A Fair Financial Future for All?
Like most people, my answer to the above question was ‘no’ until I heard about a new blockchain startup called Lala World — an exciting new ecosystem set to liberate the 2.4 billion people who are unbanked and undeserved.
Currently one third of the world’s population are deprived of financial accessibility. Think about life without access to basic financial services and the how much harder every day activities would be. A bit like the domino effect, the lack of legitimate financial services leads to wider socio-political problems which then leads to corruption, crime, human trafficking and the list goes on. Developed countries blossomed a long time ago, while many countries and communities struggle to move even a few steps forward. Billions of people continue to suffer under financial suppression because established corporations and even local companies refuse to engage due to the higher risks involved.
Waving Goodbye to the Centralized System
The root of financial inequality is embedded in the centralized system which until recently, has had the monopoly in all financial and economical arenas. Blockchain technology has been bubbling under the surface since the financial crash in 2008, but only now are companies including Lala World emerging to organically change the mechanics of industries at grassroots level. The ultimate goal is to create a fair distribution of wealth and give the power back to the people.
The Lala World ecosystem is a simple formula comprising of blockchain and financial inclusion and provides all the services of traditional banking and more through a smartphone — the only thing required is an internet connection. Peer-to-peer lending and mobile money is fast becoming a common mode for transactions and with 50% of low income countries using smartphones, digital remittance is instant on the Lala blockchain ecosystem using both crypto and fiat currencies for those less familiar with digital money. At the core of the Lala Ecosystem is the Lala Wallet- the digital access point for all financial services. To access the Lala Wallet all users are assigned a unique Lala ID which is created using fingerprints, facial recognition and other biometrics which are safely stored and verified one global blockchain.
The Lala World platform is completely safe and reliable and conforms with KYC and AML verification. Unlike applying for a bank account, onboarding onto the Lala World ecosystem is hassle-free without tedious paperwork and long queues.
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Five Unique Services
Once you have created a Lala ID, a wealth of services are ready to use. Synced with the Lala Wallet is the Lala Card which is a debit, credit and loyalty card all in one. You control the amount you load onto the card which can then be spent at PoS, ATM and online. The more you use your Lala Card the more you earn in return — even more so for Lala Token holders which can be cashed in, traded or spent on numerous loyalty programs.
International and domestic remittance of crypto and fiat currency is done through Lala Transfer. As all payments are sent and received on a blockchain, Lala Transfer doesn’t incur extortionate fees from over-regulation and third-party brokers.
Similarly, Lala Bill Pay allows you to pay bills and utilities in fiat or crypto to collaborating partners in over 180 countries.
The most distinct service in the Wallet is Lala Lends which is a peer-to-peer lending service for small businesses and individuals at local and international level. Borrowing and lending money on Lala Lends is fee-free and is based solely on a P2P system to encourage entrepreneurial start-ups and help community projects prosper.
Last but not least, Lala Kit is a MVP hardware-meets software kit designed for everyone but aimed particularly at unbanked areas, small businesses and migrant workers. The Kit works by activating the Lala ID and syncing the device with the android phone provided for a simple way to be paid and receive money. The Kit will be sold online and also in corner shops, shops and partner locations to attract smaller and micro businesses who require hardware to operate.
A Promising Start
Lala World already has already established key stakeholders including governments and NGOs who are working directly with local communities. The Lala World Ecosystem has been designed and built by an extensive team of market experts in banking, computing and blockchain who share the solitary vision of creating a wholesome ecosystem for the unbanked on a global scale. The only way this vision can be manifested is through a decentralized financial system which distributes value as opposed to wealth. Lala World will tackle financial exclusion and poverty which will push economic growth in unbanked countries. With the estimated revenue for banks within emerging unbanked markets at $350 billion by 2020, the opportunities are extremely promising.
The Lala World ICO went live on 5th January and tokens can be purchased on the Lala World website. Due to the popularity of Lala World several scams have been circulating, so please be wary and buy tokens from the official website only.
