Episode 60

Building Trust with AI: How Rural Laos Is Innovating Financial Services | Tim Scheffmann, CEO and Chief Investment Officer LTS Ventures

Imagine a world where rural communities thrive with access to financial services tailored to their unique needs. That’s exactly what Tim Scheffmann, CEO of LTS Ventures, is making possible with the largest digital village banking network in Southeast Asia.

In this episode, we dive into the transformative power of FinTech in underserved regions and how Tim is redefining financial inclusion. From adopting cutting-edge AI to ensuring communities have access to emergency funds, LTS Ventures bridges the gap between technology and humanity to create lasting change.

  • How LTS reached profitability
  • Why a strong business model is key to driving meaningful impact
  • How AI supports fair and efficient credit decisions in rural communities
  • The role of standardization in scaling financial inclusion
  • Climate challenges in Laos and how FinTech is helping villages stay resilient
  • The secret to building trust in small communities with technology and human connection

Tim also shares his journey from growing up in a German village to leading a social enterprise in Laos and the lessons learned from early hesitations to now championing digital village banking.

If you’re curious about how FinTech can solve real-world problems and how AI is reshaping the credit landscape, this episode is for you!

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We cover:

(02:15) Transitioning from NGO Roots to a Profitable Social Enterprise

(05:00) The Importance of Business Models in Financial Inclusion

(08:00) Scaling to 900+ Villages: Standardization and Technology

(10:50) Leveraging AI for Credit Decisioning and Fraud Prevention

(15:30) Building Trust: The Role of Community and AI in Lending

(18:45) Financial Literacy and Behavioral Change in Rural Communities

(22:10) Addressing Climate Challenges with Village Banking

(27:30) Village Banking as a Hub for Knowledge and Community Building

(31:40) The Human Element in Rural Financial Services

(36:10) Lessons Learned: Advocating for Digital Village Banking

(39:20) Transforming Financial Inclusion in Rural Laos

👉 Connect with Tim:

👉 Connect with Monica

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Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.

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About the Podcast

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Purpose Driven FinTech
Building & Growing FinTech Products With Customer & Commercial Impact

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About your host

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Monica Millares

Monica advocates for financial safety for all. She is the Product Principal at BigPay, where she leads Product and Design. As part of the founding team, Monica led building BigPay’s product from zero to one, to multi product line, and international expansion. Her leadership shaped the culture and ways of working to grow from startup to scaleup. BigPay has over 1.4 million customers, and has presence in Malaysia, Singapore and Thailand.

Monica has almost 20 years’ experience in Financial Services. Prior to BigPay, she was one of the first joiners in UK’s challenger Tandem Bank, where she focused on building credit cards from scratch. Previously she worked in leading Financial Services brands like Visa, Barclays, and a Mexican Development Bank.

She sits on the Board of PayEd, and is recognised as Singapore’s #Fintech65 Product Leaders and Women in FinTech. She’s been multiple times speaker at the prestigious conference Money2020 and shared stage with JP Morgan, Standard Chartered Bank, Konsentus, and Money2020’s Rise Up. Her commitment to innovation and financial inclusion resonates in her podcast “Purpose Driven FinTech” where she explores how FinTech’s can have 10x more impact.

Monica has a background in Engineering and a Master’s Degree on Analysis, Design, and Management of Information Systems from the London School of Economics.