BanQu uses blockchain to promote the financial empowerment of local producers in global supply chains
Millions of farmers and field workers across the globe have no access to banks and other financial services. Overlooked and excluded, they receive no equal treatment or just payment for their work in global supply chains. BanQu addresses this problem by using blockchain to promote their economic empowerment. At the same time, this social enterprise provides global corporations with the technology to make their product sourcing practices more transparent.
With its non-crypto blockchain technology, it created the BanQu Economic Passport for local workers in global supply chains. This gives them a “digital financial identity”, connecting them to secure mobile banking services, via a simple SMS messages in their local language and payments in the local currency. This way, smallholder farmers (especially women), artisanal miners, waste pickers and recyclers living in extreme poverty are no longer overlooked, and included in the supply chains of circular packaging, mining and agriculture companies.
At the same time, the BanQu team uses their business-to-business (B2B) model to offer global corporations insight in the sourcing of their raw materials and production of finished goods. They help them do business in a more ethical way, by promoting certification of supplier contracts, fair wages and eco-friendly packaging. This allows multinational brands to meet international accountability, traceability and sustainability standards while creating better daily lives for the world’s poorest people.
With users and clients around the world, to date, BanQu has been able to directly benefit an estimated 200,000 people and around fifty vulnerable communities. By participating in the accelerator, the social enterprise will work to solidify its presence in Mexico and strengthen its brand in the country.
They want to replicate the experience Ikea Social Entrepreneurship and New Ventures bring to the table with B2B client strategies, so they can improve their marketing and engage in ecosystem building within the private sector.