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The Blockchain Push towards Financial Inclusion

financial inclusion

Blockchain push towards financial inclusion is a necessary devil that needs to be unleashed to protect the interests of the marginalized. The idea of not having a bank account or a mechanism to send or receive money may seem to be a remote possibility to billions of the privileged people across the world. But it is a reality that plagues around 2.5 billion people, most of who live in the third world countries and developing economies. The financial exclusion suffered by a larger section of the society is due to government apathy and the lack of identification.

Students, Migrant-workers and Refugees are the most vulnerable section of society who suffers the wrath of financial exclusion. Students who relocate to other countries to pursue higher studies often face trouble in getting requisite financial assistance due to lack of necessary paper work. Migrant workers are another group of people who face the problems due to unavailability of transaction facilities. War refugees across the world are forced to live within certain designated areas known as colonies; most of these are denied basic banking facilities on the account of lack of requisite documentation papers.

Financial transactions are undergoing a sea change with the use of Blockchain technology. It is enabling a democratic & decentralized transaction system which is devoid of regulations. Being immutable in nature, the transactions made on Blockchain cannot be tempered, hence create a trust-less condition. Aligned with the cause of the marginalized, these products are being developed and many are on the verge of launch. Financial inclusion doesn’t merely give ability to transact rather it enables the person to indulge in activities that help in developing his overall conditions. Right from education to health to business opportunities the dependability towards financial transactions cannot be ignored.

Blockchain based organizations like LALA World are launching their wallet which would deal in fiat currencies while resolving the issue of financial inclusion. LALA id, with its unique identification mechanism will help in fulfillment of KYC process. Once the identity verification process is done the user would be able to send and receive payments. The app would also have remittance facilities in the later part of the year. With their products and services, Blockchain push would help in achieving the goals of financial inclusion and ameliorate the miseries of the marginalized.

LALA World Product Roadmap “To Make Human Lives Better”

LALA products

“Always dream and shoot higher than you know you can do. Don’t bother just to be better than your contemporaries or predecessors. Try to be better than yourself.” – William Faulkner

Dear LALA Family!
At LALA World, we have always stressed the importance of dreaming big and keeping things simple. Our vision at LALA has always been “To Make Human Lives Better”. For LALA and our Vision, partnerships play a significant role in achieving the goal of financial inclusion to the masses. It’s a long way to get to these below vision points but we are simplifying and clarifying where we eventually see ourselves getting to. We have coined a term that dictates our everyday working: DDOS.

D – Decentralized – No one should control the system. System should benefit the users and reward them for the growth and success of the system
D – Democratic – Everyone should have a voice on how the system should run. This will not happen overnight, but something we are aiming for a longer term vision.
O – Open Source peer to peer – No middlemen in true spirit of Blockchain. However systems need to be put in place such that there is no abuse
S – Social Impact – What good is technology, be it Blockchain or be it hash graph, if that does not benefit humanity, especially the needy and underserved.

GIST (Goals, Ideas, Step Projects and Tasks)
The planning system that we use at LALA is more oriented towards end goals and giving ownership to LALA employees & partners. LALA team has been working full steam to launch exciting LALA products and markets. There is a lot more to come in the following months. Below is what our extended roadmap and a brief about what LALA products would look like for 2018. Also, some highlights towards our wider three year roadmap.
We make a living by what we get, but we make a life by what we give – Winston Churchill

Goal
The future is moving towards decentralization. Our eventual goal is to be a Global Decentralized Financial Ecosystem. An ecosystem that supports the financial inclusion of unbanked, undocumented, micro entrepreneurs and the like. In other words, using Blockchain to remove middle men from the system. Everything is about TRUST and Blockchain is about trusting the underwritten protocol.

Ideas
The broader idea is to enable micro transactions, micro-lending, insurance and other banking products at almost zero-fee, instantly, cross border, mobile enabled and accessible to the common man along with incentivisation at every step to keep the users engaged and rewarded. LALA Token is the key element of this ecosystem (LALA produts) and users will be rewarded for using LALA Token in getting services from the various partners globally as well as within the LALA Wallet. Each product will have its own innovation, own separate project and its own idea generation methodologies to accomplish this.

Step Projects
We are focusing on three simple LALA products for this year’s roadmap .

SEND SPEND & LEND
The base of all LALA products is LALA ID – one single global digital identity on Blockchain, a culmination of state-of-the-art biometrics, digitization of national identity documents and comprehensive verification. After successfully completing every step of LALA ID, user receives reward points which either can be redeemed in LALA Tokens or can be used for getting services within the wallet.
LALA ID as a product has undergone rigorous testing. We are proud to release this to the general public by end of this month, along with the platform that binds everything together – LALA Wallet. LALA Wallet is a step project in itself and has gone through numerous interactions to reach where it is today.

• SEND

LALA Transfer is our cross border remittance business that is being built on Stellar. Working on a very close partnership with Stellar, a PoC is expected to be complete in March 2018. In April we shall open up few countries for testing and live transactions in Malaysia, India, Dubai and Philippines. Once we have built a scale in these countries in Q2, we shall expand to over 10 more countries by end of the year, primarily in South East Asia, Middle East and CIS. Although money transfer can be done in fiat but users will be charged very less fee and incentivized as well, if use LALA tokens for the same. Alongside Stellar protocol, we are obtaining licenses to continue traditional remittance where Blockchain is not possible regulatory wise.
Also, we are proud to announce that LALA has successfully piloted with 46 migrants, where these people were able to transfer Malaysian Ringgit 75,000 back home to Bangladesh at a substantially low fee. To see the smile on their face was the biggest prize LALA could ever get. Further, LALA plans to take this number to 400 people this month end and later push it as per the roadmap.
On top of this, we are also building a white label solution for each of our LALA products including LALA transfer to enable plug and play solutions for non-Blockchain users as well as for people without technology resources. Merchants need to pay the fee in LALA Tokens for these white label solutions.

• SPEND

The first LALA Wallet was launched in December 2017. We shall be launching the latest version and a brand new LALA Wallet by this month (March 2018) with extensive features. LALA family and users can earn rewards and tokens by engaging with the application, saving, and transacting. We are also working with a partner crypto wallet that has selected LALA Tokens to be used on its platform that enables LALA Token holders the possibility to unlock instant liquidity of their tokens through their Wallets. We shall release more details about this partnership in April, once integration and beta testing is complete.
We are a B2B2C company and we have global partners for each product which enable us to leverage on their existing infrastructure to reach the masses. Like always, our community will have regular news on various new partnerships that we shall be closing.
LALA’s two main products for this year are LALA Transfer (Cross border remittances) and LALA Lends (P2P and direct micro lending).

• LEND

LALA Lends is our P2P Lending and Direct Micro/Nano Lending platform. Every lending decision is based on the AI and ML driven LALA Score for every individual and MSMEs.
The P2P lending platform is currently being built on Ethereum with extensive studies on Raiden network. The platform should be up and running in Q2 2018. Starting with India in Q2, 2018, we are expanding across Dubai, Malaysia, Sri Lanka, and the other countries across South East Asia. In the second half of the year, we shall also experiment with Africa and parts of North America. This platform will not only provide further liquidity, but also enable LALA Token holders to earn further rewards. Here, in P2P lending platform, only token holders can lend and borrow as per the number of tokens they have. If a borrower does not have good LALA score, he can put his LALA as collateral and receive loans quickly from anybody across the globe. User can also improve his LALA score by transacting LALA tokens within the ecosystem and receive collateral free loans.

LALA Lends

Micro lending platform is based on direct lending to individuals and micro entrepreneurs/Micro SMEs starting with India by Q2 2018. We will also establish micro lending in Sri Lanka, Dubai, Malaysia, Philippines, Myanmar, UK in Q2 18, either directly or via our multiple B2B partners.
Other LALA Products of future shall include a crypto as well as fiat LALA Card, LALA insurance, LALA care. The foundation of this is being laid down now but would only start as we get some real partners and some more resources, so as not to spread ourselves too thinly. Also the focus is not just expansion, but profitable expansion so that we can give back to our early supporters and give back to the society.
Tasks
Launching a wallet would require two main tasks in every country – An E-Wallet license or a partner with license. Secondly, cash and in cash out solutions at partners locations, along with additional services. When our global wallet is launched, some services will be restricted based on specific regulations in each of those countries. We are carefully complying each and every regulation as we expand. We will also be adding services in LALA products for every country like Point-of-Sale and value-added services with partners like KKMarts in Malaysia, cash top up kiosks across UAE in partnership with Mango Point, merchant transactions and services with local vendors, School fee payment integrations with Cambridge schools, and the purchase of airtime, data, and utility services for LALA customers. Each of this is a little task in itself. This further enhances the adoption of LALA token across partners and geographies, create more liquidity and adoption of LALA Token.
Numerous other services and functionalities would be enable users to use LALA e-Wallet application to access their daily needs. This will enable LALA to expand network with LALA partners, increase usage of LALA tokens across boundaries with integrated services, and be able to serve some markets without the need for traditional banks.
By Q2, 2018, we will extend the LALA Wallet as a white label solution in true spirit of partnership and building out the network. All other services shall be a part of this Wallet ecosystem, including LALA token as a reward program and enabler. A truly financial ecosystem would be impossible to build alone.
Later half of the year we will focus our attention from LALA products to expansion and we aim to be in at least 15 countries by end of 2018. Individuals as well as micro entrepreneurship (MSME’s) will remain our focus expanding from SE Asia, Middle East to Americas and Africa.
This is just the beginning and we have delivered much more than what we promised. We will continue to surprise by working hard and all we seek in return is your continued support. We may make mistakes, but we will improve through our own learning and the daily constructive advice of the LALA Community. There is only one intention here – make human lives better by serving our community who has brought us this far.
Current, Near – Term and Future
We are a B2B2C company. We have always stressed that we do not want to build Rome all over again. We want to leverage on the existing infrastructure that is already there. That is our key strength – Global Partnerships – both at local as well as government level. Both with corporate enterprises as well as local NGO’s.

LALA roadmap

We would like to thank each one of you for continued support. We are working relentlessly to achieve our mission of a LALA powered financial ecosystem and gearing towards decentralization through LALA products.
Please join us on Telegram to get all the regular updates on LALA’s listing and various discussions going on about LALA World.
With LALA World – Time for change has come!

ETHFINEX has Included LALA World Token for Potential Token Listing

LALA World Token

Dear LALA Family,
Support LALA World Token for Potential Token Listing on ETHFINEX
As we look forward to LALA Token getting listed in the month of March, ETHfinex has included LALA World in the Potential Token Listings.
To get listed at the ETHfinex exchange, the community needs to contribute and show that LALA is one of the most anticipated listings for the month of March. “Discussion Forum” on ETHfinex has all the trending discussions where the community can contribute and get its voice heard. If regular discussions happen under the “LALA World Potential Listing”, it will stay trending for longer and get the momentum going in our way.
This inclusion is a great start but with such a great community as you are we can surely stay atop in the Trending discussions. Let’s all get our efforts together and prove our might once again!

The discussions have already started and there are multiple topics for postings such as Developments, General discussions, Whitepaper, Token Structure and Announcements. You can start New Topics in any of the above and invite others to be a part of your discussion thread. Each registered user can do multiple posts under all the categories and rate LALA World Token. There is NO COST to Register or contribute.
You can first register on ETHFINEX.com and learn more about Token Discussions on www.ethfinex.com/discussions. For posting about LALA World, You can check out and follow the discussion at www.ethfinex.com/token_listings/34/social_category/200/LALAchannels or start a topic of your own.
We know that together we are unstoppable. Let’s get this listing done.
Thank you for your continued support!

Non-KYC LALA Tokens auction starts 6th March

LALA Tokens auction

Dear LALA Family,
The KYC/AML verification process and token distribution is now complete!
As you are all aware we had strict KYC compliance throughout. We are delighted to announce that only 2.37 Million tokens were found KYC non-compliant.
These Tokens belong to the community and these KYC non-compliant tokens will be Auctioned in a reverse Dutch Auction.

Keeping in mind the ICO price and due to huge demand of LALA to date, LALA tokens auction for 2.37 million LALA will start at a price of 50 Cents per LALA Token on 7th March 2018, 2pm SGT with registration starting 24 hours prior on 6th March. Price will decrease by 5 cents every 3 hours with the final price floor at 25 cents.
For e.g. Between 2pm-5pm starting 7th March 2018, minimum price per LALA Token will be 50 cents, after that between 5pm-8pm minimum price per LALA Token will be 45 cents and so on, until the price reaches floor of 25 cents.
Auction will be closed after receiving bids for a maximum of 3 Million Tokens. After receiving all the bids, LALA Tokens will be allocated to early bidders of 2.37 million tokens at lowest bid (Last bid) of the LALA Token auction.
For e.g. suppose a participant, Daniel, places his bid at 47 cents per LALA at 7pm SGT for 10,000 LALA Tokens. Last bid placed in the auction, for 3 million tokens, is 39 cents. Therefore, Daniel and all other first participants of 2.37 million tokens will be allocated tokens at 39 cents, the last and lowest bid. ETH will be only acceptable currency in this Auction. For avoiding last hour rush, Auction platform will be opened on 6th March, 2pm SGT, 24 hours before the auction time so that participants can deposit Ether on the platform prior to opening of the platform. This will also ensure fair chance for everyone.

Participants can register on the platform, deposit ETH But cannot place bid before 7th March 2pm SGT. All remaining ETH or left over ETH beyond 2.37 million tokens will be refunded immediately.
LALA Tokens Auction platform is open for all to participate!
Note: Multiple bidding is allowed. Minimum purchase is 1000 LALA Tokens and maximum purchase is 250,000 LALA Tokens.
Note: The benefit of early bidding is that you will definitely receive LALA Tokens.
Note: You can check the highest and lowest bid on the dashboard anytime which will be displayed live.
Thank you for your continued support!

LALA World Bounty Program: Blog & Media

LALA World Bounty

Hello people! We hope that you all have gotten a better understanding about LALA World Bounty Campaign by now. Let us take some time to delve more on the same.

As you know, the details are available on Bitcointalk forum: https://bitcointalk.org/index.php?topic=2296769.0

And yes, the budget for this bounty campaign totals 7.2 Million LaLa Tokens, 3% of the supply equals 4500 ETH or 1,350,000 USD according to our hard cap of 150,000 ETH.

All these Bounties will be paid directly to all eligible wallets at the end of Main ICO Phase.

The General Rules for the LALA World Bounty Program are as follows:

  1. Payment Address will not be changed. Once the LALA World bounty seeker applies for eligibility using an address, that address will be locked. Everyone is responsible for protecting their address and private keys. So please do not click on any links you receive through suspect looking email ids or slack PMs.
  2. The Bounty seeker must join our telegram group to participate in this Project’s bounty program. Without joining the telegram group, you will not be counted on any Bounty. The telegram link is: https://t.me/LaLaWorld

Let us talk about Blog and Social Media bounty:

We will reward all Bloggers, writers, youtubers, video creators, graphic designers and content creators who will add their support to promote LaLa token by writing reviews, blogs, articles in their website and blogs, and create video presentation reviews on their youtube channels and other sources.

Budget: 25% of total the LALA World Bounty Pool will be allocated for Blog and Media Bounty Participants. (1.8 million LaLa tokens)

 

We’ll divide all Videos and Blog/Articles into 3 Categories and will reward them as follows:

  • High Quality: 150 Stakes
  • Good Quality: 70 Stakes
  • Normal Quality: 40 Stakes

 

You can use our White Paper and website for getting the content (links provided in T&C section). You can also subscribe to our newsletter to get updates which can be used for content creation.

Link for resources: https://imgur.com/a/Cytrx

 

How to Participate?

Write your Article, Reviews, or Create Your Video and Submit your entry Using the form below: https://goo.gl/forms/MU19L0lUGFrWpvZu1

 

Here is the list of all blogs and videos: https://docs.google.com/spreadsheets/d/1p_Uc-jO0ce3RSqKQ8hZbOATJ2vIVNAWeL5lgvZP7ecY/edit#gid=1063049049

 

Here are the Terms, Rules, and Conditions:

1: Low-Quality Articles and Videos are not Accepted.
2: Article and Videos Must Be genuine. Copying content, articles or ripping off stuff is not allowed. (You can use official Images, Logos, Graphics, etc, posted on the Lala World website, ANN thread, Facebook page and Twitter handle)
3: Articles must be Longer than 500 words; less than 500 words will not be accepted.
4: Videos must be at least 1:30 minutes long; shorter than that will not be accepted.
5: Article must have these 2 Links, (a) official website: https://lalaworld.io/ ;  and the (b) Whitepaper: https://lalaworld.io/whitepaper.pdf ; and an additional link of your own Bitcointalk profile at the bottom of your article to prove your authorship.
6: In the description of the Video, you must have one link of your official website, one link of the whitepaper, and one link of your own Bitcointalk profile to prove your authorship.
7: Medium, Steemit, Newbium, and other general/free blogging platforms are allowed but only one post of any person will be accepted in those platforms, and 3 Posts/Articles will be accepted for .com, .net, .org, and other premium websites and blogs.
9: Manager and Owners will have the rights to change any rules, or make any changes if necessary.

Read our Whitepaper

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LALA World Bounty Program: Translation Bounty

LALA World bounty

Hello people! We introduced you all to LALA World Bounty Campaign in the previous blog. As promised, here we are to talk more about the campaign.

Of course, the details are available on Bitcointalk forum: https://bitcointalk.org/index.php?topic=2296769.0

And you also know by now that the budget for LALA World bounty campaign totals 7.2 Million LaLa Tokens, 3% of the supply equals 4500 ETH or 1,350,000 USD according to our hard cap of 150,000 ETH.

All these Bounties will be paid directly to all eligible wallets at the end of Main ICO Phase.

The General Rules for the Bounty Program are as follows:

  1. Payment Address will not be changed. Once the LALA World bounty seeker applies for eligibility using an address, that address will be locked. Everyone is responsible for protecting their address and private keys. So please do not click on any links you receive through suspect looking email ids or slack PMs.
  2. The LALA World Bounty seeker must join our telegram group to participate in this Project’s bounty program. Without joining the telegram group, you will not be counted on any Bounty. The telegram link is: https://t.me/LaLaWorld

 

Let us look at some details today for the Translation Bounty Campaign:

Budget is 20% of total bounty pool (1,440,000 LALA Tokens), reserved for all valid translators and community managers. Translate LaLa Token ANN thread, Whitepaper and Manage local community/thread and get your Reward.

Payments will happen as follows:

  • Whitepaper translation: 200 stakes
  • ANN Thread Bounty thread translation: 150 stakes
  • Moderation: 5 stakes for each post (only OP)

To reserve a language, please post your interest with some of your previous translation work.

 

 

Here are the Rules and Terms for Translation Bounty:

1: Translations must be original. Using any kind of tools such as Google are not allowed. If found using these tools, the translator will be blacklisted.
2: ANN thread translator will be responsible for the moderation as well (we have additional rewards for moderation). The translator must keep the thread active by translation of official announcements, news, posts.
3: We do not want any Single Post Dead Thread. If you failed to keep the thread active and up to date, your reward can be reduced to 50% of the actual payment, or you would simply be disqualified.
4: Increasing the moderation post count by spam posts, posting false posts or paying other to ask questions in your thread is not allowed.
5: Newbies, i.e. users with no previous experience of translation will not be accepted. Always ask before beginning translation and post your previous translation work.
5: Manager and owners reserve the rights to add rules, or make any kind of reasonable changes.
More on LALA World Bounty Program in our next blog! Stay tuned!

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How LALA World Plans To Make Cryptocurrency Useful In The Future!

cryptocurrency

Technology continues to make life easier. Everything, from shopping to social connect, to digitizing the cable network, has been done to provide the factor of convenience. With the advent of technology, transferring money in the form of cash, cheque, demand drafts, or money orders, may seem like ancient and useless methods. These methods are far less popular when compared to faster electronic methods for transferring money between accounts, states and even across borders. But the cheapest method of transfer still varies from person to person depending on their circumstances and their ability to afford the cost.

Unfortunately, when it comes to transfer of money through phones and other advanced digital options, convenience comes with potential risks. There is a need to protect funds and personal information by being aware of the drawbacks to such methods and the security issues that entail them. There is an abundance of hacking and cloning methods, and tools, that are not very difficult to get hold of.

To prevent people from falling victim to these risks, fintech corporations have come up with the concept where you can encrypt your assets to send them safely to another user, without being bound by excessive regulations and through a completely legal process. Cryptocurrency is a digital currency system that makes use of peer-to-peer (P2P) exchange platforms, is normally decentralized and facilitates the capability of processing digital transactions. The currency holders maintain virtual wallets which can hold such transactions.

Cryptocurrency has been in existence for quite some time but was not properly acknowledged. In the present scenario of digital advancements and evolution of money transfers, the process and concept of cryptocurrency have come into limelight. They have generated the tremendous amount of attention as well as controversies after they started being used as a convenient alternative to the world’s leading currencies like the US dollar, the Euro, and commodity assets such as gold and silver. These currencies are quite comparable to those of real money that can be used in purchasing products and obtaining services. Their flexibility allows them to be used for buying automobiles to buying a cup of coffee.

LALA World is introducing an Ecosystem for the underbanked population by harnessing the power of Ethereum & Hyperledger blockchains and bridging the gap between real and crypto world. It is a new-age one-stop wallet based service that, with the help of tokens based on Ethereum’s technology, provides financial inclusion to the underbanked population of the world as well as allows investors to capitalize on the rise of blockchain technology. By creating a whole new P2P infrastructure, LALA aims to revolutionize the way individuals, small businesses and entrepreneurs transact, make payments, borrow, lend, and conduct other basic financial services.

The LALA World Ecosystem is a complete financial ecosystem that consists of 5 major products;

  1. LALA Transfer        2. LALA BillPay              3. LALA Lends           4. LALA ID                5. LALA Card

LALA Transfer is a Peer-to-Peer local and global remittance that can hold fiat as well as the cryptocurrency. It is an essential service required for migrants working abroad who send money home to their dependents. LALA Bill Pay is designed to be a local and international utility, which facilitates any bill payments via country-specific partners for both Crypto and Fiat currencies.

LALA Bill Pay can process bill payments at the push of a button. This is being facilitated by building partnerships and cooperation with local government agencies.

LALA Lends is a borrowing & lending service that provides the money-lending facility in the form of cryptocurrency, with EMI’s. It provides Peer-to-Peer and EMI based lending for small business and micro-entrepreneurial projects.

LALA Card, a virtual and/or physical debit card (and in time to come credit card), is synced to the LALA Wallet and ensures that you have easy access to your assets. It will be usable at millions of PoS globally.

LALA Wallet will be your single point access to all financial services in the LALA World ecosystem based on your global identity – LALA ID.

LALA ID will be able to consolidate all physical and digital identity into a single secure & private ambient identity, pointing to a secured trusted dataset about the individual, thereby enabling easily individualized interactions in the physical and digital world across multiple vertical applications and complement existing identity solutions.

Blockchain startup LaLa World aims for financial services for all

financial

Traditional banking started some four centuries ago when a bunch of extremely clever Assyrian and Sumerian traders began making grain loans to farmers and traders carrying goods between cities. Lenders in ancient Greece and Rome sat outside temples and made can 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 essential and robust 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 genuinely 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 real 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.

Blockchain

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 genuinely 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.

Blockchain

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 purchase 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% of 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.

Blockchain

The emergence and popularity of connected smartphones have offered a flexible, seamless and secure 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.

Blockchain

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 microlending, 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 comfortable.

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 for reaching every underbanked and underserved person in the world. It aims to be a pure vehicle of financial inclusion. LaLa World is all geared up to bring this dream into reality.

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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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