BlocPal, a platform with the self-described vision of bringing “the world a simple, fast, and secure digital transaction platform that allows anyone to transact in their currency or asset of choice,” has partnered with Indian entrepreneur Shashank Joshi to form a new fintech company called mBnk.
This company is described as one that will “initially focus on enabling premium retailer locations in rural and semi-urban areas across the country to provide essential financial and banking services to their communities.”
The goal is to serve the unbanked communities in the country by “leveraging Shashank and his team’s industry success and longstanding relationships together with BlocPal’s digital transaction platform. The mBnk digital retail solution will deliver a financial marketplace that enables retailers to offer their customers “mini-banking” financial services including the ability to deposit and withdraw cash, execute domestic money transfers, purchase pre-paid credit cards, buy air-time and pay for utilities. mBnk will continue to enhance services, providing access to more sophisticated banking and financial services for the marketplace.
Sharing some thoughts on the matter is Joshi himself, who said:
“Our goal is to build a network of retailer partnerships across the rural population of India where essential financial services are within a 5 km reach to every community. This project is not only an amazing entrepreneurial challenge, but represents, for me, a chance to truly improve the lives of millions of deserving people across the country. I am thrilled to be undertaking this challenge with the help of BlocPal and their advanced digital platform.”