Anheuser-Busch InBev, the creator of Budweiser will invest in blockchain technology. This investment intends to help unbanked workers. The major brewing firm AB InBev has teamed up with BanQu through its growth and innovation wing ZX Ventures. It has funded Series A round for blockchain-as-a-service (BaaS) startup BanQu. This information comes from an official announcement.
BanQu serves unbanked workers like farmers, underserved rural markets, etc. It connects these workers directly with their organizations using its blockchain technology. They get access to financial service providers through banks or mobile apps. BanQu says that it has helped over 200,000 people and intends to assist 100 million more by 2023.
Both the firms have previously worked together on a pilot project in Zambia. It has benefitted around 2,000 farmers of Zambia. It was later spread out to other countries including India, Brazil, Costa Rica, Indonesia and many more.
The chief sustainability and procurement officer of AB InBev, Tony Milikin says that the firm is excited to team up with BanQu again. The project intends to provide farmers and underserved rural markets with modern banking facilities. It will help them achieve their 2025 Sustainability Goal along with the UN’s Sustainable Development Goals.