Hi, I'm Gabo, founder and CEO of Best Friend Finance, a project that wants to write the next chapter of global financial life. Today, I’m thrilled to introduce our vision to you. We are committed to building products that increase financial fairness and resonate with voices from every corner of the world.

The Problem We Seek to Solve

Finance is a complex world. A world filled with barriers that turn millions of people into outsiders, disconnected from opportunities. I’ve seen how this avalanche of roadblocks and pitfalls strangles human connection and kills empathy. I’ve seen it in individuals and in communities. The system is designed to let some people in and leave some people out, increasing the gap of inequality in the world. We believe it’s about time to change that.

Our Mission: Financial Inclusion for All

At Best Friend Finance, we're just trying to make sure everyone can get equal access to the six essential financial functions. These are the pillars that can foster economic empowerment and growth:

• Earning Money
• Saving Money
• Moving Money
• Insurance
• Lending/Borrowing Money
• Investing/Raising Money

The initial Product: Ambition and Focus

Our first product is ambitious, but we're approaching it step by step. We are building a new app from scratch that is designed to make moving money across borders more efficient, specifically between the US and LATAM. With the US as a global financial hub and with LATAM's extensive connections, we're creating a pathway for global adoption and inclusion. But to achieve success, we must start focusing on providing more efficient and inclusive banking and cross-border money movement in the US. It's an exciting journey, and we're committed to excellence every step of the way.

This new app, which we will be announcing in the coming months has these initial characteristics:

• US Banking: Through a Bank Sponsorship, the new app will offer a full US bank account to people within the United States. This matches the functionality of other fintechs in the US and, when combined with our other functionalities, streamlines small cross-border transactions. According to a study by Swift, 81% of consumers explore their bank's offerings first when considering cross-border payments. (The low-value cross-border payments market opportunity is estimated at $10 trillion.) The current experience in this realm is fragmented and expensive. Our goal is to become the primary solution for US customers. If we succeed in this strategy, we have a pathway to achieve global adoption, especially considering the US's role as a global financial hub.
• Digital Dollar Custody: We back the international users' balances within the app by having custody of stablecoins. We've chosen an RToken, specifically eUSD, for this purpose due to the added layer of overcollateralization it offers to preserve its value. You can delve into my thoughts on eUSD in a previous post. This method allows us to provide dollar balances to non-US customers and streamlines transactions between users in our ecosystem. These transactions occur within our ledger and custody, regardless of user location.
  Although US customers won't have stablecoin backing their balance — as they will possess a US bank account within our app — we've established a digital bridge. This bridge facilitates seamless interactions between US domestic and international customers within the same platform, enhancing transaction efficiency for the end-users.
• Latino Population: The Latino population in the US experiences low banking penetration, with approximately 65% being fully banked. This limits their capabilities within the financial system. Concurrently, they are more likely to send remittances back home, as evidenced by 27% of foreign-born households reporting monetary transfers, compared to just 1% of native households. We believe that offering banking services tailored for this demographic, in their preferred language, combined with the efficiency of cross-border transactions, can make a positive impact on their lives. This approach also paves the way for broader adoption across the continent, making them our initial focus.
• Card: Both US and international customers will have the ability to utilize a card to spend their balances. Due to the distinct mechanisms in place for US and international customers, different card programs will operate behind the scenes. However, from a user's perspective, the experience remains largely uniform. Another vital aspect is our commitment to enhancing the experience for international customers, positioning the card as the primary means of accessing funds. More details will be provided closer to the launch.
• Reward System: We've developed a unique approach to reward card usage, positioning it as the most lucrative method to transfer money. While the model promotes distribution both domestically and internationally, it's particularly optimized for our enhanced cross-border transaction system. Our aspiration is for our reward system to provide benefits that surpass the amounts spent on remittances.