Digital banking is a force for change as it provides global financial services at the tap of a finger. Instead of needing to visit a physical branch, customers can sign up for a bank via a smartphone app or online. One notable area this has been well received in, is India. As of March 2023, 190 million Indians are reported to be unbanked, meaning they don’t have access to a financial institution or its services. One key player in combating this is Toronto-headquartered Black Banx.
Who are Black Banx?
Black Banx was founded and created by German billionaire Michael Gastauer in 2014, before being launched the following year. His aim was, and still is, to provide a borderless financial system that caters towards all customers, whether they be part of the underbanked population, everyday digital banking users or the wealthy looking to protect their funds. As a result, Black Banx is a one-stop destination for all digital banking needs, even catering towards crypto.
With over 45 million users and over $2.3bn in revenue, the digital bank has become a crucial leader in the world of fintech. Its efforts to become a renowned financial institution have paid off and the company operates through long-established businesses with an international network spanning 180 countries. Its international presence covers markets accounting for approximately 90% of global GDP, trade and capital flows – making Black Banx one of the world’s top digital banks.
Gastauer understood that demand for cross-border services is being driven by globalization due to larger amounts of people living and working abroad. Remote needs often result in greater transfer money abilities and access to global transactions. As a result, Black Banx is having a profound impact on banking and has established itself rapidly as a key force for innovations and solutions for evolving customers’ banking needs and tastes.
What services does Black Banx offer?
Black Banx offers accounts to individuals and business users, with accounts that can be set up in minutes. Unlike many financial institutions, especially traditional banks, Black Banx doesn’t require a large amount of paperwork or funds ahead of sign up. All customers need is a form of photo identification (preferably a driver’s license or passport) and an internet connection. Easy accessibility is one reason why Black Banx is already a global force, and one that can positively impact India.
Private and business groups can take advantage of opening accounts in 28 different currencies, as well as two cryptocurrencies. International payments using local instant settlement systems are also available where possible. Users can access real time 24/7 currency exchange services and 24/7 crypto trading services. Interest bearing savings accounts (in EUR, JPY, GBP and USD) are also on offer, appealing to regular, everyday digital banking customers. For the crypto user, Black Banx has a unique approach by allowing customers to store their crypto assets outside of the bank, withdraw when best for them and pay third parties directly from the platform.
But how does all of this help India?
With the large number of unbanked and underbanked residing in the country, Black Banx is evidently a force for good. In October 2022, to help celebrate 75 years of India’s independence, and in a bid to promote financial inclusion, Prime Minister Narendra Modi launched 75 digital banking units in 75 districts, notably in small towns and villages. He said, “It will simplify the banking procedure whilst providing a robust and secure banking system. In a village, in a small town, when a person takes the services of a digital banking unit, everything from sending money to taking out loans will become easy and online.”
The very foundation of Black Banx is to create financial inclusivity. Using the bank, small town and village populations in India can set up an account in minutes, access their wealth through a smartphone app whilst simultaneously increasing their financial literacy. Those living in rural parts of the country do not need to commute to a physical bank to deal with their funds, they can simply transfer money in and out of their Black Banx accounts almost instantly. There is also the added advantage of Black Banx being a borderless entity, meaning it takes great pride in its low international fees and its ability to cater to 28 different currencies and operate out of 180 countries. This means being a Black Banx customer enables you to be global with your money, especially important to those with low financial knowledge as funds are protected by multiple jurisdictions.
Overall, Black Banx is set to take advantage of the rise in India’s population transitioning to digital banking. Its wide range of products and services make it the ideal banking platform for a banking veteran or someone just getting started. Find out more by visiting www.blackbanx.com.
