SANTA MONICA, Calif.--(BUSINESS WIRE)--Meed, the Santa Monica-based marketing and IT company committed to bringing socially-conscious innovation to the financial sector, today announced that Colombia National Retail Federation, Fenalco had signed a Letter of Intent with Meed. Created in 1945 for the purpose of promoting intellectual, economic and social development in Colombia, Fenalco has a long history of supporting trade and service sectors with innovative and sustainable products and services. Fenalco would be Meed’s latest Corporate Member as it builds up its rapidly expanding network of both Corporate Members and Member Banks around the world. Targeting Millennials, the underserved and the financially disenfranchised, Meed is providing mobile-based access to affordable financial services from their Member Banks, including the patent-pending global income-building SocialBoostTM program.
“Fenalco touches all the areas that are of importance to Meed; sustainable development, strengthening private enterprise and institutions, and providing financial solutions that can benefit both individuals and organizations alike,” said Rocío Cavazos, Head of Meed for Latin America. “Fenalco and Meed have a similar vision, a desire to make a meaningful impact in the community. We see working together as the most successful way to make that happen.”
"Providing the best in products and services for the benefit of our members has always been the primary mission of Fenalco,” said Guillermo Botero, President of Fenalco. “Our partnership with Meed offers our members innovative financial solutions. These digital payment options could have significant, positive long-term effects on their communities as a whole, and that’s a goal Fenalco is proud to support.”
Meed was established with a vision to enhance individual financial health on a global scale. Its goal is to provide equal access to tools for financial mobility, as worldwide 3.5 billion people struggle to make payments, build credit, purchase insurance and build better lives1. This lack of access to formal finance can have significantly detrimental effects upon individuals, families, communities and even countries. Meed and its network partners are setting out to redress the current imbalance where those with the least often pay the most for financial services.
Meed will make available its innovative mobile app, offering access through Member Banks to 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 global income-building SocialBoostTM program, which gives users the opportunity to earn a new income stream while also helping those users who need it 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.2 After Brazil and Mexico, Colombia ranks third in Latin America with the largest number of banking transactions made through smartphones3, making it prime to adopt a compelling, social technology-based financial solution such as Meed.
Meed is expected to launch in October in Vietnam and soon thereafter in Mexico, Canada and the United States with a goal of establishing a global network of banks in 30 countries by 2020.
Headquartered in Santa Monica, CA, Meed™ provides a new global platform for a community of networked Member Banks, Corporate Members and individual 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 http://www.meed.net/
Founded in 1945, Fenalco represents the Colombian trade and service sector, working for sustainable development, the general interests of its members and the strengthening of private enterprises and institutions.
Providing leading, innovative products and services to enhance business competitiveness, Fenalco also acts as a safe forum for discussions on the problems of and issues impacting Colombia’s service and trade sectors.