“At Spend, we believe the best approach in creating a highly efficient global commerce system is to digitize the currencies we use to make it wildly accessible to billions of banked and unbanked individuals worldwide”
The financial services industry is notoriously opaque. Today, if you need to perform a commerce transaction or exchange money with a loved one back home, there has to be a trusted third party like a central bank or government.
None of these intermediaries can provide real-time and accurate traceability of financial transactions. That’s the reality of the last 150 years of this financial system.
As a current rule of fact, a bank account is the first point of entry in a formal financial system. Currently there are over 2 billion unbanked individuals worldwide!
Given the abysmal pace of innovation in the traditional banking and financial services industry, achieving Universal Financial Access (UFA) by 2020 seems like a dream.
The industry has a mammoth task ahead of itself. We need to ensure financial inclusion of 2 billion unbanked adults worldwide, out of which 10 million are from US households. Significant portions of this population are immigrants and of ethnic communities.
“You don’t drown by falling down in the water, you drown by staying there” The time is ripe to digitize our global commerce and financial system by eliminating the dire need of intermediaries and interlocutors that choke by taking an outdated remittance system that is known for high processing fees throughout the transaction process.
“Digitizing payments even for agricultural goods could cut the number of unbanked by about 125 million, including up to 16 million in Nigeria revealed The World Economic Forum.” Spend.com and the Spend ecosystem of products aims to solve these issues globally.
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