New, socially-conscious financial model further challenges traditional banking.
Santa Monica, CA – July 7, 2016 – Meed, the Santa Monica-based company committed to bringing socially-conscious innovation to the financial sector, today announced that Banco Caja Social of Colombia has signed a Letter of Intent with Meed. Banco Caja Social becomes the first financial entity in Colombia to ally with Meed as it builds up a rapidly expanding network of Member Banks around the world, a network that offers an innovative package of financial services. Targeting primarily those Millennials who are disenfranchised from formal finance, either through choice or circumstance, Meed is well positioned to capture Colombia’s cohort of digital natives. The company will provide mobile-based access to affordable financial services from Member Banks, as well as the patent pending income-building SocialBoost™ program.
“The origins of Banco Caja Social are based upon encouraging saving and offering financial products to the most vulnerable segments of the population.” said Pablo Aspe, Head of LatAm for Meed. “Such a heritage is a perfect match with Meed’s mission to provide equal access to tools for financial mobility. Together we believe we can make a real difference in Colombia.”
“On this journey, a company such as Meed that shares the same social objectives as our organization will become a key ally in achieving the essential purpose of Banco Caja Social: providing quality service and relevant products that meet the real-life needs of our clients in the most vulnerable segments of the population. Through financial inclusion we can also achieve true social inclusion.” said Diego Fernando Prieto Rivera, President of Banco Caja Social. “Providing financial services to those who have been traditionally underserved is central to both companies’ philosophies, and we are excited to be working alongside them to meet our combined goals.”
Meed is gearing up for launch within months across its initial target countries of Vietnam, Mexico, U.S. and Canada. With this suite of affordable financial services products from its Member Banks, Meed is targeting the huge segment of people worldwide who find themselves on the fringes of the current banking system. Meed offers a new choice to this generation through its partnership with socially-conscious Member Banks who have aligned behind Meed’s vision of financial mobility for all.
Meed’s innovative mobile app will provide access to Member Banks that offer a demand deposit account, a security savings account, a secured line of credit, domestic and international transfers between Meed users, as well as access to the income-building SocialBoost program, which gives users the opportunity to earn a new income stream in return for growing the Meed community. For every $1 earned by Meed users through SocialBoost’s personal community plan, another $1 is returned by the Member Banks to the worldwide Meed community, helping those who need it the most.
As Meed builds its worldwide infrastructure of Member Banks and Corporate Members, Colombia is going to be an important market. World Bank data shows that over 60% of the adult population has no account at a financial institution, while among those with accounts, digital banking is increasing dramatically.1 After Brazil and Mexico, Colombia ranks third in Latin America with the largest number of banking transactions made through smartphones2, making it prime to adopt a compelling, social technology-based financial solution such as Meed.
Headquartered in Santa Monica, CA, Meed provides a new global platform for a community of networked Member Banks, Corporate Members and individual Meed users. The network provides access for users to the Member Banks for their financial services needs, and also provides a solution for financial exclusion and immobility. For more information, visit https://meed.net/.
About Banco Caja Social
Banco Caja Social is a company of Fundación Social, which seeks to contribute to overcoming the structural causes of poverty in Colombia through banking activities, so promoting a society that is that just, supportive, peaceful and productive.
With over 105 years of experience in the Colombian market, BCS is a market leader in caring for the financial needs of middle and low income households, small and medium enterprises and the construction sector. Its network of over 260 branches and 520 ATMs serves over 2 million active clients in the country.
BCS concentrates much of its efforts in understanding its core consumers, designing quality products and services that effectively meet their needs. It generates a saving culture, considering this a fundamental step in achieving financial progress, and actively supports Colombian entrepreneurs and visionaries. Through their business ideas and sustainable projects, employment increases and productivity is invigorated, driving real economic and social development for communities in Colombia. For more information, visit https://www.bancocajasocial.com/.
Julian Sandy – Chief Marketing Officer
Cell: +1 949 929 9692
Pablo Aspe Poniatowski – Head of Latin America
Cell: +52 (55) 5251 1614
BANCO CAJA SOCIAL
Carolina Bernal Carvajal
Brand and Communications Manager
Tel: +313 8000 Ext. 11076
Cell: +57 317 513 7625