Blockchain and Financial Inclusion: Cryptocartoons and Filipinos
Luis Buenaventura joins us for this episode of Blockchain and Financial Inclusion. Efi Pylarinou and Arun Krishnakumar join Luis, who is the Chief Strategy Officer at Bloom Solutions also an avid Crypto-Cartoonist.
In this episode, they discuss the "reBittance" market in Asia - particularly Philippines. The term reBittance was coined by Luis years ago. Philippines is one of the biggest markets in the world for remittance with an annual volume of $2.5 Billion.
Luis highlights the challenges that small ecommerce businesses face in the Philippines due to the lack of payment infrastructure at the end consumer. Through his personal experiences, Luis and Bloom identified a gap that Blockchain could resolve. Initially starting with Bitcoins, Bloom subsequently moved on to Stellar Blockchain.
Bloom have now managed $100 Million in Remittances in the corridor, and have expansion plans across other remittance corridors. The discussion also covers why in its current state, the remittance market still requires some of the middle men, and how Bloom plan to fit into the ecosystem.
We close the episode discussing the overarching challenge of Financial Inclusion, and Luis' passion for Crypto Cartoons.