Vesto and United Cities North America sign Letter of Intent for Digital Remittance and Payment Platform

Partnership to Provide Remittance, Other Financial Solutions for SDG (Sustainable Development Goal) 11 Initiatives

CHEYENNE, Wyo., Sept. 29, 2022 /PRNewswire/ -- Vesto, a turnkey digital asset infrastructure for businesses, and United Cities North America (UCNA), an organization partnered with the United Nations and The United Cities Global Program, announce that they signed a Letter of Intent (LOI) on September 16, 2022, to deliver digital wallets and remittance services to smart cities residents.

Globally, billions of people are excluded from participating in the financial ecosystem and have limited or no access to financial services. Remittance and cross-border payments are a lifeline for people who send money to their families or individuals in their home country. Areas affected by generational poverty, resource shortages, civil unrest, and war, accelerate the need for remittance, and amplify the importance that this process is timely and cost effective. Although rarely recognized as essential, offering basic financial services to the unbanked and underbanked serves as a vital mechanism to empower people and communities and help them meet their basic needs, such as food, clean water, education, housing, and healthcare.

Higher remittance fees consume a large portion of initial earnings (currently 6%-7% of money being transmitted). According to the United Nations website, a projected $4.5 trillion in remittance is to be sent by 2030. A substantial opportunity exists to help developing countries receive more of the money sent from abroad. By utilizing the Polygon blockchain, Vesto is able to offer ultra-fast and low-fee transactions worldwide, keeping money in the hands of the recipient.

"Our infrastructure gives immediate access to crypto wallets for residents of UCNA's smart cities and additional underserved communities. It is an honor to support and provide digital financial services to all people around the globe so that they can build secure and prosperous lives and contribute more to their communities," said Christopher McGregor, Vesto CEO.

"While UCNA primarily supports SDG 11, we are stewards of all SDGs. With this partnership, we can expand our impact outside of smart cities to help all consumers with a focus on the underbanked and unbanked. With additional use cases, such as bill payment, small merchant payment acceptance, deposits and savings, formerly un- or under-banked residents will have instant access to digital financial tools and services. We will also be focusing on cross-border payments and can drastically reduce the complications and costs of these transfers," said Jason Lohe, UCNA CEO.

The UCNA powered by Vesto remittance and payment platform is taking action to shift how we build and act as a global community via remittance and payments, creating an inclusive future. This partnership provides financial solutions to the economically underprivileged.

Vesto is ushering in a new era for finance by making participation in the evolving digital asset ecosystem secure, cost-effective, and user-friendly. With our partners, FinClusive (U.S. fiat on/off ramp), Latamex (Latin America fiat-crypto on/off ramp), and Circle (USDC stablecoin), Vesto delivers an end-to-end solution that allows clients to leverage crypto services via an agile, scalable, and compliant protocol (as a white label service). Its services provide access to the most advanced crypto banking, transaction, and yield generation offerings available. Follow Vesto on Twitter, LinkedIn and at vesto.io  

United Cities North America (UCNA) creates and builds sustainable and net zero (smart) cities and communities. Approved by the United Nations and The United Cities Global Program, UCNA is tasked with supporting SDG (Sustainable Development Goal) 11 initiatives in Mexico, Canada, and the U.S. SDG 11 aims to showcase engineering advances and development strategies to make cities and human settlements inclusive, safe, resilient and sustainable. UCNA creates the places where solutions to our planet's greatest problems can grow, scale and meaningfully change the world. Follow United Cities North American on LinkedIn and at unitedcities.io

Media Contacts
Vesto: Jill Krebs, [email protected]
United Cities North America: Jason Lohe, [email protected]

SOURCE Vesto