Financial Services Business

Designing Solutions for Financial Inclusion

The Challenge

In 2020, a major payment company expanded its financial inclusion ambition to address the 4.3 billion people worldwide who are either unbanked (don’t have a bank account) or are underbanked (lack access to credit). This lack of access limits people’s ability to build a solid financial future by making it more difficult to save money, invest, or run a business.

In 2024, the company’s leaders sought to go deeper by developing a strategy that went beyond expanding access—focusing more on supporting and improving the financial health of their customers.

Our Approach

To seize the opportunity, the company worked with AAJP GLOBAL SERVICES to conduct a comprehensive financial health study to support product strategy—one that leveraged data-driven insights to create tailored, impactful products and services.

Our approach included:

• Global Market Insights. We developed a financial health framework, analyzing key trends across multiple markets to identify the biggest barriers and opportunities for financial inclusion.
• Deep-Dive Analysis. We undertook a comprehensive assessment of financial inclusion trends, using Brazil as a case study. This included qualitative research from focus groups and surveys to capture the lived experiences and challenges of unbanked and underbanked populations. We also conducted a quantitative, pseudonymized analysis of transaction data from over 3 million customers of a leading digital bank in Latin America. This dual approach was crucial in addressing the unique financial journeys of the unbanked and ensuring that solutions were designed with their specific needs in mind.
• Product Innovation. Using these insights, we helped our client understand how it might design and refine financial products tailored to the needs of local markets, with a focus on financial education, accessibility, and sustainable usage. The insights included possible features that could be integrated into digital savings tools, credit-building programs, and financial literacy platforms. 
• Partnership Strategy. Recognizing the need for localized insights, we worked closely with the Latin American digital bank and leveraged insights from microfinance and broader financial inclusion efforts to ensure the solutions were not just globally scalable, but also contextually relevant.

The Impact

The collaboration between the company and AAJP GLOBAL SERVICES has set the foundation for long-term success in the client’s financial inclusion efforts. Key outcomes include:

• Defining the Financial Inclusion Journey. The client identified specific barriers and anxieties facing individuals as they move from access to financial health, as well as the enablers that smooth that transition. Understanding and addressing the unique needs of unbanked and underbanked populations in this way ensures that financial products are not only available but also support the financial health of those that need them most.
• Fast-Tracking Financial Health. Research with the Latin American digital bank underlined that access alone isn’t enough. Users also need simple, intuitive financial tools, along with guidance on how to use them effectively. Key factors like personalized financial coaching, targeted savings incentives, and transaction transparency play a crucial role in improving financial wellness. With that insight in mind, the client can explore solutions that accelerate financial stability.
• Scaling Impact with Data. The development of this approach and model allows for extrapolations and replications across different regions. By extending the use of the model and continuously gathering real-world insights, the client can refine its strategies to better serve diverse populations and improve financial outcomes over time.

This approach could yield benefits beyond its societal impact. Expanding access to and responsible use of financial services is a major business opportunity. It can drive transaction volumes, increase customer loyalty, and create new revenue streams. By integrating financial health initiatives deeper into its core business strategy, the company further enhances customer engagement, fosters healthy long-term financial behaviors, and deepens relationships with banking and fintech partners.

Financial inclusion is more than access—it’s about sustained financial health. With a clear strategy and innovative solutions, our client is helping to advance a future where financial well-being is within reach for everyone.

Financial Institutions

Private Banking

We will provide a tailor made solution by assisting you in choosing the right bank with the right services for you. Private banking matches bank customers with individuals or teams that handle all financial tasks within the bank. Customers can call their private bankers directly to get help or conduct transactions. Private bankers are already familiar with the specific financial situation of their clients and are in an ideal position to make recommendations and help them achieve their goals. Private bankers can also handle bill payments, arrange special products outside the bank’s standard menu (such as large mortgage loans), and provide wealth management services.

Business and Corporate Banking

AAJPGLOBAL will assist you in choosing the right bank which will give you comprehensive set of solutions that will allow your company to transact and effectively trade, manage risks adequately, and fund its expansion plans.
This services include international cash management, digital banking services, trade solutions, financing, Foreign exchange, green solutions and more.

Merchant Account and Payment Processing Services 

All businesses looking to sell products online need to open a merchant account to accept card payments. A merchant account is an account provided by your payment processor that receives the funds from your online transactions. Once the funds have been deposited into your online merchant account, they are then transferred to your normal business bank account, where they can be withdrawn.
You need to be able to accept payments the way your customers want to give them: online, mobile, on-the-go, over the phone. And sometimes your business dictates different scenarios, like invoice payments, subscriptions, recurring billing and marketplace payments.

AAJP GLOBAL in collaboration with some global Payment Orchestration Platform supports all the ways you want to accept payments while helping you to increase your revenue, reduce costs and scale your business. However you accept payments, AAJP GLOBAL offers the technology and expertise to help you increase your authorization rates, decrease abandonment, avoid unnecessary fees and reduce technical debt.

Cryptocurrencies

Experts in Crypto transactions, Crypto Friendly Bank.
Crypto to FIAT Settlements: User pays for your product/service in cryptocurrency – merchant is settled in FIAT.
FIAT to Crypto Exchange: User uses FIAT to buy desired cryptocurrencies.
Crypto – FIAT Trading: Suitable for companies and individuals purchasing and selling large amounts of cryptos.

Custodian Services

AAJPGLOBAL will assist you in choosing the right financial institution to custody you and your clients funds, cryptocurrencies, securities, stocks and other financial assets for safekeeping reasons and to prevent them from being stolen or lost. Depending on your preference this assets will be hold in electronic or a physical form.

Jurisdictions for Bank Accounts

We will assist you in choosing a bank that exactly meets your requirents. You can also choose the country, the bank and the required service and we will do the rest.

What is It? Why Have One?

The first thing to realize when considering offshore banking is that it is very similar to banking down the street. You can view your account online. You can transmit bank wire transfers in and out of your account. Many offshore banks have credit and debit cards associated with the account. In addition, outside service companies offer offshore prepaid debit cards that you can link to your offshore account.

As you know, a local account does not consist of little pieces of paper currency stuffed into a cubby hole with your name on it.  Your bank account is simply computer data on the bank’s network that is backed up on servers around the world.

Should you travel to another country on vacation, you will still be able to access your account, withdraw funds, etc. Likewise, your bank account overseas consists of computer code; likely backed up on the exact same global computer network as your friendly neighbourhood bank.

With regards to bank safety, keep in mind that there are international financial standards that banks must meet. That is, before a bank can accept depositors from abroad it must pass certain financial stress tests. For example, before a bank in Belize, Nevis, Cook Islands, Switzerland or the Cayman Islands can transmit wire transfers in US dollars, it generally needs to obtain a US correspondent bank. Obtaining a correspondent banking relationship carries certain requirements. For example, it must prove to the US institution that its financial strength ratios comply with strict international standards. Moreover, it must continuously pass these tests in order to maintain the relationship.

Additionally, there are rigorous government regulations within each of these jurisdictions. One hard and fast requirement is that banks must maintain substantial capital reserves in order to insure depositor safety. Moreover, regulators continuously audit the banks. This helps insure that the banks remain in compliance and to uphold the reputations of these popular financial centers. There are restrictions on the number, amount and security required for bank loans and investments. There are quarterly reporting requirements. Plus, bank officials must pass intensive background checks before they can obtain a directorship with the institution.

Standard & Regulations

There is an international regulatory framework for banks. These are standards to which all banks worldwide must comply in order to transmit funds overseas. This includes the Basel III. The Basel III is a detailed set of standards. The Basel Committee on Banking Supervision developed these standard for the industry. Its purpose is to solidify and unify the regulation, supervision and risk management of the banking industry around the globe. The intent of these measure is to do the following;

• Improve the banking industry’s ability to absorb blows stemming from financial and economic stress, regardless of the source
• Improve risk management, operations and oversight
• Strengthen banks’ transparency and disclosures 

There are international standards for the Liquidity Coverage Ratio and risk monitoring tools that banks must have in place. It accomplishes this by making sure that a banking institution has a sufficient amount of unencumbered high-quality liquid assets (HQLA). These are assets the bank can easily and immediately convert into cash. The institutions can then turn to private markets in order to meet its liquidity demands for a 30 calendar-day liquidity stress scenario. There there is the Net Stable Funding Ratio requirements. These standards require banks to keep a secure funding profile for both the short-term and the long-term.

Banking Offshore is Common

Offshore banking is very common. Over 2.7 million US citizens reportedly have offshore accounts. Offshore banking is not just for the top 1%. Banking offshore is available to anyone and everyone wanting to take advantage of the various benefits. Many foreign banks offer low deposit minimums. Thus, they make for a plausible option to anyone with a desire to set up an account offshore.

Moreover, the benefits of having an offshore bank account go way beyond alternative investment opportunities and hiding your assets. These benefits affect the average person and can greatly improve your daily banking experience. In terms of security, accessibility, convenience, and peace of mind, it would seem that offshore banking is the ideal solution. Gone are the days of thinking of foreign banking as some distant, idealistic tax evasion scheme to hide from your domestic government. On the contrary, it is legal, moral and ethical when done properly. Moreover, it is a real, viable, and sustainable option available to all willing to take advantage of it.

Diversification

Banking offshore offers currency diversification for your savings. This is very useful for maintaining a safe, stable long-term investment portfolio. Very few domestic banks offer options for holding diverse currencies. Holding assets overseas in different currencies allows one to take advantages of jumps in currency fluctuations. After the 9/11 disaster, many people opened Canadian bank accounts and converted US dollars to Canadian dollars. Many made a handsome 30% profit as the US dollar tanked and the Canadian one strengthened. So, holding various currencies can diversify investments, offer a higher return in certain market conditions and lower risks.

Misconceptions

Perhaps a more common misconception of offshore banking is hiding assets from the tax man. In reality, this is rarely true, as offshore banks are typically transparent for tax purposes. That being said, there are some ways to maintain limited privacy when utilizing an offshore account. 

Any American relocating $10,000 USD or more, at any time, must report it. However, it is possible to have an account with under $10,000 USD without reporting it. You do, however, need to report if you are the signatory on a foreign account. Nonetheless, we highly recommend you speak with your tax advisor.

International Markets

It allows for diverse flow of income. It is also pertinent to consider that while the U.S. was in a recession in 2008, Asia’s market was booming. Limiting your business domestically restricts you. So, you may want to reap the benefits of economies doing well while your domestic economy may not be. In fact, you may consider establishing more than one foreign account. As such, you can ensure yourself that you are taking full advantage of the favourable international foreign banking laws. In Switzerland, for example, the banks are also the investment management firms.
Swiss banking comes with some of the top money managers in the world. So, a financial planner in the institution can suggest a portfolio that offers a great combination of growth and safety. The US limits the number of trades in which a day trader can participate. Trading offshore removes this cap.

Better Interest Rate

Banks in the U.S. typically offer very low interest on deposits. For example, at current market rates, if you deposit $1,000 USD in January, you will make only $10 interest for the year. Some may feel satisfaction, or even thrill, to make any amount on their savings. However, when you compare that to some international banks, you can find some significantly higher interest rates on your deposits offshore. We are talking enough interest to make you set up an account just based on this benefit alone. Locations such as Australia, Switzerland, Netherlands, and France may not only offer great interest rates on your deposits, but they were also listed as home to some of the safest banks worldwide.

Move Money Quickly

Along with diversifying your assets, having even a small offshore account allows you to move quickly. Offshore account holders have the flexibility to move their funds, if needed. For example, you may be in a situation where asset protection from lawsuits become necessary. In addition, you may have regular transactions on international business deals. Both of these fundamentals are invaluable on their own.

Along these lines, we also know that domestic banks often keep very limited funds on hand for very large withdrawals. This makes it much harder to readily access all of your money quickly. The challenge is that here are numerous situations where this sort of limitation can be lethal in terms of asset protection. Why is this important? Here’s why. What if you cannot withdraw your funds quickly? That is, you may have a lawyer in the line behind you who wants to freeze your account until the bank hands it over.

So, having an account offshore ties the hands of your opponent. You can move your money quickly and/or have an offshore trustee step in to protect you.

Greater Security

Additionally, many asset protection experts say, when you bank offshore you are less attractive to lawsuits domestically. That is, if you tie up a chunk of your assets in offshore accounts they are harder for your opponent to seize. This may not be a concern for everyone; but keep in mind it is more difficult for someone to freeze your accounts in a snap if they are sitting in foreign banks. For long-term security, experts recommend holding your account in an offshore company and/or trust. Holding funds in these tools do not only give privacy. They can also offer substantial legal protection if a court order demands repatriation of the funds.

Setting Up an Offshore Account

This will most likely come as no surprise. It is becoming more and more difficult for Americans to set up offshore accounts. This information is highly pertinent. So, it is essential to ask an experienced professional to find the best bank for you. That is a service that our organization provides. We know which banks will accept foreign clients. We are keen on which banks we feel are the strongest and safest and which offer the most attractive services.

• Availability for American clients. Not all banks still accept American, Canadian and European clients.
• Ability to open an account remotely. There are some overseas banks that have options for clients to open accounts online or over the phone. Naturally, you will also need to provide the legally required know-your-client documents.
• Other banks require that you visit their bank directly to open an account. That said, some of those banks have domestic branches. Therefore, some will allow you to set up overseas accounts through the local branch.
• The problem is that US courts have jurisdiction over the local branches. So it is important to use a bank that does not have corresponding US locations.
• Low minimums. Most banks require a minimum deposit to open an account (that goes for domestic and international). So you will want to seek a bank with a minimum within reason for you.
  Banks that have local clients as well as foreign clients. 
• You can rest assured that a bank offering services to locals is going to be well scrutinized.
• A bank that only has foreign clients, is often called a “Class B” bank. These banks may be more easily overlooked by regulators. “Class A” banks can typically accept both domestic and foreign depositors.

Tax Information

Many foreign banks have strict privacy laws and do not disclose account information. Tax reporting, however, is a different issue. International financial institutions are responsible for filing certain forms for US residents and citizens. Doing so helps them comply with US tax regulations. The responsibility also lies with the account holder to report it properly. When setting up an offshore account you will also want to keep basic tax laws in mind. It is important to note, by the way, this is meant to be helpful information only and not tax advice. It is subject to change. So, first seek advice from a licensed accountant. That being said, it is recommended that Americans keep the following in mind.

Making the right decision

Aside from all of that, you also need to bear in mind that no one bank is right for everyone. While some people need highly capitalized banks with easy access to withdrawals, others may look for “asset protection” benefits.

Contrary to popular belief, offshore banking isn’t about evading taxes or hiding your assets. It is more about building your business and securing assets from vexatious litigation. That is, many people simply establish offshore accounts to benefit from favourable international regulations.

Safer Offshore than Onshore

As time goes on, in fact, it seems the question is less “Is foreign banking for me?” and more “Is domestic banking right for me?” This is not some fluke. This is the direct result of a shaky banking system. It is a system backed by a government in debt; a government that is burning through the people’s money.
Meanwhile, the federal reserve is in shambles. If you think otherwise, compare it with equivalent agencies in countries that are not deep in debt. Certainly the question is no longer about whether offshore banking is safe. The question we should be asking is this. Which secure offshore bank we should use to our personal, legal, business, and financial benefit?

Offshore banking allows for increased financial privacy. Many individuals and companies around the world take advantage of these confidentiality benefits. US residents can enjoy the same financial rewards as these people and businesses by banking offshore.

Protecting your money from divorce, lawsuits and legal battles is another reason. You can open offshore bank accounts in the name of offshore companies to provide maximum privacy and security. Offshore bank accounts are not just for the wealthy. There is a distinct rise in the number of Americans who put their money into private financial accounts. The purpose of this writing is to provide understanding and information on the subject.

Confidentiality of an Offshore Bank Account

Most offshore bank account jurisdictions have strict confidentiality rules and regulations. These are in place to help ensure that the identities of their depositors and investors as well as the related transactions are confidential. That is, the casual probe or prying eye will not be able to delve into your financial affairs. While this confidentiality is almost legendary, it is not possible to guarantee absolute privacy and anonymity. All financial institutions the world over have an implicit legal obligations. As such, they are to report and comply with investigations into suspected serious criminal activity. This, of course, includes terrorism, money laundering, or the fruits of the illicit drug trade.

However, in the vast majority of instances there is no compelling criminal accusation. So, depositor information is guarded in a jealous fashion. These offshore bank account jurisdictions are designed to provide the utmost in confidentiality, and serve to judiciously protect and safeguard depositor information. This high level of confidentiality is especially noteworthy as it relates to protecting assets from domestic litigation. For example, civil matters such as divorce or contested estates are daily battles in the courts.

It is not in a bank’s interest to divulge confidential or depositor information. Thus, they have traditionally only done so reluctantly and with certain, rigorous tests that the requesting government agency meets. Any semblance of leaks or breaks in confidentiality would serve to break the confidence of other potential account holders. As such, they would stand to lose a great deal of the banking business.

Privacy

Even deeper and tighter levels of anonymity and confidentiality are readily available. One can enhance privacy through  asset-holding vehicles such as Offshore trusts. These tools offer mountains of protection compared to simply “opening a bank account.”
The goal of anyone looking to open one or more offshore banking accounts should be this. To strike the appropriate balance between asset protection, anonymity, security, and accessibility it is important to have guidance. Be sure to get a hold of a consultant to find the right solution for you.

Additional Information about Offshore Banking

Popular jurisdictions for offshore bank accounts can be found in various parts of the world. However, it is very important to form an offshore company to own the offshore bank account. The jurisdictions that offer the most privacy for the owners of an offshore company are not necessarily in the same jurisdiction as the offshore banking account provider. One may drive a Mercedes automobile. But that car will not have Mercedes tires. It will more likely bear Goodyear, Firestone, Continental of Michelin tires.

Likewise, you will want to choose the jurisdiction with the  best legal tools. Then you will want to choose the jurisdiction with the best financial institutions that meet your needs.

For example, you can have a company in the island of Nevis and a bank in Switzerland. Nevis company law offers maximum privacy of ownership. Switzerland offers the strongest combination of bank safety and financial privacy. It is critical to establish the right combination for your specific needs.

Positive Financial Outlook

The media has commonly referred to offshore accounts as “tax shelters” or “tax havens.” In the past, the IRS did not heavily scrutinize money invested offshore. Because there were so many advantages to investing money offshore. The IRS has now made it harder for those looking to seek financial benefits—and the IRS wants its share.

In 2009, the congress passed the Foreign Account Tax Compliance Act (FATCA). It stated, as before, that US citizens living abroad need to file their taxes with the IRS. What was new, however, was that financial institutions abroad needed to reveal their US clients who bank with them. The country got most of the news in this regard was Switzerland. The Swiss Bank Account had, and still has tremendous notoriety. Switzerland is a great country in which to invest or save money. It is known for banking safety and a plethora of investment options. These regulations turned out to be a godsend. That is because it is almost foolish for someone to accuse a US person of offshore tax evasion. When the bank they use is obligated to report, tax evasion is much less of an issue. Thus, it makes compliance by US people that much easier.

Choices

There are dozens of other countries, in addition to Switzerland, to invest your money.

Please note that it is perfectly legal to bank in offshore accounts. US citizens need to report their offshore profits to the IRS. This a simple layer of due diligence for you to do during tax season. But also note that CPAs and attorneys who understand offshore banking tax regulations can help. Those well-versed in these new laws and will walk you through the simple reporting process.

Keeping all of your money in the US banking system nowadays is an outdated, unsafe and uniformed way to invest. Why have your savings at the mercy of a fraudulent, corrupt, rigged system?

The 5 Best Reasons to Open an Offshore Bank Account

• Provide asset protection from lawsuits
• Provide for asset diversification
• Stronger banking system
• Decrease vulnerability
• Peace of mind

All of these reasons are the basic foundations of a healthy financial portfolio. There’s nothing new about this information. BUT, start to pair the basic elements of your personal finances with the lawsuit-happy climate. Then look at the state of the world today. In that light, the 5 main reasons why offshore banking is so popular will make much more sense.

“If there’s one word I want to leave you with today, it’s this…Glocal.” -Natalie Keener from the movie Up in the Air

Bank Account requirements

As a general rule the bank asks for a certified copy of the shareholder’s and director’s passport (beneficial owner), as well as recent proof of residence which, must be less than three months old. However, the full scope of documents depends on the bank, and on the particulars of each case. If the client goes to the bank in person to open the account, a certified copy of the passport is not required. In Mauritius, banks also require a letter of reference from a bank and a CV. In Panama, banks do not open accounts by correspondence.

We will send you the additional documents necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx or Chronopost), along with the other documents mentioned above.

Disclaimer:

Each bank account application is subject to the bank’s mandatory due diligence requirements and duties under national and international (FATF) standards, in particular to prevent money laundering, and nothing on this webpage shall be construed as an offer to waive such requirements and duties.

Banks are listed as example only. You will need to confirm your choice of a bank after the registration of your company. You have no obligation to select a listed bank and may propose another bank of your choice. AAJPGLOBAL is not proposing bank services. An introduction service includes the preparation of the application form and the submission of the application file. Any application is subject to the acceptance of the client by the bank.

Getting Started