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Blockchain For The Unbanked And Underbanked


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Presented at the DeFi Meetup, 30th August 2019, Ocean Financial Centre, Singapore

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Blockchain For The Unbanked And Underbanked

  1. 1. Financial Inclusion: Cryptocurrency For The Unbanked Presented by Soh Wan Wei Founder of IKIGUIDE 30th August 2019, Women in Blockchain
  2. 2. 2 Hello! I am Wan Wei I am here because I feel strongly about financial inclusion. You can find me at @onewayww
  3. 3. 1. What Is Financial Inclusion?
  4. 4. “Financial inclusion is the pursuit of making financial services accessible at affordable costs to all individuals and businesses, regardless of net worth and size. 4
  5. 5. Examples of Financial Services ✓ Banking ✓ Insurance ✓ Mutual Funds ✓ Payment Processing Companies ✓ Housing Financing Companies ✓ Stock broking services ✓ Investment Banking 5
  6. 6. 6 1,700,000,000+ …adults globally do not have a bank account.
  7. 7. Why Are 1.7Billion++ People Unbanked?
  8. 8. Barriers To Entry ✓ “Know-Your- Customer” (KYC) Lack of citizenship, documentation, credentials, etc. ✓ Location Nearest financial institution is too far away. ✓ Wealth Insufficient entry- level funds required to access and maintain financial services 11
  9. 9. 2. How Blockchain Tech Contributes to Financial Inclusion
  10. 10. A Relatively New Phenomenon: Decentralized Finance (DeFi) 13 ✓ Decentralized finance describes a new non- centralised financial system that is built on public blockchains like Bitcoin and Ethereum. ✓ Bitcoin and Ethereum are examples of foundational open source networks that could be used to change how the global economy works. ✓ In DeFi, the unbanked will have access to apps that use public blockchains to participate in new open global markets.
  11. 11. How to Participate in DeFi 14 ✓ With a smartphone + internet connection, anyone can start using e.g. Bitcoin to store, send and receive money. ✓ Not only is DeFi fast and cheap, it is also more secure than mobile banking. ✓ Average global remittance fees is 7%. Via DeFi, these fees could be below 3%. ✓ Public blockchains can interact with traditional financial system to create new hybrid models.
  12. 12. The Perfect Storm ✓ 3.9 billion internet users by the end of 2018– Perfect breeding ground for “internet money”. ✓ 2 out of 3 in the unbanked population have smartphones. ✓ Financial institutions are turning to digital assets and assets- backed securities using blockchain technology 15
  13. 13. 16 Interstellar Let’s Look At A Case Study!
  14. 14. Demo of Interstellar App 17 How the unbanked can participate/ be included In the global financial systems.
  15. 15. Download the Interstellar App 18 (Android) (iOS)
  16. 16. Interstellar’s Applications Banks Remittance Tokenizing Assets Centralized Exchanges Loyalty Points Gaming 1 2 3 4 Charity and Humanitarian Relief
  17. 17. #1. Remittance Current Situation Many individuals are unable to afford the exorbitant money transfer rates (average 7%) in the current remittance market place. The Interstellar Solution ✓ Remittances sent to Nigeria are automatically deposited into any Nigerian bank account in <10 seconds. ✓ Remittances sent to Cameroon are forwarded to the end user using mobile money and telecom operators like Orange or MTN. ✓ Sometimes, Interstellar’s FX markets partners can even give users better exchange rates which absorbs their transaction fees.
  18. 18. #2. Tokenizing Assets Current Situation It is often intimidating for people without technical background to issue or manage their digital assets securely. The Interstellar Solution The Interstellar platform allowed the Diruna Community in Indonesia ( to rapidly issue and distribute their own tokens to over one million wallet account holders.
  19. 19. #3. Loyalty Points Current Situation Very often, loyalty points can only be used within one ecosystem, thereby limiting its liquidity and value. The Interstellar Solution One adopter of the Interstellar Technology Platform since May 2019 is Forest One, Malaysia’s largest loyalty Program. With Interstellar’s Pathfinder function, loyalty points can now be easily and instantly converted into other digital assets including Bitcoin, Ethereum or stable coins.
  20. 20. #4. Humanitarian Relief Current Situation Charities and humanitarian organizations have issues with accountability, transparency and audits during fund-raising. The Interstellar Solution GiveDirect ( is the first blockchain company to provide aid and relief globally and exclusively via Interstellar to thousands of people. The Interstellar swap feature has always enabled them to convert between fiat and digital assets donated to their organization.
  21. 21. The Future of Asset Digitalization In the future, Interstellar will also store important digital documents such as ✓insurance details; ✓Inheritance; and ✓Property rights. The Interstellar Technology can make all these functions easily accessible to the underbanked/ unbanked.
  22. 22. Recent Milestones The Interstellar app is released on the Apple iOS Appstore on January 17th, 2019, after a 6 months intensive review process. Apple and Google Play Store Interstellar sets foot in Singapore Global Partners join the alliance Interstellar Innovation Pte Ltd is incorporated in Singapore as the new and official entity to fully commercialise and scale the interstellar wallet and SDEX app with strategic partners. Bitbond, the World’s first global blockchain lending platform selects Interstellar as its official wallet app in their STO lightpaper and prospectus. Forest One, Malaysia’s largest loyalty program, also selects Interstellar as the technology platform to use for their ForestOne coin.
  23. 23. Incoming Traction Several projects are currently in discussion with the team to list their token on Interstellar. Tokenization PoC for Bank Scouts A large global bank is discussing a proof of concept (PoC) with Interstellar. A PoC is made for the Indonesian Government, involving 54 million people and valued at USD2.4million. Mexico’s largest payment to be a fiat anchor. A Gateway into Mexico Philippines Anchor Access to Africa Tagcash which is integrated with 7-11 has formally asked to be anchored to Interstellar. Discussions with banks to be possible anchors and for Interstellar to be the leading digital asset platform for Africa.
  24. 24. 27 Thanks! Any questions? You can find me at @onewayww &