Blockchain Ecosystem to Give Unbanked Access to Financial Services in Developing Countries

A new blockchain-based ecosystem is vowing to help 490 million unbanked and underbanked people across Southeast Asia access modern financial services.

According to TraXion, only 54 percent of adults in developing countries have access to a bank account.

The platform is hoping to create "Fair and easy access" to a suite of services including low-cost remittances, savings accounts, cashless payments, peer-to-peer lending and insurance.

TraXion says its token "Brings the benefits of blockchain to everyday people, without needing to understand the underlying technology." It wants to provide a flawless service through channels that Filipinos are familiar with, meaning customers would not require any technical know-how to enjoy the full use of the platform.

A suite of six servicesThe company has broken down its offering into six different services - some of which are already up and running.

The TraXion Wallet is designed to enable remittance payments and donations - enabling users to transfer cryptocurrencies and fiat money with ease.

Some of the other services on offer include Azzurance - an insurance platform offering car, fire, property and travel insurance - and BayaniHealth - which provides "Flexible, tier-based healthcare packages." Rounding off the collection is GavaGives.com, which has been billed as "The Philippines' most popular crowdfunding platform."

TraXion argues that, currently, international transactions in developing countries are extremely inefficient - a problem exacerbated by the large number of migrants who work in the Philippines.

Its crowdsale will run from August 1-31.It has already created a development hub that's designed to create blockchain solutions for financial institutions - helping to generate revenue.

Once the token sale is complete, the company's focus will turn to enhancing the functionality of the TraXion wallet - and enhancing its existing platform with smart contracts.