThitsaWorks’ initiatives, particularly in cross-border payments, are designed to support this vision by enabling transactions that are not just fast and secure, but also inclusive, ensuring that no one is left behind due to technological or systemic incompatibilities. Moreover, the Mojaloop Foundation’s mission aligns with our belief that financial inclusion is a catalyst for economic development and social change. By providing the underbanked and unbanked populations with access to digital financial services, we unlock the potential for economic empowerment, entrepreneurship, and poverty alleviation.
Our alignment with the Mojaloop Foundation extends beyond shared goals; it is a reflection of our commitment to leveraging technology for social good. Through our collaboration, we aim to address the complex challenges of financial inclusion, harnessing the power of open-source technology and interoperability to build a more inclusive, equitable financial landscape.
Q: What excites you about joining the Mojaloop Foundation?
A: The opportunity for ThitsaWorks to join the Mojaloop Foundation represents a pivotal moment in our journey toward advancing financial inclusion on a global scale. Our enthusiasm for this partnership stems from a deep-seated belief in the transformative power of collaborative innovation and the shared vision of creating a more inclusive financial ecosystem. This alliance not only aligns with our core mission but also amplifies our capacity to make a significant, lasting impact on the lives of the underbanked and unbanked populations worldwide.
At the heart of our excitement is the unparalleled platform for collaboration that the Mojaloop Foundation offers. By joining this vibrant community, ThitsaWorks becomes part of a dynamic network of organizations, fintech innovators, and financial institutions, all united by a common goal: to break down the barriers to financial access. Moreover, the Mojaloop Foundation’s commitment to interoperability and open-source technology is particularly resonant with our objectives at ThitsaWorks. The foundation’s pioneering work in developing open-source frameworks that facilitate interoperable payment systems is directly in line with our mission to innovate payment solutions that are accessible, affordable, and efficient. This focus on interoperability is not just a technical imperative; it’s a gateway to financial inclusion, enabling seamless transactions across diverse payment platforms and thereby expanding financial access to those who need it most.
Finally, the broader impact of our collaboration with the Mojaloop Foundation fuels our enthusiasm. Being part of a global movement that leverages technology for social good is an extraordinary opportunity to contribute to a world where financial inclusion is not an aspiration but a reality.
Q: What will your company contribute to the Mojaloop community?
A: As ThitsaWorks embarks on its partnership with the Mojaloop Foundation, we bring a wealth of experience, expertise, and a proven track record in enhancing financial inclusion through interoperable payment solutions. Our commitment to the Mojaloop community is not just about participation; it’s about actively contributing to the ecosystem to foster universal financial access. Drawing upon our extensive background in deploying innovative payment platforms across diverse regulatory environments, ThitsaWorks is uniquely positioned to contribute significantly to the Mojaloop community.
Our engagement with the Mojaloop Foundation is multifaceted, reflecting our comprehensive approach to financial inclusion. A key aspect of our contribution is the sharing of insights and technical expertise garnered from the successful implementation of cross-border payment systems, like the Proof of Concept of the COMESA Regional Digital Retail Payments Platform, which leverages Mojaloop technology. In addition to sharing our experiences, ThitsaWorks is deeply committed to the open-source ethos that underpins the Mojaloop Foundation’s mission. Our dedication to developing and supporting open-source technologies aligns with the foundation’s goal of creating an inclusive financial system.
Our involvement extends beyond technical contributions. ThitsaWorks plans to actively participate in the Mojaloop Foundation’s workstreams, focusing on areas where our expertise can have the most impact. Furthermore, ThitsaWorks brings to the table a strong track record of fostering collaborations across financial ecosystems. Our experience in building partnerships between financial institutions, telecom companies, and regulatory bodies has taught us the value of a unified approach to tackling financial exclusion.
