Shyft, Uulala and KABN announce blockchain POC to facilitate the onboarding of the global unbanked community
Barbados / Mexico / Gibraltar May 9, 2019 – Shyft Network Inc. (Shyft), the credentials verification network that provides a protocol for instant trust generation and portability, today announced that it has partnered with financial service companies KABN Network KABN (Gibraltar) Limited (KABN) and Uulala Inc. (Uulala) to build a proof-of-concept (POC) for onboarding the unbanked community through state of the art digital channels with a goal of efficient financial inclusion.
This first-of-its-kind POC will be initially launched as a pilot in Mexico, for the unbanked community. Traditionally excluded from emerging markets due to non-existing credit histories or bank accounts, these individuals will be provided with a comprehensive, verified identity, financial services, and digital currency solutions.
Shyft, KABN, and Uulala will act in concert with each other, allowing the free flow of technology and complementary services which will be available via their various platforms. The onboarding flow for clients is done through the Uulala mobile application providing the unbanked access to financial services including building an international blockchain based credit profile to qualify for microfinancing. KABN will be leveraging their proprietary biometric, blockchain based, Always On, identity verification and digital currencies-to-fiat Visa card transaction program services while using Shyft’s blockchain protocol for scalable and secure data sharing and its attestation layer for credentials validation.
“Our vision is to empower organizations and individuals in unbanked communities and provide them with affordable financial services to enter the formal economy, build a global blockchain credit score and a borderless system for financial inclusion. A number of global NGOs and Vatican supported initiatives like Humanity 2.0 and The Laudato Si Challenge have committed to onboard 1 million migrants and refugees to the Uulala platform by 2020. The Uulala platform provides the initial step up elevating individuals out of the vicious poverty loop by providing a financial identity and access to financial choices which previously did not exist,” stated Oscar Garcia, Uulala CEO.
“Shyft is being built and designed around addressing real needs and problems. For us, it’s important to keep a user-centric privacy-focused approach to build better standards for digital identity and we see this POC as the first step towards building a more inclusive financial future for all” says Bruce Silcoff, CEO of Shyft International.
“Verifying and validating an individual’s unique identity provides a primary vehicle in which to support the transfer of goods and services from any organization to that person and confirm that the transaction was true and valid for both parties. KABN’s blockchain-based, biometric and GDPR-compliant identification process provides a perfect application to support this ecosystem, helping elevate the underbanked to participate in services and opportunities not previously available to them,” said Ben Kessler, KABN CEO “This, together with KABN’s digital currency linked Visa card and banking wallet program, enables a host of settlement and payment possibilities to promote financial inclusion.”
For more information, please contact:
Bruce Silcoff, CEO
Matthew Loughran, CMO
Ben Kessler, CEO
About Shyft Network
Shyft is building a general purpose proof of sender protocol for instant trust generation and portability, for any definition of a sender, designed to integrate across organizations and governments with expertise in identity verification. Shyft is a credentials verification platform. Learn more at www.shyft.network
Focused on empowering the underbanked community by helping them save money, control their finances across borders and build a blockchain based credit score. Our mission is focused on bringing the cash-based community into the formal economy through our fintech solution. Our proprietary financial services platform empowers individuals through financial inclusion. Learn more at www.uulala.io
KABN, an integrated financial service platform offering neo banking type solutions, has received approval by Visa to launch its crypto-linked card and banking wallet program. KABN has partnered with Transact Payments Ltd, a European e-money institution and Principal Member of Visa, global processor GPS and platform technology provider Pannovate to launch the program in the UK and subsequently the EEA in the 2nd quarter of the year. Learn more at www.kabn.network
Branded the Pegasus Flyte Visa card, the KABN card program offers an “on/off ramp” conversion process for a variety of cryptocurrencies to fiat together with multi-currency fiat transactions. Cardholders will be able to use their Pegasus Flyte Visa cards to spend in-store, online, and at ATMs wherever Visa is accepted globally.
The Pegasus Flyte program will also offer a robust loyalty and customer engagement platform. The anchor of the program is KABN ID, a Blockchain and biometrically-based, “Always On” validation and verification process. This patent-pending, GDPR compliant process allows for efficient and frictionless customer acquisition and onboarding.
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