It has been said for a quite a few times that blockchain has the potential to change the world, and make many services that people in developed world take for granted available in emerging markets. Heck, cryptocurrencies themselves promised to remove the barriers for international payments and settlements. In a way, they succeeded but these benefits are still not widely embraced by the general public.
And so we have one company trying to change that, helping some 490 million unbanked and underbanked people across Southeast Asia access modern financial services.
Creating a fair and easy access to financial services
The name of the company pursuing this bold goal is TraXion, and it argues that only 54 percent of adults in developing countries have access to a bank account. This is even more keenly felt in the Philippines, where 80 percent of families are unbanked or underbanked, and credit cards are owned by just 3 percent of the population.
TraXion aims to create “fair and easy access” to a suite of services — including low-cost remittances, savings accounts, cashless payments, peer-to-peer lending and insurance. The company believes that such offering has the potential to “rescue” a part of up to $42 billion from what it calls “the grey market.”
Furthermore, it aims to brings the “benefits of blockchain to everyday people, without needing to understand the underlying technology.” TraXion wants to do that by providing services through channels that Filipinos are familiar with, meaning customers would not require any technical know-how to use of the platform.
A suite of services
The company doesn’t want to enter the market with a single offering; rather it has a suite of services, some of which are already up and running:
- TraXionPay.com – allows merchants to send and receive payments using 20 different methods.
- TraXion Wallet – enables remittance payments and donations, as well as seamless transfers between crypto and fiat currencies.
- Azzurance – an insurance platform offering car, fire, property and travel insurance.
- BayaniHealth – which provides “flexible, tier-based healthcare packages.”
- GavaGives.com – which is dubbed as “the Philippines’ most popular crowdfunding platform.”
The payments and remittances platform is already live, and is reportedly being used by “up to one million maritime entrepreneurs and 600,000 convenience stores,” while two fruit plantations are “just waiting to sign up.”
TraXion believes this offering is great for the Philippines where a large number of migrants work as they would be able to more efficiently send money back home. And by “more efficiently” they mean considerably cheaper, delivering savings of up to 80 percent to customers. Furthermore, instead of days, payments on the TraXion network would take seconds to execute, with no agents and other intermediaries to deal with.
And once it conquers the Philippines, the company plans to “quickly expand” to other places where its platform could be of great use.
TraXion’s token presale is up and running
TraXion began its presale on May 1, 2018 and is expected to end it on July 30, offering a total of 45 million TXN tokens during that period. The company’s crowdsale will run from August 1-31.
In the meantime, it has already created a development hub for creating blockchain solutions for financial institutions, to help generate revenue. Once the token sale is complete, however, all the focus will be on enhancing the functionality of the TraXion wallet, and adding smart contracts to the mix. A crypto trading feature with support for major cryptocurrencies is expected to be introduced by the end of the year.
Founder of GavaGives, Ann Cuisia-Lindayag — who has 20 years of experience in IT — is the chief executive of TraXion. She says they have a proven track record and a clear vision to empower the nonprofit sector.
“We are passionate about social impact and dedicated to creating a financial solution for the common good,” Cuisia-Lindayag concluded.