Fuleex wants to become an integral payment system for people who are being shared with other people around the world, with the strong desire to reduce the high cost of cross-border money transactions. Using Blockchain Technology’s Fuleex platform with Money Service Center partners in more than 20 countries, Fuleex helps users save on high transfer fees collected by institutional financial services institutions. Fuleex also built full cryptography with a focus on the APAC region.
Fuleex is important because we try to overcome non-banking economics with blockchain technology
More than a third of the world’s adult population has no access to adequate and effective financial services around the world. This is a pretty amazing statistic in today’s context, as the world is very much networked. Most of these people come from low- and middle-income emerging markets. According to the World Bank have
still more than 2 billion people have no access to banking services.
This indicates that there are many more ways to improve the lives of people falling into this category. The World Bank and its partners are setting ambitious targets to achieve universal access for adults of working age by 2020.
Much of this goal is to focus on cellular financial services. This is more realistic than the creation of a physical infrastructure in multiple areas as access to mobile phone networks in emerging markets increases. Above that, finally, the most important factor for this group of users is cost-effective transaction , they will not be able to pay by banks and money transfer companies , charged the usual fees to pay for the transfer of payments, especially if cross-border payments. This situation needs to be taken seriously because in the world we live in today, people often travel abroad to find decent work in their hometowns and make a living for their families.
The influence of blockchain technology
Blockchain technology is a generic book transaction that is distributed between a large computer network without the need for central authority approval. There are several ways in which Blockchain can benefit the industry from cross-border payments, which in turn can benefit the global economy, which has no bank account. First, we have to understand how it works. Transactions that occur during a certain period are reviewed and recorded as “blocking” transactions. This block is then added to the “chains” of the blocks that are past transactions.
Blockchain is based on 4 main pillars; peer2peer, cryptography, intelligent contracts and accounting books. Blockchain automatically simplifies transactions in the general ledger if certain conditions are met.
With these capabilities, using blockchain technology for cross-border money transactions can reduce costs and increase efficiency. This is possible because it allows you to cut brokers (in this case banks and financial institutions). With the fees currently being charged by companies with money transfers, such as Western Union, foreign workers suffer the most because they pay high interest rates just to transfer a small amount of money to feed their families in their home country.
In addition, the transaction of the block chain is transparent and unchanged . When you make a transaction, you can see the status on the Internet for yourself. When the required amount of verification is performed, the sender can observe when the amount is transferred to the recipient and the recipient can immediately see the amount reflected in the balance. The appearance of this transaction persists, and nobody can change it in the ledger.
This effective payment method through P2P will hurt the entire payment system as users no longer have to pay too high commissions for banks and financial institutions as intermediaries . When connected to mobile services, low and middle income foreign workers will benefit the most as they do not have to pay ridiculous sums of money when transferring small sums to homes and making those transfers themselves. The potential of blockchain technology is huge. People all over the world are just starting to understand this. So far we have seen some violations that occur because new innovations use blockchain technology. When it reaches a point where the masses really understand how strong it is, then you should prepare for the waves of destruction in all relevant industries on a very large scale.
Why is Fuleex important?
The World Bank estimates that cross-border payments in developing countries will rise from $ 450 to 616 billion. USA from 2017 to 2018. These statistics point to large markets that revolve around the economy of global migrant workers. This is also an extraordinary opportunity for disruption across the industry as the current global cost of money transfers is high.
Here, Fuleex wants to enter this low-cost economy by introducing international payment services that allow people in different geographic locations to access cross-border payments with Fulx tokens that can be used in more than 30 countries.
Thanks to the existing partner network Money Service Center, users can process and edit requests locally and internationally. On this basis, Fuleex will expand its geographical coverage and create offices and operational centers in such strategic locations as Hong Kong, Taiwan, Australia and others.
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