Minority-Owned Software Company Uses Blockchain Technology To Empower The Latino Unbanked
City of Ontario, CA October 29, 2018 – On November 2, 2018, Oscar Garcia, CEO of Uulala, will be given the Latin Business Association’s (LBA) prestigious Sol Business Award at their 42nd annual awards gala. According to Ruben Guerra, Chairman of the Board & CEO of LBA, this award is selectively given to companies that use technology to support minority-owned businesses and the communities they serve. In the case of Uulala, “We believe the use of Uulala’s technology is a shining example of a mission-based company that will not only help Latino-owned businesses generate incremental revenue but also empowers Latino customers with the ability to build credit and control their finances across borders.”
Through the innovative technology of the Uulala platform, users can build a global credit score in addition to sending payments peer to peer internationally, pay their bills, shop online and obtain microcredit offers. All transactions are recorded on the blockchain as an immutable record thereby giving the users the ability to build their credit history wherever they go. Uulala’s credit score can be leveraged by traditional financial institutions as a more definitive factor of creditworthiness by using daily financial activities to build the profile. For the Latino small business owner, to date, Uulala has agreements with more than 100 companies to give their unbanked customers access to technology to improve their finances.
Oscar Garcia, launched his company two years ago when the Latino GDP topped $2 trillion and the unbanked were classified as the #1 source of future banking growth. While traditional banks are slow to iterate, the Uulala team set out to help the underbanked and unbanked market leapfrog into a new financial system supported by blockchain technology. “With blockchain technology, Uulala is able to solve one of the biggest problems for the unbanked: the ability to load cash into their account. Through our peer-to-peer cash loading feature and a smart contract, we’ve created a blockchain solution to easily facilitate this kind of immutable transaction.”
Both LBA and Uulala are creating business development opportunities that strengthen the economic and social foundations of the community with the State of California. The LBA’s mission is focused on building economic wealth and opportunity for Latino businesses and the community. The organization serves as an economic catalyst by attracting and developing new markets as well as facilitating business start-ups and providing education. Since its founding, the LBA-Institute, in conjunction with its corporate alliances, has generated millions of dollars in loans and procurement contracts.
Uulala is a minority-owned corporation with the majority of shareholders being first or second generation Latin Americans. Uulala is a mission-driven organization to facilitate and accelerate the financial inclusion of the underbanked and unbanked population across the Americas. Uulala empowers the underbanked communities of the world by providing financial tools for them to build credit, and elevate out of a cash-only environment.
About Latin Business Association
The Latin Business Association (LBA), a 501(c)(6) private non-profit organization established in 1976, is one of the nation’s most active Latin business trade associations on the basis of active membership and overall outreach to its member business owners. The LBA is the only organization that truly represents over 800,000 Latin businesses in California.
The LBA serves as the unifying voice for Latin businesses, advocating for opportunities that set business owners at a higher class of competitiveness. It is committed to the success of its members, partners and supporters by providing high-quality events, innovative programs and services and useful and tangible resources that enhance business growth. https://www.lbausa.com/about
207 N Euclid Ave, Ontario, CA 91762
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