Gold-based savings platform HelloGold has announced their expansion into Africa, with the help of a digital financial inclusion group Baobab as their partner.
Baobab serves a similar goal to HelloGold, which is financial inclusion for those in Africa and China via user-friendly financial services. Baobab choosing to extend their offerings into gold savings is a clear appeal of the partnership, while HelloGold gains a partner in-the-know about the African market that already has a strong foothold.
Together, HelloGold and Baobab will develop products for Baobab’s 800,000 strong customers across nine countries in Africa.
The end-goal is for Baobab to expand its financial inclusion services via an integrated savings platform in 2019. HelloGold’s gold backed savings and products will support Baobab in expanding its financial inclusion services through an integrated savings platform in 2019 using HelloGold’s mobile-based offering.
Robin Lee, CEO of HelloGold commented that:
“While we bring financial products on our technology, we support our partners in the building of their own offerings, providing differentiated value and services on their platforms. We use blockchain technology to enable our customers to access affordable financial products and services, starting with gold.”
” HelloGold’s mission is to democratize essential savings and lending products for the underserved and the unbanked in emerging markets through digitization. With this shared vision, Baobab is a perfect partner.”
HelloGold’s move into Africa aims to capitalise on the region’s mobile-driven financial inclusion growing by 20% over the past six years.
HelloGold allows its useres to buy and sell gold through an app as a diversified savings option, with the intention to add other financial assets. HelloGold currently stewards their customers’ gold in a Singapore vault, but soon they will expand their vaults into Dubai. The gold can be used for savings, or as collateral for loans.
Featured image via HelloGold
