AB InBev Invests in Blockchain Developer BanQu to Fight Poverty

Anheuser-Busch InBev, the parent company of Budweiser, is using blockchain technology to help people without bank accounts.

According to Coindesk, the U.S. brewing industry giant has invested an undisclosed amount in the A-series funding of the blockchain-as-a-service (BaaS) startup BanQu through its ZX Ventures division.

Founded in 2015, BanQu is dedicated to addressing the most challenging global issue of "extreme poverty." Through BanQu, users can access financial services from collaborating banks and mobile payment providers, such as internet service providers MTN and Airtel, to improve their future financial well-being.

BanQu stated:

To date, it has helped over 200,000 people, and we plan to lift 100 million people out of poverty by 2023.

AB InBev and BanQu previously collaborated in August 2018 to provide free, secure online data to 2,000 Zambian farmers, offering identifiable economic identities, establishing individual digital identity documents, and linking them to banking networks. As farmers begin to accumulate transaction records on the BanQu blockchain, they can trace their personal financial status and history even without a bank account. The project later expanded to other countries, including Uganda, India, Brazil, and India.

When announcing the collaboration, BanQu's founder and CEO Ashish Gadnis stated:

With 60% of the 2.7 billion unbanked people already owning a mobile phone, this will be the best platform to connect the global economy.

This argument may be supported by a recent report from credit card company Mastercard. The study shows that 15 countries account for over 60% of the global unbanked population, with 607 million people owning mobile phones but not having a bank account. Therefore, mobile devices have the advantage of providing them immediate access to financial services.

Tony Milikin, Chief Sustainability and Procurement Officer of AB InBev, added:

We will work together to address the lack of modern banking services for hundreds of thousands of farmers, drive financial inclusion growth, and contribute to our own 2025 sustainability goals and the United Nations' Sustainable Development Goals.

It is understood that BanQu will use the Series A funding to strengthen its existing business and plans to expand its deployments in China and Mexico in the latter part of this year.

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