Friday, 02 March 2018 09:06 AM
Company Update
LOS ANGELES, CA / ACCESSWIRE / March 2, 2018 / For many people living in North America particularly the U.S. their first experience with a bank account will happen during their childhood. Many parents will kick-start their children's banking journey by opening an account on their child's behalf to help them gain financial literacy and to learn to save Grandma's birthday card cash.
This early adoption into the traditional banking system has left many North Americans blind to the fact that banking isn't accessible for everyone and that 2 billion adults worldwide are still underbanked or unbanked. With a staggering 23 million of them being Latinos currently living in the U.S.
The reason certain demographics like Latinos remain underbanked or unbanked in developed nations where access to financial services seems relatively easy varies. While some have been excluded from the banking system due to strict regulations, complicated fees and lack of access. Others have chosen to voluntarily avoid banks due to lack of trust after incidents like the Wells Fargo Scam, that was targeted at Latinos, occurred.
While there are many private companies that currently provide financial services to these communities such as Moneygram and Western Union their fees are exorbitant, their services are limited, and they don't help their customers to build credit.
In the US alone the Latino GDP tops $2 trillion according to the Latino GDP report demonstrating the untapped potential of this market. While banks may be failing to see the benefit of working towards creating a more inclusive system, blockchain startups see the huge potential and have set their sites on helping the underbanked and unbanked market leapfrog into a new financial system supported by blockchain.
Blockchain technology creates a secure digital process for storing and transferring information. The most widely known blockchain is Bitcoin, but the technology can be used for much more, from trading securities to storing medical records. It is essentially an incorruptible ledger or database made up of information that is continually being reconciled and is always accessible to its users. The blockchain exists as discrete chunks (blocks) of information, and only in sequence. There is no way to reverse transactions and thus no way to disrupt the chain of blocks of information. The key to blockchain's security is that everyone has access to the data and there's no central server or version of the data to hack into or corrupt.
While some startups in this field are focused on reducing the cost of remittances many have failed to provide a full-service financial solution which includes the ability to build credit.
One startup that stands out from the rest by addressing the larger issue of lack of credit is Uulala. Their target audience is the 210 million unbanked adults living in Latin America and the 23 million living in the U.S. They have used blockchain technology to develop an inclusive, easy to use financial app that helps users build a global credit score in addition to sending and receiving remittances, paying their bills, shopping online and obtaining microcredit offers. Their partnerships with traditional financial institutions will allow customers to benefit from their credit score outside of the app removing a significant obstacle this demographic currently faces.
As always data security is critical to the success of any service with access to people's personal, business or financial information. To secure its users' information, Uulala employs a robust combination of established information transfer and storage technology and proprietary data technology. They will also be using the MultiChain platform to ensure the speed and cost of their transactions remain intact and are not bogged down by ICO launches and Kitten births.
Their focus on security, inclusion, access, and service is what will help Uulala develop trust and gain the confidence of the Latino community. Allowing this once excluded demographic the opportunity to build credit, access affordable banking, and improve their living situation. Blockchain technology has the potential to solve many social problems by increasing access, equality and democracy. It is an exciting new era in business that will hopefully continue to create positive change and allow every person living in North America equal access to banking.
About Uulala:
Uulala is a minority-owned US-based corporation with the majority of shareholders being first or second generation Latin Americans. Uulala is a mission-driven organization to facilitate and accelerate the financial inclusion of the underbanked and unbanked population across the Americas. Uulala empowers the underbanked communities of the world through the Uulala platform by providing financial tools for them to build credit, send money, participate in ecommerce and elevate out of a cash-only environment. Uulala will drive change and betterment of Latino culture through the massive social impact their banking platform and mobile app can have on a culture that lacks trust in traditional banking systems. Uulala platform not only provides ways for Latinos to participate in secure financial transactions, build credit and offer remittance services but also gain access to entertainment and shopping services that were once out of reach because of their banking status.
Additional Information
https://tokensale.uulala.io/
Contact:
Matthew Loughran - CMO
[email protected]
SOURCE: Uulala Inc.