Try buying (and trading in) Bitcoin from Suriname, South America. It’s not only a hassle, but more close to impossible. Even a simple wire can be a daunting task, taking weeks and not to forget very costly. Forget being able to purchase anything online. Business owners within the region don’t have access to basic funding, and if they do, they pay a 12-19% interest rate, which is insanely high. With issuance of credit(cards) already being a problem, consider having to wait 2 weeks for insight into creditcard transactions. And don’t get us started on remittances! A US$75 billion market in 2017 (and growing), yet still taking forever and so expensive with fees of 8-12%.
This failure to keep up with technological advances in the financial services industry is impeding regional economic growth and competitiveness by costing more time and funds for even basic financial transactions, compared to North America, Europe and Asia, which led CEO Maya Parbhoe to pursue the creation of this company. We’re talking about a region with 650 million people, of which 400 million without a bank account, but 70% of them do have access to an internet connection and/or mobile phone. The goal of OuroX is to advance financial inclusion in the Latin American and Caribbean region. The vision is to change the way people interact financially, for the better.