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.
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 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.
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.