How LALA WORLD is connecting poor families through its global financial ecosystem
Family is not an important thing, it is the ONLY important thing! Our families are at the center of all of our activities. The word ‘family’ is not bound by a blood relation; it applies to anybody with whom we have developed a bond of love, affection or respect. When the whole world turns back on you, your family would still welcome you with open arms. No doubt, we would do anything for our families and their happiness.
“Life’s most persistent and urgent question is, ‘What are you doing for others?’”
– Martin Luther King, Jr.
To be able to provide for their families, millions of people migrate to other countries for the prospect of a better job with higher pay. They leave the comfort of their homes and the warmth of their familial relationships because they know in their hearts that the sacrifice that they make will enable their families to live a better life back home. In its effort to answer the question by Dr. King, LALA World has set about to make a difference into the lives of these millions with its simple mission — “Making Human Lives Better.”
According to the Migration and Remittances Factbook 2011, more than 215 million people live in a country other than the one they were born in. Such a huge number of migrant workers also send a large amount of money as remittance back home to their families in their country. The country that received the most money remittances as per the 2010 data was India, followed by China, Mexico and France. In effect, more than $440 billion is moving around the world, the result of the hard work and sacrifice of migrants.
That migrants face tremendous amounts of problems would be a gross understatement. Apart from the obvious problems of settling in an alien land with curious customs, culture and different people comes the overbearing hurdle of financial non-inclusion. Getting these migrants into the financial mainstream is a difficult proposition.
Migrants often send a majority of their earnings back home to their families and to do that, they have to rely on intermediaries, many of whom are unscrupulous middlemen ready to make a quick buck at the expense of the poor migrants. Intermediaries like remittance platforms and banks often charge hefty transaction fees or commissions. The migrant population is suppressed in terms of the remittance facilities that they have available for them. This suppression needs to end and the only way to do this is to empower the people at both the ends of the transfer.
The uplift of these people is the driving force behind the development of diversified solutions through the use of technology and the network of LALA World. The solution that LALA World has developed for tackling the pertinent hurdles involved in global remittances is LALA Transfer. It is one of the most comprehensive remittance solutions available with a mix of traditional remittance aggregators (they are not going anywhere soon), peer-to-peer local and global transfer of funds and stellar Blockchain technology, all enabled on a single robust platform — LALA Wallet, a global Wallet for all your financial needs.
LALA Transfer will facilitate the remittance of money at a very nominal fee and aims to empower the migrants with the knowledge that they can send their money to their families back home at a very low cost than ever before. This knowledge gives them the confidence they need to go work in an unknown land and not worry about how their money will reach their families. This kind of assistance will definitely put their minds at ease because they will be assured of the least interference and the immediate transfer of their hard-earned money at the lowest costs.
LALA World has a vision to enable and empower the unbanked through the revolutionary blockchain technology. By ensuring that the people who have been at a disadvantage owing to the current regulations and scenario are benefitted by their services, LALA World wants no one to suffer due to the inefficiencies of the current banking system. The philosophy of LALA World is to reshape the financial ecosystem by making it decentralized (eventually) using the blockchain technology. To that effect, LALA World has in store a variety of products to make the lives of the people, especially the unbanked masses, simpler. LALA Transfer is one such product. By using LALA Transfer, a migrant will have peace of mind and his family will be able to enjoy a better life owing to the increase in the remittance resulting from lower transaction and exchange fees. The migrant and his family will be secure from any misappropriations in the amount of money transferred and there will be no need for dealing with any agent or other such intermediary. LALA Transfer, along with a host of LALA World products, will definitely bring families closer and promote financial transparency among them.
