The 2008 Legatum Fortune Technology Prize was awarded equally to Comat Technologies and Microfinance International. The prize was awarded December 1, at the FORTUNE 500 Forum in Washington D.C.
Click here to view the presentation of the finalists
Comat Technologies
Comat Technologies, India's leading social enterprise, is dedicated to providing easy access to essential information and transformational services to rural areas of the country. Comat's services are focused on revolutionizing the lives of rural citizens by providing access to and delivery of personal records and entitlement benefits on behalf of the government, job creation and training, supplemental educational services, and financial and insurance services. These services transform the lives of rural citizens and deliver to them higher economic standards and a better quality of life. Comat's services are tailored to the state in which they are delivered, since states in India are linguistically diverse. Working closely with rural communities across the country, Comat delivers its information and services through a well-established network of ICT-enabled Rural Business Centers, operated by company employees who use a common infrastructure that incorporates technology and a local human interface.
Microfinance International
Microfinance International focuses on expanding affordable and professional financial services to markets where such services have been unavailable, or are overpriced and not connected to mainstream banking. The company believes that a combination of microfinancing and a commercial banking approach in a for-profit model enables it to make financial services available in a socially responsible manner and ensure scalability.
MFIC aims to improve the financial integration of local families — those sending money and recipients who don't use banks — by enabling mainstream financial institutions to serve this clientele and by increasing the scale of microfinancing available to them. MFIC takes a regional approach — offering solutions at both ends of the remittance equation — for the economic development of individuals, institutions, and society. MFIC has also established a network of financial institutions in the U.S. and microfinance instruction (MFIs) in immigrants' countries of origin, linking immigrant earnings to asset-building and income-generating activities. MFIC matches the services of financial institutions with individuals without access to banks, which contributes to enhanced productivity for both parties and increases the individual's outreach.
