Traditional banking started some four centuries ago when a bunch of extremely clever Assyrian and Sumerian traders started making grain loans to farmers and traders carrying goods between cities. Lenders in ancient Greece and Rome sat outside temples and made loans and also deposited money. The birth of the banking system as we see today can be traced back to Renaissance Italy, in the affluent cities of Florence, Genoa and Venice. Little did these “first bankers” realize that their actions would spawn, arguably, the most important and powerful system that would drive the economic engine of the world.
The Rise of the Goliath
Historically, bankers, through the absolute power of money, have always endeavored to make profits for themselves and their stakeholders. They have cared less about the people on whose monies they have built their financial empires. Their priorities have always been with the rich and affluent customers who have the ability to bear their exorbitant transaction charges and sundry fees. With the nationalization of banking institutions and the wide variety of choices available to the paying customer, banks have reluctantly aimed at providing financial services to the poor and marginalized people of the world.
Is Goliath undermining financial inclusion?
Financial gurus and umbrella organizations have realized, almost as an afterthought, that unless true financial inclusion occurs, the global economy cannot aim to run with its true potential. But the traditional banking system is so entrenched in its processes and limits and transaction charges that it creates hurdles for people to have unfettered access to their own money. The time was ripe for a financial revolution.
Here comes David!
The introduction of Bitcoin was marked by a frenzy rarely seen in the financial system of the world. While we have been witness to the “Apple moment” and the “Google moment,” we haven’t seen anything even close in the dour, dry markets of money. But the audacity of Satoshi Nakamoto to introduce a currency that is independent of any government or isn’t controlled by any bank was nothing short of a David and Goliath moment.
But the greatness of the founder(s) of Bitcoin can be truly gauged by understanding the source code of Bitcoin – blockchain technology. While Bitcoin is nothing without Blockchain, the technology itself has unlimited uses. And today, “blockchainepreneurs” are disrupting traditional sectors, industries and markets by tapping the limitless potential of this exciting technology. And a subset of these, “the cryptopreneurs,” are using this technology to create a financial ecosystem that is democratic and truly inclusive. Such a system has the power to reach even the most marginalized of people in the world in an attempt to bring them into the mainstream and make a positive impact in their lives.
LaLa World, a blockchain-powered financial ecosystem
LaLa World, the brainchild of experts in the financial system, was a result of dissatisfaction about the inherent shortcomings and apprehensions of the traditional financial system to bring the underbanked and underserved population of the world into the financial mainstream. LaLa World decided to venture where “no banker has gone before.” LaLa World aims to touch the lives of the vast population of the world whose lives haven’t been affected by the global financial system.
At the heart of LaLa World is the LaLa Wallet, a peer-to-peer ecosystem that aims to revolutionize the way in which people and micro and small businesses make transactions, payments and borrow money. It will also change how people buy insurance, remit money, perform daily transactions through cards (both virtual and physical) and buy banking products.
Serving the underserved; banking the underbanked
There are still more than 2 billion unbanked people in the world. That is more than 25% of the global population. More than 50% adults in the poorest households are unbanked. How could one expect the global economy to fire on all cylinders when one in every four people in the world isn’t part of its financial system? Also, the traditional system’s over-dependence on physical processes and a cumbersome identification process makes it difficult for many people to have even a bank account, leave alone more complex financial transactions.
The emergence and popularity of connected smartphones has offered a flexible, seamless and easy device to the financial systems to exploit and bring more people under the global umbrella. LaLa World appreciates the importance of such a connected technological device to join the millions of underbanked people to a unique financial ecosystem that is powered by blockchain technology.
Anybody can own the LaLa Wallet on their smartphone and be connected with a world of opportunities and possibilities. The Wallet is secured by a global ID that includes state-of-the-art biometrics and physical identifications all digitized into a unique ID – LaLa ID. The Wallet allows peer-to-peer micro lending, affordable domestic and international remittances and daily financial transactions, all of which can be done using crypto or fiat assets. A digital card (debit and credit) can be used for any and all transactions that can be done with a traditional card but with the added advantage of very low or zero charges and with the opportunity to earn more crypto assets with every transaction performed. Yes, using LaLa Wallet is rewarding as much as it is easy.
Towards absolute financial inclusion
The World Bank believes that financial inclusion is a key enabler to reduce poverty and bring about prosperity. It has also charted out the Universal Financial Access Plan where it aims to bring about 100% financial inclusion by the year 2020. LaLa World has a unique business proposition, one that is driven not by profits but by the passion to reach every underbanked and underserved person in the world. It aims to be a true vehicle of financial inclusion. LaLa World is all geared up to bring this dream into reality.