Is technology the key in the battle against corruption — IMF

AID:Tech, a digital crusader

Corruption is a phenomenon that dates back as far as the first century BC, when Julius Caesar secured office by greasing voters’ palms.

IMF publication — finance and development

According to Chris Wellisz, today, bribery alone is estimated to cost $2 trillion a year worldwide, about equal to the GDP of Italy and many times the $142 billion in global development aid.

Whilst corruption is a leading impediment to growth; it deters private investment, participation and channels funds into waste, there is a multitude of responses on offer, some by the world’s leading institutions, including the UN and the IMF, others by startups around the world.

Lebanon case study

‘Doing well by doing good’

AID:Tech and our CEO, Joseph Thompson are featured in the publication as a leading example of startups leveraging emerging technology in innovative manners to tackle fraud and corruption. Our Lebanon pilot with the Irish Red Cross is a key example, where digital identites were successfully distributed as basis for Syrian refugees in Lebanon to obtain the goods and services they needed.

This is a cheaper, more transparent, faster, and efficient way of not just obtaining the donation, but actually getting the donation to the beneficiary in the end,” Danny Curran — Head of Fundraising and Commercial Services, the Irish Red Cross

In September 2017, AID:Tech was awarded Citi’s Tech for Integrity overall accolade by managing director of the IMF, madam Christine Lagarde.

The James Wolfensohn Global Game Changer Award was given to AID:Tech recognising the potential of our solution in fighting fraud and corruption.

Read the full article here.