Consuelo Offers Blockchain-Powered Microinsurance to Migrant Workers
Bitcoin and blockchain technology have the ability to bring financial services to the unbanked that otherwise would be unavailable to them. Mexican mobile payments platform Saldo.mx allows to pay for their loved ones’ utility bills across borders. Saldo recently debuted a microinsurance service, Consuelo, to allow users to easily use a fixed health and life insurance policy. CoinTelegraph spoke with Marco Montes Neri, founder of Saldo, about the company’s blockchain-powered microinsurance initiative. CoinTelegraph: What prompted Saldo to start dealing in microinsurance? Marco Montes Neri:....
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In 2010, more than $5 billion was sent back home from Indonesian migrant workers across the world, up 2.44 percent from 2009 ($4.91 billion). That number may seem huge but, in the grand scheme of things, it's very small. Through the process of remittance, $436 billion looked to be sent back home in total during 2014 - before the banks took their cut through fees. According to a report by the World Bank, in 2013 the global average cost of sending remittances was 8.58 percent - a decline from the previous year but a large cut nonetheless. If a similar average fee remained in 2010, as a....
A successful blockchain remittance pilot has seen over 100 participating migrant workers transfer money to Myanmar, their homeland, instantly. Everex, an Asian blockchain startup focused on financial inclusion in the region facilitated transactions totaling over 850,000 Thai baht (approx. $24,000), using its wallet over a blockchain. The Thailand-based Fintech startup revealed that the successful pilot used the Ethereum blockchain, adding that the remittance transactions incurred no transaction fees for both sending value and currency conversion. Furthermore, transfers went through in....
The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post. In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender. Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment. The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a....
Hong Kong-based Bitspark Limited, a bitcoin remittance company, has announced a new partnership with Malaysian Vitaxel Group. Vitaxel Group, which specializes in multi-level marketing, has more than 5000 distributors in 16 Asian countries. And together, they aim to expand the bitcoin remittance services throughout Southeast Asia (S.E.A). Remittance in....
Freelancers and Contract Workers to Soon Benefit from a Blockchain Powered Recruitment Platform Bitcoin has been a game changer in the banking and financial sector. The digital currency and its underlying technology have already proven that it can increase the efficiency of the financial industry while cutting down costs. Now, the very technology is made available to the freelancers and contract workers by ChronoBank. With more people looking for challenging, out-of-the-box jobs with flexible work hours, the short term job market has turned highly competitive for the potential employees.....