Fintech for Good: Dock and Parabank Join Forces to Champion Disability Inclusion in Financial Services

In a bid to spotlight fintechs driving positive change in sustainability, social impact, and financial inclusion, FinTech Futures interviewed Antonio Soares, CEO of Dock, and Gelson Junior, Paralympian and CEO of Parabank. Together, they are making strides toward enhancing disability inclusion in financial services across Brazil.

Dock, a South American payments and banking technology provider, has spent over two decades democratizing access to financial services. Parabank, a Brazilian challenger bank, prides itself on being the “first digital bank in the world made with, by, and for people with disabilities.”

The partnership between Dock and Parabank was announced in September when Parabank adopted Dock’s private-label card processing platform to introduce credit and prepaid debit cards designed for people with disabilities.

“We understood that this joining of forces was important because it is estimated that there are 1.5 million people with disabilities without banking access in Brazil,” says Soares.

He adds that traditional financial institutions often fail to recognize or meet the specific needs of disabled individuals. Gelson Junior echoes this sentiment, emphasizing that their collaboration “combines innovation with accessibility.”

The partnership is already yielding results, with the introduction of braille cards and specialized credit lines for rehabilitation. Parabank, leveraging Dock’s technology, is evolving into a financial hub for physical and financial rehabilitation, offering services like financing for prosthetics, complex medical treatments, and higher education support.

Soares believes financial inclusion must go beyond simply offering banking services: “Banking alone is not inclusion. If we want truly inclusive economic development, we must go beyond promoting digital banking services, and the main challenge today is credit.”

Soares sees potential in Brazil’s instant payment system, Pix, developed by the central bank in 2020. While it won’t replace credit cards, Pix offers a low-cost, direct alternative for those without traditional credit access.

Looking ahead, Dock and Parabank aim to expand their impact. “We want to take this partnership to new markets, increasing social impact and financial inclusion in other Latin American countries,” says Junior. Plans include further innovations in financial education and technologies focused on humanizing services and empowering customers to manage their finances.

Awareness of disability inclusion in financial services is on the rise globally. For instance, the UK’s Project Nemo, launched this year, aims to equip fintechs with tools to foster greater inclusion for individuals with disabilities. Joanne Dewar, head of Project Nemo, remarked: “Fintechs are ideally placed to address disability inclusion, given their role as architects of the future of financial services.”

Dock and Parabank’s efforts reflect a growing trend within fintech to champion inclusivity and create meaningful solutions for underserved communities. Their work stands as a testament to the transformative power of collaboration and innovation in financial services.