A Bank For The World

My name is Johannes, and I am a student and employee at BI. During the last few years, I adopted a philosophy of total egalitarianism. I try to be open to all ideas and forget any kind of hierarchy, because in the end we are all just humans trying to reach out for opportunities. I live the motto that you should always talk to strangers, because you never really know what brilliant things you might hear.
To my advantage, BI makes it possible for me to enter doors that are seemingly closed. I am very happy about this fact, and try to make the most out of it.

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Yesterday Javad, a BI Alumnus, invited me to a closed meeting of the Global Shapers Hub Oslo. This is an initiative started by the World Economic Forum, and heavily supported by Her Royal Highness the Crown Princess of Norway. The hubs consist of young people, who are exceptional in their field, achievements, and their drive to contribute to the common good. I am uniquely glad about the opportunity Javad had offered me with his invitation.
The topic discussed most of the evening was that migrants, refugees, expats, and remote workers face barriers to get bank accounts in many nations. However, being economically integrated is essential for cultural integration

 

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Balazs Nemethi, a serial entrepreneur from Hungary, presented the idea of Taqanu Bank, a banking system for refugees. The main goal of his idea is to create a blockchain based mobile neo-bank, aimed at people without a permanent home, thusfore, refugees. Everybody would get a free debit card regardless of his or her location. The accounts would be set up in every country within the same bank. Setting up an account would be the easiest part to imagine. The accounts would be blockchain based, therefore transparent. The most important part is that Taqanu Bank would have free international transfers, because of blockchain.

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The bank plans to offer lease, loan, murabbaha (cost-plus mark-up), ijara (sale and buy-back), and qard hasan(Interest free loan). The main revenue would come from service fees and subscription fees. However, blockchain technology would help to keep costs low. The decentralized ledger makes it possible to eliminate intermediaries, infrastructure costs can be kept low, and office costs are low.
All in all the start-up Taqanu Bank sounds like something that will help millions of people all over the world to live a better life.

 

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If you have any questions regarding the start-up, or if you want to become part of Taqanu Bank, please contact Balazs at nembal@gmail.com, or tweet him @nembal / @taqanu.

In case you don’t know what blockchain is, here is a short clip produced by the World Economic Forum. 

 

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