Mexico City, Mexico – Uulala announced today it will initially launch its global financial platform in Mexico; a fintech friendly country with a regulatory framework for financial services that supports open banking. As a minority-owned company and a mission-driven organization focused on empowering the unbanked and underbanked globally, Mexico represents the perfect country to launch because 70% of their population is either unbanked or underbanked.
According to Oscar Garcia, Founder & CEO of Uulala, “We believe our technology is a shining example of a mission-based company that will help the citizens of Mexico build their credit and help local businesses generate incremental revenue. We’ve solved a few critical issues plaguing the cash-based consumer. First, through our peer-to-peer loading locations, a user can load cash into their digital wallet and secondly, once the funds are loaded, they can be leveraged to build credit. With Uulala’s banking core technology, blockchain, mobile app, and partnerships, we’re set to facilitate and accelerate financial inclusion of the many people of Mexico who don’t have bank accounts.”
Once users have loaded in funds, they instantly have access to a virtual MasterCard to participate in ecommerce or other purchase means. Users can send payments across borders, pay their bills or top up their cell phone minutes all within a mobile app. The Uulala platform is a unique system that tracks all financial activities and combines that with blockchain technology to show an immutable ledger with the level of creditworthiness a user possesses.
Uulala has attracted global partnerships with organizations that have an aligned mission to impact the lives of the underserved, those partners include the likes of Humanity 2.0 and Laudato Si’. The mission of Humanity 2.0 is to identify impediments to human progress and work collaboratively across sectors to remove them by sourcing and scaling bold and innovative solutions. The Laudato Si’ Challenge seeks to sustainably improve the lives of 10 million people excluded from Our Common Home by 2020 —anticipating the SDG2030 objective of leaving no one behind—through businesses that are: sustainable, empowering and ethical.
Uulala has created a decentralized peer-to-peer network to load cash into the digital economy. Once users have loaded in funds, they instantly have access to a virtual MasterCard to participate in ecommerce or other purchase means. Users can send payments cross borders, pay their bills or top up their cell phone minutes all within the mobile app.