Blockchain enabler to boost efforts to tap unbanked sector

Published June 19, 2018, 12:00 AM

by manilabulletin_admin

By Jonnah Lynne Pante


Business booster and financial technology startup Traxion is ready to bolster its efforts in financial inclusion through a partnership with sari-sari store owners nationwide.

According to Jorge Azurin, Traxion Co-Founder and Business Strategist, Traxion will reach to the unbanked sector by tapping 600,000 sari-sari store owners to serve as alternative banks in areas far from the Metro.

This will allow residents of provinces with lesser presence of actual banks do financial transaction in sari-sari stores, like depositing and withdrawing cash.

Azurin added that this will be done by introducing sari-sari store owners the basics of blockchain technology.

“We aim for financial inclusion. We’re talking of 2.5 billion of the unbanked and the underbanked. What we’re trying to do is to bring them to the forth of technology. Blockchain is a very good opportunity,” Azurin said.

Traxion is also planning to equip farmers with blockchain through iFarms, an agri-tech startup company.

Aside from iFarms, Traxion also supports other startup companies in different sectors of health, agriculture, and business among others.

Traxion has also tapped the Seamanpreneurs Consumer Cooperative (SEACOOP) to help seafarers transmit and receive money to and from their families, and vice versa. Around one million members of SEACOOP can do financial transactions through the use of an electronic wallet called the TraxionWallet.

Traxion has recently launched its initial coin offering (ICO) in May with 250,000,000 tokens (TXN) up for sale.