The parent company of Budweiser, Anheuser-Busch InBev recently announced that they are investing more in the Series A investment in BanQu.
BanQu is the first ever blockchain Economic Identity technology that enables a secure and immutable platform for creating economic opportunities for people around the world living in extreme poverty. It uses a proprietary method to create a mashup of selfie plus iris scan for people with no access to technology or banking. This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship-based credit profiles, and health records, etc.
It was founded in 2016 and has connected over 15,000 last-mile farmers, displaced and refugees to the platform across eight countries. The company aims to help lift 100-million people out of extreme poverty through the use of blockchain technology by the year 2028.
The platform is 100-percent translatable by supporting any language in the world, and it is fully configurable to global brands, micro, small and medium-sized enterprises (SMEs), government and philanthropic organizations, as well as financial services (KYC/AML).
Maisie Devine, a director at AB InBev said:
“Through this work, we are helping to create a digital ledger of farmers’ transactions that will create an economic identity and enable access to financial services. This will ultimately allow farmers to grow their business and improve the livelihoods of their families and communities.”
The partnership between these companies is almost a year old when they worked to connect 2,000 Zambian farmers to the mobile platform as they harvest and sell a projected 2,000 tonnes of cassava, producing a high-quality starch used in beer—by the end of Zambia’s growing season.
Ashish Gadnis, the CEO of BanQu,had earlier stated:
“The BanQU platform is now live in 12 countries across multiple brand supply chains, impacting nearly 200,000 last mile beneficiaries to date.”
The company had transactions in Brazil, Costa Rica, India, Indonesia, Jordan, Malawi, Somalia, South Africa, Syria, Uganda, the United States, and Zambia.