BanQu works by connecting the unbanked to the global economy through a secure, immutable, and distributed ledger of financial and personal records using blockchain technology. Since 60% of the 2.7 billion unbanked people already own mobile phones, these devices make the best platform for these people to connect to the global economy.
BanQu allows the unbanked to set up a personal digital identification profile while connecting to their banked network including family, friends, small businesses, and associated NGOs. As they start accumulating a transaction history on the BanQu blockchain, the unbanked also develop a tractable, vetted financial and personal history. Our blockchain platform allows people to record a variety of transactions including remote purchases, funded wallets, term purchases, cash disbursements, property records, health records, education records, and credit histories among others. This economic Identity provides a baseline for the unbanked to participate in the global economy.
BanQu’s platform allows financial institutions to leverage its preventive and detective capabilities to assist them with the regulatory and compliance financial issues when dealing with the unbanked such as anti-money laundering (AML), know your customer (KYC), reopening of closed economic corridors, and suspicious activity reporting by providing the institutions with the user’s global financial identity components as captured in their blockchain.