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Empowering unbanked with a brand new financial services Ecosystem : LaLa World

new financial services

Just about a year ago terms like “blockchain,” “Bitcoin” and “cryptocurrency” would have at best garnered a raised eyebrow signifying wariness or plain ignorance. Today, however, the situation has changed, if not drastically. We often get dragged, happily, into discussions on things like the “Next Big ICO,” mining (not metal ore, of course!) and smart contracts. And yet only a few million people around the world truly know about what blockchain technology is and how it is poised to revolutionize the financial markets and introduce new financial services around the globe. This is a mere handful as compared to the 7.5 billion people who currently live on this planet.

Cryptocurrencies (Bitcoin, anyone?) are based on blockchain technology. While we won’t go into details of what this technology is, we must emphasize that cryptocurrencies are its finest offspring. If there was anything truly democratic in this world, cryptocurrencies are those. Consider this – nobody manufactures them, nobody controls them and yet they hold the power to perform financial transactions in an open and safe environment.

Take your time to mull over this exciting piece of information and digest it to create a vision of a world with true financial freedom and new financial services. In the meantime, allow us to hold your hand to show you a possibility that is both exhilarating and life-altering.

But first, the dark clouds!

According to the Global Findex Database, more than 2 billion adults remain without a bank account. The majority of this population resides in the developing and grossly underdeveloped regions of the world. That is understandable. But it is not just individuals. Many small businesses and micro-enterprises do not have access to safe and secure banking. These people and businesses often reach out to spurious middlemen and unscrupulous lenders who exploit them for their own advantage. The result – financial losses to the business and loss of confidence in the possibilities of growth and progress.

new financial services

Banks and other financial institutions find such complex markets risky and hesitate to participate, whereas these are the very regions that have the highest potential for growth if given financial inclusion and participation in the mainstream banking system.

The silver lining!

Blockchain technology, as we mentioned earlier, has the ability to truly bring about unprecedented levels of financial inclusion in a never-before-seen democratic fashion. It can create a safe, secure and highly flexible ecosystem. It can effectively bring many stakeholders under a common umbrella to provide financial inclusion and monetary stability for the millions of unbanked and underserved.

Using cryptocurrencies to power the current financial services, a system can be developed to integrate cryptocurrencies into the lives of the people around the world. The result is an operation that is cheaper, safer and decentralized.

The Hoopla about LaLa!

LaLa World aims at creating a unique financial services ecosystem that will integrate the power of blockchain technology and cryptocurrencies into the existing financial framework. This marriage of old world and new world systems is the key to providing the advantages of cryptocurrencies using the massive reach and network of the current financial services.

LaLa World has created an Ethereum-based wallet that offers facilities like peer-to-peer transfer of local and global remittance, local and international bill pay and a globally acceptable LaLa Card. The most exciting feature of this system is its facility to promote peer-to-peer lending and borrowing via EMIs. This will greatly impact small and micro businesses which do not have the wherewithal to apply for loans from banks and non-banking financial institutions. This can be a major boost for entrepreneurial projects by passionate and talented individuals wanting to bring about a positive change within their communities.

new financial services

Lala World is set to change the game as far as usability and flexibility is concerned. Imagine using your crypto-coins via your smartphone, virtual card or a physical card. The LaLa Wallet has an inbuilt exchange mechanism that can be used to convert one “coin” into another.

Parting Thoughts

Surprising as it may seem, 64 million adults (that’s 12 % of adults in the world) in sub-Saharan Africa have mobile money accounts. That is compared to just 2% of the adult global population in the world who has such an account. While we may harp on the speed at which the developed world has caught on to the “digital wave,” these numbers tell a different story. This means that people in all parts of the world – developed, underdeveloped or developing – are ready to join the digital banking bandwagon. They only need to be given the opportunity.

The World Bank and other such umbrella organizations have always aimed to provide financial inclusion as a means to end poverty in this world. A democratic, safe, secure and flexible financial infrastructure like LaLa World will play an integral role in the achievement of these lofty goals.

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LaLa World Making Life Easier For Migrant Workers and Their Families

migrant workers

International migration is an integral part of world economy. According to the United Nations, there were close to 230 million migrants worldwide, excluding refugees, in 2015. These migrants leave their homes and lands in search of greener pastures, to find an opportunity to eke out a meaningful living for the safe and secure future of their families.

Most migrant workers come from poor and developing nations to search for work in the countries of their more privileged brethren. Almost all migrants aim to earn enough for their own survival in the new country as well as save some money to send to their families back home. Migrants sent almost 600 billion US dollars to their families back home in 2015. And yet they had to shell out a whopping 54 billion USD as transaction costs on these remittances. That is a loss of $9 for every $100 they send. For many, $9 can mean the cost of ration for a week. High transaction costs are a problem that has plagued the migrant community for years now.

The 2030 Agenda for Sustainable Development of the United Nations calls on all countries to implement planned and fair migration policies to benefit the future wave of migration that is foreseeable and imminent in the coming years. One of the major points in this agenda is to reduce the transaction costs of migrant remittances.

It is obvious that what migrants earn at their workplace is definitely greater in value than the currency in their home countries. This clearly explains the pain points of migrants when they pay such exorbitant remittance charges for sending money home. What they need is a financial system that eases this huge burden from their shoulders. That such a system will have far-reaching and positive ramifications on the economies of both the home country and the adopted country of the migrants is a given.

Lala world underbanked service

The LaLa World Ecosystem: A Sustainable Solution

LaLa World aims to create an inclusive financial ecosystem that will serve the underbanked and underserved. The engines of the global economy can fire on all cylinders only when the vast majority of individuals on this planet becomes part of it. LaLa Wallet, the core of this new-age financial ecosystem, is a unique one-stop financial services platform that offers a fast, affordable and flexible solution for a range of financial transactions. It is powered by the revolutionary blockchain technology that uses cryptocurrencies as well as digital and fiat money to create a seamless financial system.

At the center of this unique system is LaLa World’s own crypto – LaLa Coin. The Wallet allows conversion of LaLa Coin into other crypto assets as well as fiat Money. Together they power LaLa Transfer, an efficient, cheaper and faster remittance service.

Is It Secure?

In this day and age of internet hacks, identity thefts and theft of digital assets that can leave anybody heartbroken, LaLa World assures the next level of security through LaLa ID. Ask migrant workers about the importance of a secure and authentic ID and you will realize what we are talking about. LaLa ID is a single, safe, secure, global ID that is on the Blockchain and totally under your control. A unique, all-encompassing identity akin to the social security number in the United States and the Aadhar in India, LaLa ID aims to be a truly global ID that you can carry anywhere in the world without having to maintain any physical form of the identity.

lala global id

LaLa ID is incorruptible, far superior to existing IDs and is available on demand. The LaLa ID is a consolidation of biometrics, national ID systems, digital records and a multi-level verification system that makes it truly comprehensive. LaLa ID and the LaLa Wallet marry in a fine amalgam to allow migrants to move about with confidence and carry on with their financial transactions in a safe, secure and seamless manner.

Rewarding Remittances: Changing the Game?

Whoever thought that remitting money could be rewarding? Well, it could be psychologically rewarding for migrant workers when he thinks of all the good things his money could buy for his family back home. But all the poor guy has ever known is the ridiculous charges he has to pay just to send his hard-earned money to his family.

With LaLa Transfer, remittances are rewarded. Every time you transfer money, you get rewarded economically with LaLa Coins. You also get incentives for referrals. As much as 20% of the net transaction fees is used to buyback LaLa Coins and are distributed among the network. So you get paid for simply using your LaLa Wallet.

Serving the Underserved

The migrant workers market is huge and is expanding at a rapid rate. More and more skilled migrants are traveling to distant lands to earn a decent living. These are the people who are readily exploited by elements of the mainstream financial system. Living in a strange new world and culture, they are unsure of where to put their money, who to trust and where to go in times of financial difficulties. Intermediaries, brokers, high exchange and transaction rates, employer compliance and financial laws of the country they work in are enough to overwhelm them.

Perspective LaLa Wallet services

LaLa wallet endeavors to empower these migrant workers whose only aim in life is to earn enough for themselves and for their families back home so that they live a life of dignity and fairness. In fact, happy migrant workers are the asset to any country’s economy. By partnering with multi-national employers, governments, and financial institutions, LaLa World aims to create a safe, secure and affordable financial ecosystem. Such a flexible system can help them make daily financial transactions along with remitting money to their loved ones as and when they please. With this, we hope to make lives for these migrants and their families easier.

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Say Hola to LALA World!

LALA World
Welcome to a new financial world that will make you go LaLa!

Well, to give you a very basic idea before we dive into the details, we at LALA WORLD PTE Ltd., have an objective,a vision and that is to integrate cryptocurrencies into the everyday lives of people, making them easy to buy, hold, spend or sell, making this operation cheaper, safer and decentralized. We are here to enable and empower the unbanked and the underserved.

Yes, cryptocurrencies the buzzword these days have attracted a humongous amount of attention in recent times. While the debates regarding their regulations rage on, one thing is for sure- the future of currencies is digital and the “Blockchain Technology” is here to stay!

LALA World (“LALA”) introduces a new financial infrastructure for the underbanked population (and mind you, that population is quite huge out there) by capitalizing the Blockchain revolution to bridge the gap between cash, digital and the crypto world. LALA World, is the new agone-stop Wallet based on Ethereum Blockchain, allowing investors to capitalize on the rise of Blockchain, as well as the underbanked into the financial ecosystem. LALA World was founded in April 2016, in Singapore. By September 2016, our India office was up and running. The year 2017 has seen us expanding to Dubai and Malaysia, and entering into partnerships in the Middle East and Africa. The next couple of years will see us taking our footprint into countries like Australia, Canada, UK, Hong Kong, etc. In fact, we are talking about entering the remaining continents on this planet! And of course, before all that, the Initial Coin Offering (ICO) will be upon you! It is coming soon, very soon!

LaLa Wallet services

You would definitely want to know how we want to achieve our objective, right? Well, there are a lot of things that we would be discussing in the upcoming blogs. LALA aims to revolutionize the way individuals, small businesses and micro entrepreneurs transact, make domestic and cross border payments, borrow money and associated products like insurances, cards, wealth and other general banking products by creating a whole new peer to peer infrastructure. The premise of your LALA Wallet starts by creating a single digital identity that you can carry globally – LALA ID, protecting your security on Blockchain and giving you the freedom to conduct various financial services, all in one single Wallet. And the wallet is just one of the immediate products that we are offering along with LALA Transfer, LALA Bill Pay followed by other LALA products like LALA Lends, LALA Card, LALA Insurance, LALA Wealth, LALA Kit, etc. that will be available to our customers as we grow. More about them, later!

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