Centaur is Proliferating Accessible Remittance Opportunities with Anak Indonesia
Charities and non-governmental organisations (NGOs) are an integral part of the modern social safety net, and they play a pivotal role in helping communities with pressing needs, economic or otherwise. Broadly speaking, the primary role of these entities is to put donations towards improving the lives of their beneficiaries via direct disbursement or through the funding of crucial services. However, some social enterprises aspire to make a meaningful impact on the lives of their target groups not by simply feeding them for a day with fish, but equipping them with the necessary tools to enable them to fish.
Amongst them, Anak Indonesia (AI) aspires to carry out the latter through an innovative mobile banking application which permits overseas foreign workers (OFW) to remit much-needed funds back to their families in a secure and transparent manner. Although its offerings fall into the realm of centralised finance, its commitment to proliferating such opportunities for those who face hurdles to accessing traditional banking has demonstrated strong philosophical synergies with the underpinnings of decentralisation — and this compatibility has formed the basis of a new collaboration with Centaur.
The Criticality of Accessible Finance
Founded with the intention of aiding Indonesian OFWs who are vulnerable to predation by unscrupulous operators without proper licenses or loan sharks,
without necessitating high levels of technical literacy or formal education.
The onboarding process is simplified and only a mobile phone and internet connection are needed to access its comprehensive suite of identity-management and financial solutions, including an encrypted chat for communication with NGOs and job-search portal. Besides this, its credit rating metric gives participants a crucial tool for determining whether or not they are eligible to borrow capital, as well as encouraging them to save and manage their earnings judiciously.
Furthermore, its native wallet allows migrant employees to receive their salaries and for monetary exchanges between peers in an instantaneous and highly intuitive manner. US$50 million in liquidity has been raised for microloan provision and financial assistance to those who require it, in addition to another US$2 million in discretionary aid support. Thanks to its success in reducing the direct costs of most essential services by between 30 to 50%, the insurance premiums and transfer fees which AI provides are already considerably more affordable than the industry standard, achieving a large user base may eventually permit members to negotiate for even lower fees if they have exceptionally pressing needs.
Making Banking Accessible with Centaur
While the bulk of the developments within the Centaur ecosystem have thus far been centered around the DeFi, the simultaneous amelioration and fortification of its TradFi capabilities is going to enable its current partner to use the Centaur Chain as a settlement layer for remittance transactions. In return, AI will be assessing the viability of using CNTR for payments through an upcoming pilot test, which could expose it to a wide audience who are just beginning to appreciate the speed and security of cryptocurrency.
Both parties may eventually explore the possibility of using the main network to facilitate microloan and policy coverage-related transactions, in pursuit of further optimising their efficiency. Through this ongoing exploration of ways to improve crucial TradFi mechanisms using the technology which typically undergirds DeFi, Centaur remains committed to fostering a complimentary interplay between the composite halves of centralised-DeFi.
By combining the best elements of decentralised finance with measured regulatory control, Centaur is bridging DeFi and traditional finance. For more information, please visit our website, join our Telegram community discussion group and announcement channel.