The last three weeks we have seen Coco, a colorful Disney film about the celebration of Mexico’s Day of the Dead, rule the box office amassing a total of $135.5 million in the US according to Variety. This animated film has consistently beat out films like The Justice League making a strong statement that the Latino culture is booming. You don’t have to look further than the Billboard Charts to see many Latin songs in the top 100 including the most streamed song ever Despacito. In the US alone the Latino GDP tops $2 trillion according to the Latino GDP report, however, there is a great disparity with Latinos using traditional banking systems.
According to the World Bank Global Findex, there are over 210 million unbanked adults living in Latin America. Of those adults in Brazil with an account, 64% of them still use cash to pay their utility bills. In the United States, there are over 23 million underbanked Hispanics, surveys have shown a lack of trust, complicated fees and lack of banking access as top reasons why Hispanics do not have an account.
Uulala is a minority-owned, blockchain based, US company with the majority of shareholders being first or second generation Latin Americans. Uulala is a mission-driven organization to facilitate and accelerate the financial inclusion of the under-banked and unbanked population across the Americas. Uulala empowers the under-banked communities of the world through the Uulala platform by providing financial tools for them to build credit, send money, participate in ecommerce and elevate out of a cash-only environment. Uulala will drive change and betterment of their culture through the massive social impact their banking platform and mobile app can have on a culture that lacks trust in traditional banking systems. The Uulala platform not only provides ways for Latinos to participate in secure financial transactions, build credit and provide remittance services but also gain access to entertainment and shopping services that were once out of reach because of their banking status.
According to Pew Research center, 70% of Latinos over 18 have access to a smartphone making the demographic the fastest growing user in the smartphone space. Uulala will be the ecosystem to create markets that previously did not exist and will provide social impact for generations as the financial tool for Latino banking solutions. Uulala provides financial services such as remittance, digital credit building, micro-loans, bill pay, cashback rewards, B2B services, and financial education. Uulala is launching via an Initial Coin Offering (ICO) in 2018 and is in private presale stage now. To learn more about the Uulala token sale please visit https://tokensale.uulala.io/ and review the whitepaper.
Matthew Loughran is a highly accomplished Senior Executive, C-Suite Officer and Entrepreneur in the FinTech and 4IR industries. He holds a B.S. in Biology and Marketing from Loyola University Maryland, an Executive M.B.A. from Washington State University. Matthew writes about innovation, marketing, and human capital management; and is a tech radio-host (Future Tech—WCKG Chicago and iHeart Radio syndicated). Matthew is a TED Educator and contributing author to Business 2 Community, Small Business Trendsetters, Marketing Insiders, Business.com, and Thrive Global.