Israel Keys of BloomSolutions
Israel Keys
Israel Keys of BloomSolutions
Reinventing remittances and cross-border
payments
By Jean De Ramon
“The Philippines is the third largest recipient of remittances in the world and that is why it is advantageous as the focal point of money transfer,” shares Israel Keys, CEO of BloomSolutions, with TechShake.
Many
families in the Philippines rely on money sent by their relatives working overseas. These modern-day heroes – Overseas Foreign
Workers (OFWs) - however spend more than 6% in order to send money home. “It’s
about time that money transfer caught up with technology,” Israel says.
Responding
to Super Typhoon Haiyan brought Israel to the Philippines and it was something
that changed the course of his life.
Money is essentially information
For Israel,
money should be something that can be easily accessed as fast as we can with
internet connection and SMS. “If
we can send information quickly and communicate in remote areas, why can’t we
move money easily?” Israel would say. During the rehabilitation period for the
people affected by typhoon Haiyan, he noticed that the internet connection was
fast and readily available, but money—which was critically needed at that
time—was something that was hard to move. This blossomed the idea of giving
people better remittance service by lowering the cost and reducing the time it
takes up to wait for the money to be received. BloomSolutions works hand in hand with existing
remittance businesses to reduce the cost for the end-costumers.
At
BloomSolutions, they are able to reduce cost by up to half and they instantly
disperse the funds to major banks and cash-pick up locations so that it will be
picked up anytime (e.g. instead of waiting for 3 days, all they need is 10
minutes to get it instantly) and anywhere. They also make us of blockchain to
make everything secure. Israel clarifies however that they are not a bitcoin company
and only uses bitcoin as a technology to make transfer faster and cheaper.
The remittance industry is welcome to all competitors
In 10 years
time, Israel believes that remittance businesses will continue to grow and that
“money will be as easy to transfer as sending a text message.” As many people
find the need to transfer money more frequently, it is important that existing remittance
centers step up their game against the potential competitors that will come
into being. Even though competitors will be a threat, Israel believes that it
will be better that way. “I think over time you’ll see more remittance
companies—remittance business has been dominated by big companies—and I think
that competition is great because it will drive down cost even further; that is
a good thing for the industry and it’s about time. We need more competition in order
to make money transfer cheaper,” he shares.
To provide the
competitive advantage, he thinks that it is best to innovate with other
products related to remittance as well. More
than making money, Israel wants BloomSolutions to bring value to the remittance
industry and to the end-user—particularly OFWs—for them to move money more
cheaply.
While business
is tough in the Philippines, Israel remains positive saying “I feel like we
were able to do a lot with relatively little - with seed funding of friends and
family.” Bloom has its sights set internationally and looking at remittance
corridors outside of Philippines.
It’s not about being a risk-taker but purpose
Being an
entrepreneur for Israel was mainly because of his interest for solving problems
and doing something different. Meeting people, creating a team with the best
talent and solving problems are his kind of game; but for him, progress is very
important as an entrepreneur. “…it is important for me to see that we are
moving forward in a meaningful way” he emphasizes.
When asked what
would make an entrepreneur successful, Israel honestly tells us that if any of
us knew, we would all be successful. He also doesn’t agree that passion is be
the only thing that drives success as an entrepreneur, “…if you really want to
be good at something, you need time to develop the craft…your capacity…I think
what’s more important is purpose: purposely living what you are trying to
solve. Passion might fade then come back but for what purpose are you living
for?” Israel tells us. He also reminded us that to become an entrepreneur is to
assume full responsibility; one can give up so much but not to the point of acting
foolish.
“For some an
entrepreneur is someone who must be a big risk-taker – so they leave their job
prematurely to look like they are entrepreneur. I think that is a misconception
- I think [an entrepreneur] is someone who is able to see risk differently than
everyone else and acts responsibly to solve a problem that many have.”
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