Banking

Humaniq and Deloitte join forces

(C) iStock.com/Borut Trdina

Blockchain technology startup has announced that it is joining forces with global auditing ginat Deloitte.

The partnership aims to ‘help establish sustainable and structured operations to enable more financial inclusion, justice and strong institutions on a global scale.’

Humaniq states that its mission is to provide financial inclusion products and services to the 2 billion unbanked individuals across the globe. The startup looks to release its blockchain-powered services in Africa, South America and parts of Asia before expanding.

The strategic partnership will allow the startup to ‘highlight their IP and legal efforts with a powerful global company.’ Deloitte will also be providing audit, consulting, tax and advisory support to the fledgling company.

Biometrics and emoticons

Humaniq was founded by Alex Fork and AI expert Dmitry Kaminskiy and currently has entrepreneur and author Dinis Guarda as its CEO.

The company’s ICO has so far raised over $3.8 million, and recent pilot tech projects have been launched in India.

The beta version of their fintech was recently launched in Google Pay. The application aims to use as little language as possible in order to increase its usefulness to the illiterate of the world.

Users register using biometrics and face-recognition algorithms, while the app itself features a simple, emoticon-heavy interface.

The company gives the following example of how it works in practice:

“A Nigerian farmer lives ninety miles away from the closest bank. Furthermore, he does not have a vehicle or any ID verification to access or open a new bank account. Humaniq enables this farmer to sell his corns or peppers and buy new seeds on an international scale, as long as he has a simple smartphone and basic access to the internet. And all of this happens for a fraction of the fee when compared with traditional banks or money-transfer companies.”

The company also boasts an advisory board made up of representatives from such global heavy-hitters as the FT, UN, Greenpeace and Cambridge University.

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