Mohamed Abbas is a young philanthropist and social entrepreneur. In 2015, he created an online interest-free loan rate comparison platform, Onelyst, for low-income households. Thus far, Onelyst has helped over 10,000 people in Singapore. Mohamed reported to The Strait Times, “In Singapore, there is still a section of the society excluded from mainstream financial services. People with low income and thin credit history are unlikely to get a bank loan. For the banks, it’s also not cost-effective to extend these small loans.” Accordingly, Mohamed launched another online platform in 2016 that allows individuals who do not meet minimum income requirements for credit cards to buy items via installment plans.
He states that when people lack access to affordable credit, they’re unable to lift themselves out of poverty and give back to their communities. He makes the case that democratizing credit and accelerating financial inclusion will help the region progress.
Mohamed was named to Forbes 30 Under 30 Asia’s inaugural class in 2016 for his work in financial inclusion. Mohamed is also an active member of National Youth Corps, a government-run organization for youth leaders in Singapore.