New eBay site will finance world’s poor

NEW YORK: eBay, the world’s largest online auctioneer and payments company, launched on Wednesday a website allowing ordinary investors to buy securities to improve conditions in the world’s poorest countries. MicroPlace  will allow people to invest as little as $100 to support development in impoverished areas.
 
So-called microfinance is the supply of loans, savings, insurance and other basic financial services to low-income households and businesses, typically without collateral. It is often conducted in emerging economies, where people cannot typically obtain bank loans.