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.
Programme support:
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.
