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Sofinaa (SF) is a social innovation venture that is formed as part of the venture building initiative by the Centre for AI Innovation (CEAI) @ MyFInB. Set up on Feb 2022 as a standalone entity, this formation is made after delivering several socioeconomic and social impact projects to government, non-profit and financial institutions in the past ten years on a project basis as part of the Group’s socioeconomic efforts towards helping disadvantaged groups.
SF is formed to address one important issue: to measure how effective are the financial schemes to help disadvantaged individuals or groups. In short, we help organisations to measure social impact using advanced analytics, namely our proprietary natural language expert systems.
At present, many organizations do conduct social impact measurement, it is generally at the level of measuring outputs (the number of people attending job training programs, for example) rather than outcomes (the number of people who attended job training who were able to get a well-paying job).
Even worse, the number of social sector organizations who do impact assessment ‘by the gut,’ or with anecdotal, qualitative data is still surprisingly high.
As a result, impact measurement has been patchy and inconsistent and has generated data of dubious quality which cannot be easily compared.
SF is formed to help in measuring social impact in order to assess the social value and impact produced by the activities or operations of any for-profit or non-profit organisation.
The goal of impact assessment is to bring about a more ecologically, socio-culturally and economically sustainable and equitable environment. Impact assessment, therefore, promotes community development and empowerment, builds capacity, and develops social capital (social networks and trust).
Sofinaa Sample Report
An AI-powered social impact measurement system with elements of social finance. It helps report users to understand and evaluate the effectiveness of financial schemes to help disadvantaged individuals or groups.
