BANKEX is Breaking The Cycle of Poverty

For decades, technology has reduced global poverty significantly. Although many people have been able to leave poverty due to this, however, still more than 1.3 billion people live in extreme poverty. Extreme poverty is defined as having less than $1.25 to spend every day. There are a wide variety of causes for poverty, which differ per country, but in general causes for poverty include: lack of education, environmental problems, lack of access to banking facilities, lack of legal ownership of property, lack of rule of law, overpopulation, epidemic diseases or changing trends in a country’s economy.

It is certainly easy to take financial transactions for granted if a credit card and mobile banking app were easily accessible on a daily basis. But for the billions of underbanked, such facilities and credentials are currently difficult to establish. We nee to build a recognizable, vetted identity, which is the base prerequisite to participating in any form of ownership or transactions in the global economy.

BANKEX is helping the marginalized goes beyond the infrastructure for transactions. The real value in pulling people out of poverty in the long term.

The platform which provides the ability to access capital markets directly between users without a centralized authority. The secure and immutable nature of the blockchain offers a way to share sensitive user data without worrying about the information getting lost or altered along the way.

BANKEX is building Internet of Assets (IoA) on the principles of Bank-asa-Service (BaaS), powered by Internet of Things (IoT) and Artificial Intelligence (AI) technologies. PoA protocol is open for 3rd party fintech providers, AI and IOT labs, traditional financial institutions and asset owners.

BANKEX award-winning technologies can provide equal economic security includes tokenization of property ownership, access to banking facilities and a fair and transparent rule of law, which includes rules that everyone understands and respects. Especially in developing countries these three economic securities (property ownership, access to banking facilities and rule of law) are often lacking. These countries often have a large informal economy, which results in less respect for ownership or financial and legal rights, making it expensive to abide by the law.

Imagine when a man in a small village in Africa that previously has no access to financial services, now can use BANKEX platform, tokenize his assets and get the fund to build his own business.

Increased access to banking, availability of rule of law and respect of property ownership reduces the size of the inequality. Reducing the inequality has significant advantages including increased protection for consumers, increased job security for workers and enabling small office home office to grow bigger, all contributing to reducing poverty.