As internet connectivity expands around the globe so do the benefits of blockchain technology and its potential to better the lives of those living in poverty. In Mexico, accessible financial services and insurance programs are vital to the improvement of the quality of life of Mexicans living below the poverty line. Saldo.mx, a blockchain startup in Mexico, helps facilitate this access.
Blockchain Startup in Mexico
A blockchain startup in Mexico has utilized the security of blockchain technology to meet the needs of Mexicans living in poverty. Saldo.mx offers Mexicans a secure and easy-to-use platform on which they can pay their bills using remittance money from abroad.
This is a significant development in the Mexican fintech market as Mexico receives billions of dollars in remittances from the United States each year, with $10.6 billion reaching Mexico in the third quarter of 2020 alone.
Especially during a time of economic crisis caused by the COVID-19 pandemic, the ability to securely receive timely remittances is crucial for the financial security of Mexicans who rely on remittance payments for their survival.
Saldo’s services have the capacity to reach millions of Mexican customers, as it has been estimated that by the end of 2020, upwards of 81 million Mexicans will have internet access and thus the ability to quickly receive and utilize much-needed cash without having to wait for physical cash to arrive from abroad.
Consuelo: Access to Affordable Insurance Plans
One of Saldo’s newer services is Consuelo, which allows users to find fixed health and life insurance policies. Consuelo uses blockchain technology to connect its users to an insurance plan with a “smart contract,” which eliminates the need for a claim adjuster and gives the users direct access to affordable plans.
By removing a costly middleman and lessening the financial bureaucratic burden on customers, Consuelo gives its users a chance at obtaining health and life insurance and decreases long-term financial insecurity concerns.
Consuelo also helps uninsured Mexicans bypass the bureaucratic messiness of the national public healthcare system, which is supported by numerous uncoordinated social security institutes. This allows for better continuity of care by allowing Mexicans to remain with the same doctor by staying on their plan provided by Consuelo rather than facing the possibility of having to switch to another doctor through the national system after losing their jobs.
The Diverse Applications of Blockchain Technology
Innovation is not confined to affluent areas of developed countries. Especially in the age of the internet, new solutions can be developed and rapidly disseminated from any part of the world and can impact the lives of millions. In Mexico, receiving international transfers of money and gaining access to affordable health and life insurance plans can be difficult for the unbanked and those without stable employment. Startups like Saldo exemplify the potential of internet entrepreneurship and blockchain technology in helping lift the global poor out of poverty.
– John Andrikos