Empowering Newcomers to Canada: Periculum's Role in Financial Inclusion
In a rapidly globalizing world, immigration has become a defining aspect of many nations. Canada, known for its welcoming and diverse society, is a prime destination for newcomers, immigrants, and international students seeking opportunities. However, for these individuals, establishing a financial foothold in a new country can be a daunting challenge, primarily due to the lack of credit history. To address this issue, Periculum's founder and CEO has been appointed to the New-to-Canada Roundtable by the Canadian Lenders Association. This appointment underlines the pivotal role that Periculum plays in facilitating financial inclusion for newcomers in Canada.
The New-to-Canada Roundtable brings together a distinguished group of industry leaders, including Amit Sadhu of RBC, Sasha Ramani of MPower, Martin Basiri of Passage, and Jonah Chininga of Woveo. The primary objective is to provide robust and tailored financial services to those who are new arrivals in Canada, with an emphasis on making credit assessments more accessible and equitable.
Periculum, renowned for its expertise in data analytics and machine learning, plays a critical role in this initiative. Our mission is to provide data analytic software that empowers Canadian institutions and corporations to accurately assess the creditworthiness of newcomers, immigrants, and international students who arrive in Canada with little to no credit history.
Our solution, known as INSIGHTS, is the driving force behind this transformation. INSIGHTS leverages advanced machine learning algorithms to analyze data collected from the countries of origin of these individuals. This data is processed to detect fraud and uncover the 80 risk variables essential for making precise financial services decisions.
Periculum's impact extends beyond traditional financial services. We are already working in collaboration with BloomFi, a Canadian rental assistance company. Together, we aim to provide rental guarantees to Canadian landlords for newcomers to Canada. This innovative approach not only benefits landlords by reducing risk but also provides a crucial stepping stone for newcomers to secure suitable accommodation in a new country.
Periculum's appointment to the New-to-Canada Roundtable signifies our unwavering commitment to promoting financial inclusion for newcomers in Canada. Through our data-driven solutions and collaborations with industry leaders, we are reshaping the financial landscape, ensuring that everyone, regardless of their credit history, has access to the services they need. As Canada continues to welcome new arrivals, we stand ready to empower them on their journey to financial security and prosperity. Together, we can build a more inclusive and supportive financial ecosystem for all.