Two-factor authentication technology and payments network, Boloro Global Limited and BanQu, developer of an ‘Economic Identity’ platform, have announced that they have won the ‘Innovate for Refugees’ global competition held by MIT Enterprise Forum Pan Arab and sponsored by Zain Group, MBC Hope, under the patronage of Her Majesty Queen Rania Al Abdullah.

The basis of the project is to enable the portability of critical data needed by refugees and people living in poverty across organizations, borders and economic opportunities. In collaboration with Payment Service Providers (PSPs), licensed by Central Bank of Jordan, the solution will create a full payment ecosystem throughout the country, allowing the end user to have a unique identity, a legal source of funds and enable usage for purchasing goods and services, both online and offline. The solution allows international NGOs to transfer grant funds to refugee wallets in a secure and transparent way. It also gives providers of financial and development resources data-driven insights as to the outcomes of their programs.

The solution for refugees which the companies have come up with stems from the strategic partnership between the USA-based global payments gateway platform and the blockchain economic identity platform. The solution is being implemented by Boloro MENA, based in Amman, Jordan.

Ashish Gadnis, Founder and CEO BanQu, commented: “The BanQu and Boloro partnership fills a huge gap that is preventing refugees and people living under $2 a day a long-term and stable path towards dignity and economic resilience. We are excited that the award recognizes this value add,”

Founder and Chairman Boloro Global Limited, Karim Rammal said: “Boloro is honored and excited to be selected as a winner of the MIT EF Pan Arab global competition to bring innovative solutions to the refugee crisis. Our solution brings true financial inclusion to those who have been marginalized from financial services in Jordan and is being replicated across the world,”