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Exclusive Interview: Cashaa’s CEO Breaks Down Serving the Underbanked

Blockchain is only as effective as the idea using it, and in this regard Cashaa is one of the most promising companies around, with a focus on delivering financial services to those who have never been served before.


Fintech remains one of the largest and most lucrative sectors, largely because there is so much about the international banking system that needs to be rebuilt, or at least refreshed. Technology companies that solve large and small issues, streamline processes, and make banks’ jobs easier are quick to become highly valued in the finance industry. They’re utilizing blockchain to achieve these goals with increasing frequency, and it’s always exciting to see how they’re using the new technology to push the envelope in new ways.

We sat down with Kumar Gaurav, the CEO and Founder of Cashaa, to discuss how his groundbreaking company is making financial services more accessible to greater numbers of unbanked and underbanked populations around the globe. Cashaa is prominent in the blockchain and the finance spaces, promising to alter the status quo in many ways that we were keen to discuss. What was the original catalyst behind the launch of Cashaa?

Kumar Guarav: With Cashaa, I wanted to bring the advantages of blockchain to the masses, considering that until this day, most people neither knew about this technology’s potential, nor wanted to deal with it directly themselves. Based on my experience in the industry and having founded Auxesis Group, an enterprise solutions development firm and—like Cashaa—a Top 100 Most Influential Blockchain Company, I wanted to take the power and flexibility of Auxesis and use it to solve common problems.

A major common problem around the world is international money transfers, which have been kept at exploitative levels especially for the poor, who are trying to support their families. Sending money abroad could be compared to a second tax, which is highly unjust. With the possibilities that we have before us today, the time for alternatives has come, and so Cashaa was born.

I: Why have traditional banking operations ignored most of the unbanked and under-banked populations?

KG: The unbanked and under-banked populations for a long time have been ignored, as they were perceived to not provide enough revenue opportunities for traditional banks due to transactions being smaller, such as micro-remittances. With blockchain technology enabling these transactions to become profitable, it opens up a whole new range of micro financial services. Startups took notice first and began building their products around this new opportunity long before this customer segment became interesting for traditional institutions.

Another obstacle would have been the lack of infrastructure, including relevant documents like identities to enable bank accounts, another problem which can be solved by blockchain technology. The largest example for the use of blockchain technology in the area of identity is Auxledger, Auxesis Group's blockchain infrastructure. It is already responsible for building over 53 million identities, thanks to a partnership with the Indian State Government.

Learn more about Kumar’s vision for Cashaa Click Here

I:  Where does Cashaa's vision fit in with the existing pain points for those individuals who are unable to access common financial services?

KG: Cashaa does not require the user on either side to have a bank account, as the Cashaa wallet enables a comprehensive range of features including the ability to store, save, spend, receive, borrow and get insured. It is a one-stop shop for all your financial needs and serves as your alternative bank account. Furthermore, for users who do not have traditional documentation, we will also enable biometric identification, which will increase our inclusiveness in the future.

Another accessibility milestone is our CAS token, the accumulation of which will result in an alternative credit score in our future lending business unit. This progress will help individuals and businesses who are unable to acquire a credit score through the traditional channels and gain access to lending services.

Click the video above to watch our exclusive interview with Kumar Garuav

I: Why does blockchain represent the best strategy and architecture to build a new model capable of reaching these audiences?

KG: We are combining the best of both worlds: Our wallet and card will have the speed and easy usability of a MasterCard service, augmented by the security and auditability advantages of blockchain technology.  As for the money transfer, the MasterCard network is used, and Auxledger will be used for the record-keeping.

I: For individuals unfamiliar with cryptocurrency and blockchain, how will they navigate these services efficiently?

KG: Users do not need to be familiar with either as the blockchain part is completely in the background. We are not a cryptocurrency company, but CAS token is a blockchain token with the above-mentioned credit score functionality among others, such as access to premium services, the ability to create smart contracts for trading, and permitting users to participate in our governance mechanism.

I: Aside from remittances, what other services does Cashaa intend to unveil for consumers and businesses alike?

KG: Remittance is just one out of many use cases. In addition to remittance senders, we are also targeting the average bank user, international students, and travelers. Concerning businesses, we are pursuing fintech companies with innovative ideas for lending, bill payments, eCommerce, crowdfunding, startups, ICO launching card-based solutions, media companies, businesses with multiple vendor payouts, and more.

I: How do you believe your personal experience will contribute to reaching Cashaa's ambitions of supplying financial services for the next billion?

KG: Having been in the blockchain space for a couple of years now, I have built a notable network not only in the blockchain industry but also in the financial services industry worldwide. Moreover, they have witnessed Cashaa’s achievements over the past two years, as well as Auxesis’ track record for building blockchain-based financial services for major banks.

We have been at the forefront of this fast-paced industry for several years already, resulting in widespread recognition in the form of awards (Top Technology Provider 2018, Entrepreneur of the Year 2018) and rankings (Top 100 Blockchain Influencer, Top 50 Innovator from the Industries of the Future).  More importantly though, we also gained the trust of both the community as well as institutions, helping ensure that Cashaa will provide world-class services that are designed to improve the lives of the next billion.

I:  After launching the OTC exchange earlier this month, what is next for Cashaa in terms of product launches?

KG: The launch this month represents the first phase of the OTC exchange: users can now buy CAS with BTC and ETH. The second stage is scheduled for June, enabling users to sell CAS as well. In July, the third phase will be launched, which includes a P2P exchange. Furthermore, we will have our wallet demo ready before the end of this fiscal quarter.

Learn more about Kumar’s vision for Cashaa Click Here

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