LALA World is a wholesome ecosystem for the unbanked globally, starting with the migrants and their families back home initiating with Asia and Africa, providing a decentralized way for everyone to use basic financial services, faster and cheaper.
The migrant and their unbanked families in emerging and frontier markets have been suppressed for the longest time without any access to basic services, financial or otherwise. About 2.4 billion poor people worldwide are often excluded from free movement, basic rights which often leads them to corruption, crime, including slavery, human trafficking and in extreme cases, death.
Banks, financial institutions and even local financiers do not participate in these markets because they are not able to adequately assess price risks. Lack of reliable identification systems, financial data, unreliable intermediaries, zero credit history and unpredictable legal systems further limit the capital available for financial inclusion at grassroots. This uncertainty and severely limited access to financing and other financial products cripples’ individuals, micro entrepreneurs, small businesses, stymies growth and entrenches poverty. LALA World is all set to change that.
For decades, the current financial system has been controlled and centralised. Numerous attempts to create a central clearing system like SWIFT, CHIPS, various clearing houses, for domestic and international payments systems etc. are largely contractual arrangements between two parties with greater influence by geopolitical factors.
Blockchain comes as a blessing in disguise to truly create a decentralised, peer to peer network, distributed among the value holders. From humble beginnings in 2008, Blockchain and cryptocurrencies are becoming mainstream today. Further, developments in the blockchain space continues to take place at a faster pace than ever before. Several corporate, governments and developers are working on different aspects to improve this technology but there are three major aspects of Blockchain being implemented over the next few months which we believe will work wonders for LALA World and the unbanked. These are: