GlobeOne aims to launch in the U.S., Mexico and Vietnam in 2016.
7-Eleven Mexico has signed an official letter of intent with GlobeOne. 7-Eleven Mexico would be GlobeOne’s latest corporate member in Mexico as it builds up its rapidly expanding network of both corporate members and member banks around the world.
Targeting both the financially underserved and socially-conscious Millennials, GlobeOne is well positioned to capture Mexico’s huge cohort of digital natives, enabling the company to provide people with mobile-based access to meaningful and affordable financial services from their member banks, including the patent-pending global income-building SocialBoost program.
“GlobeOne is proud to work with 7-Eleven Mexico, a company with great experience in the Mexican market and part of the global 7-Eleven stores chain. They are leaders of the convenience concept, operating over 56,600 stores in 17 countries. The relationship with 7-Eleven provides us with a deep understanding of the market, and their broad footprint will allow all members in Mexico to get access to tools for financial empowerment,” said Pablo Aspe, head of GlobeOne for Latin America. “Additionally, their commitment to social responsibility aligns perfectly with our organization’s mission to improve financial inclusion and mobility on a global scale.”
“This collaboration with GlobeOne allows us to offer our customers an innovative financial services solution that will benefit them greatly,” said Fernando Castilla, CEO of 7-Eleven Mexico. “GlobeOne and its SocialBoost program have the potential to provide 7-Eleven consumers with not only accessible means for their personal finances, but also the ability to improve their financial situation over time.”
Through its FinTech subsidiary, GlobeOne 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 GlobeOne Members, as well as access to the global income-building SocialBoost program, which gives members the opportunity to earn a new income stream while helping those who need it most.
As GlobeOne builds its worldwide infrastructure of member banks and corporate members, Mexico will be an important launch market. It has a distinctly youthful demographic, with 34% of the country’s population falling into the Millennial cohort, over 40 million people. Yet only 39% of the adult population in the country has an account at a formal financial institution. This situation, combined with the fact that Mexican families received over $23 billion of remittances last year, makes Mexico a prime market to adopt a compelling, technology-based financial services solution such as GlobeOne.
GlobeOne is expected to launch in the U.S., Mexico and Vietnam in the first quarter of 2016, with a goal of establishing a global network of banks in 30 countries by 2020.