As a researcher with a background in economic development and financial inclusion, I have witnessed firsthand the significant challenges faced by millions of unbanked individuals around the world. The lack of access to traditional banking services has hindered their economic growth and financial stability, forcing them to rely on expensive and insecure informal services that perpetuate financial exclusion.
In the modern, interconnected world, the ability to participate in the financial system is increasingly seen as a essential entitlement for individuals, as numerous people continue to be excluded from conventional banking services. The absence of this access can significantly impede their financial advancement and economic security.
Due to the emergence of neo-banks and cryptocurrency services, there is now a viable alternative for people without access to conventional banking in areas with limited or insufficient banking infrastructure.
One option among the proposed solutions stands out as Boxwind, which is dedicated to extending digital asset trading and financial services to those currently under-served.
The Problem of Financial Inclusion
Approximately 1.4 billion adults worldwide don’t use the services of a bank or mobile money provider, based on data from the World Bank. This phenomenon is particularly common in developing countries where economic volatility, insufficient infrastructure, and limited financial knowledge pose significant challenges to formal banking. The unbanked population frequently turns to informal methods, which can be costly and risky, perpetuating their exclusion from the financial system.
Neo-banks and Crypto Services
As a crypto investor, I’m excited about the rise of neo-banks and crypto services. Unlike traditional banks with their physical branches and high operational costs, these platforms exist entirely online. This setup offers numerous benefits for me as an investor. For one, transactions are decentralized through blockchain technology, ensuring secure and transparent management of digital assets. The lower fees are a major draw, especially when compared to the hidden charges in traditional banking. Additionally, I can easily access these services via my mobile device, making it more convenient for me to manage my investments on the go. Furthermore, these platforms cater to the underserved population who may not have easy access to traditional financial institutions. Overall, neo-banks and crypto services are revolutionizing the way we handle money in a digital world.
Neobanks and crypto platforms provide an expansive selection of financial solutions tailored to their clientele. Among these offerings are savings accounts, investment opportunities, and advanced digital trading tools. A standout aspect of these platforms is their exceptional customer service, essential for novice users unfamiliar with digital finance. Superior customer service fosters trust, facilitates platform navigation, and enables prompt resolution of any issues or concerns.
Boxwind: A Pioneer in Empowering the Unbanked
Boxwind, established in 2023 by the Exinity Group, serves as a pioneering digital exchange, extending financial services to the unbanked population. Its mission is to facilitate access to digital assets and empower individuals towards achieving financial autonomy.
With a robust background in online trading via esteemed brands such as Alpari and FXTM, The Exinity Group is well-positioned to expand and strengthen its presence. Meanwhile, Boxwind aims to equip users in developing economies with essential tools and knowledge for engaging in the digital asset marketplace.
As a crypto investor, I’m excited about the progress made by Boxwind since its launch. In September, we obtained our much-anticipated license, marking an important step forward. Following this achievement, we submitted our app to the iOS app store and conducted a soft launch in October. Although the product isn’t live yet, I find comfort in the fact that Boxwind is backed by the Exinity Group, which boasts over 2 million clients around the world. This partnership provides us with valuable resources and expertise as we continue our journey towards bringing Boxwind to life.
As a crypto investor, I can tell you that the team is exploring ways to expand their reach within their current network of clients. By tapping into the established trust and credibility of the Exinity brands, they aim to offer additional products or services to existing customers, thereby increasing revenue through cross-selling opportunities.
Mutually Beneficial Business Model of Boxwind
The business strategy of Boxwind presents a mutually beneficial situation for involved corporations and end-users. Corporations stand to gain from entering untapped markets, which translates to an increase in customer base and market dominance. Financial services offered by these companies provide additional sources of income through various means such as transaction fees, subscriptions, or premium packages.
Using the backing of Exinity Group, Boxwind can charge somewhat more than the market average while still remaining competitive. This premium is necessary to cover the elevated customer service expectations of our primary clientele and ensure long-term success.
Users greatly benefit from digital financial services as they promote financial inclusion, enabling individuals to save, invest, and control their finances effectively. Boxwind and similar platforms go beyond just transactions by providing educational resources, enhancing users’ financial literacy and confidence in managing their money wisely. The resulting empowerment can foster economic stability and open up prospects for personal and community advancement.
What are the emerging markets?
In these regions with the greatest potential for financial inclusion – Southeast Asia, Sub-Saharan Africa, and South America – platforms like Boxwind are making significant strides. Traditional banking systems have overlooked these areas, leaving them underdeveloped. Boxwind specifically aims to serve English-speaking markets initially, including Kenya, Nigeria, and South Africa, where they possess the linguistic resources necessary for effective communication and assistance.
Through concentrating on these areas, Boxwind aims to tackle the unique issues faced by users in these markets. Issues such as restricted banking facilities, elevated transaction fees, and insufficient financial knowledge. By providing customized solutions and strategic engagement, Boxwind will deliver a dependable and convenient digital asset trading platform for users to gain financial independence.
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2024-07-24 15:33