Uulala has solved a few critical issues plaguing the cash-based consumer. First, how does the consumer load cash into the formal economy? Secondly, once the funds are loaded, how can they be leveraged for the consumer to establish or build credit? The Uulala platform solves these issues through the implementation of its banking core technology, blockchain, and mobile app.
Uulala has created a decentralized peer-to-peer network to load cash into the digital economy. Once users have loaded in funds, they instantly have access to a virtual MasterCard to participate in ecommerce or other purchase means. Users can send payments cross borders, pay their bills or top up their cell phone minutes all within the mobile app. The Uulala platform is a unique system that tracks all financial activities and combines that with blockchain technology to show an immutable ledger with the level of creditworthiness a user possesses.
“For Bermuda to go from just the legislative concept nine months ago, to our first ICO now, with Uulala, is magnificent,” said Wayne Caines, Bermuda’s National Security Minister with responsibility for ICT Policy and Innovation. “When you consider the commercial opportunities, and also how it will change life for people in Latin America through this new platform for lending, it represents a dynamic shift for our age. I’m so excited Bermuda has the opportunity to partner with Uulala in this endeavor, our jurisdiction’s first ICO. It marks a fintech milestone and ushers in a new era for the island.”
“Bermuda has been a global financial center for years with a reputation of financial excellence for global business. When we found out that Bermuda created a regulatory framework for FinTech and Blockchain innovation, we knew we had to be a part of it,” stated Oscar Garcia, Uulala’s CEO. “When the announcement came out that Bermuda was creating a full set of regulatory parameters to govern digital assets, we felt that the government was poised to do it right. After going through the due diligence process we know they set a high standard and we welcomed the scrutiny, it displayed the digital asset space is in the right hands. It is an honor to be the first company to meet the Bermuda Standard. We look forward to being ambassadors for this global financial hub in the Blockchain and FinTech space as we accomplish our mission of helping millions of underserved,” added Garcia.
Uulala has attracted global partnerships with organizations that have an aligned mission to impact the lives of the underserved, those partners include the likes of Humanity 2.0 and Laudato Si’. The mission of Humanity 2.0 is to identify impediments to human progress and work collaboratively across sectors to remove them by sourcing and scaling bold and innovative solutions. The Laudato Si’ Challenge seeks to sustainably improve the lives of 10 million people excluded from Our Common Home by 2020 —anticipating the SDG2030 objective of leaving no one behind—through businesses that are: sustainable, empowering and ethical.
Uulala is a minority-owned corporation with the majority of shareholders being first- or second-generation Latin Americans. Uulala is a mission-driven organization to facilitate and accelerate the financial inclusion of the underbanked and unbanked population across the Americas. Uulala empowers the underbanked communities of the world through by providing financial tools for them to build credit and elevate out of a cash-only environment.