SINGAPORE, June 6, 2018 /PRNewswire/ -- Asian blockchain and artificial intelligence (AI) technology company LaLa World today announced a strategic partnership with blockchain-powered remittance company Rebit.ph ("Rebit") to expand its payment networks. With the partnership, LaLa World will bring increased access to financial services for the unbanked in the Philippines, a major step towards its goal of global financial inclusion.
Founded in 2016, LaLa World is an established and fast growing Asian technology company using blockchain to create a connected financial ecosystem for the unbanked, migrant labourers and refugees. Its vision is to reach 100 million people by 2020 and bring financial services to the disadvantaged around the world.
The partnership with Rebit, a pioneer in blockchain-powered remittances in the Philippines, will remove technological barriers and enable greater access to financial services in the country. According to the World Bank, the Philippines is the third largest recipient for remittances in the world, with a total of US$32.8 billion transferred in 2017, amounting to 10.8% of its gross domestic product (GDP).
"With two billion unbanked around the world, LaLa World wants to create a financial ecosystem that would cater to their needs and improve their lives. We are delighted to have a partner in Rebit that shares the same beliefs. With each new partner on board, we are inching closer towards our goal of global financial inclusion and becoming the go-to digital bank for those who do not have access to banking services," said Sankalp Shangari, Founder and Chief Executive Officer of LaLa World.
"Rebit started off as a remittance platform with the aim of providing universal access to vital financial services. Our blockchain infrastructure, coupled with LaLa World's expertise and established financial products and services, could be the key in enabling easy access to financial services for those in the Philippines. We look forward to working closely with them through the partnership," said Miguel Cuneta, Co-Founder and Chief Community Officer SCI Ventures, the company behind Rebit.ph.
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About LaLa World
LaLa World is an established and fast growing Asian technology company using blockchain to create a connected financial ecosystem for the unbanked, migrants and refugees around the world. Founded in 2016 and headquartered in Singapore, LaLa World is a social business with a presence in 5 countries and over 100 global partners including government agencies and NGOs.
The foundation of the LaLa Ecosystem is a digital wallet providing a digital ID, LALA ID, and comprehensive scoring, LALA Score that opens the world of financial services from micro-lending, LALA Lends, to savings -- quickly, cheaply and accessibly.
LaLa World's vision is simple -- to touch 100 million lives by 2020 and make them better.