ST PETER PORT, Guernsey and NEW YORK, Oct. 21 (Korea Bizwire) — By virtue of its First-Mover and potential Sector-Influencer position in multiple of the world’s largest value markets, Webtel.mobi (“WM”) has an open gate to one of the highest revenue-generation operations available. This article describes WM’s view on what a market-leading position such as this mandates in terms of Global Social Responsibility.
Providing a Solution for Unbanked People Globally
The markets that WM now provides full access to – to a global client base – are the largest markets in the world in terms of value and volume. The primary markets to which it has access, have volumes in the USD multi-Trillions per day. Its secondary and tertiary markets include virtually every transaction type that exists.
Moreover, WM does this from a base where it has zero debt, an extremely low cost-base and no requirement to establish premises or appoint personnel globally – because this role is carried out by its VSMP Affiliates at zero cost to WM. Consequently, the majority of WM’s revenues are net.
Furthermore, the markets referred to above are all digital. They comprise digital transfers of funds, digital funds clearing, digital FX conversions, etc., all of which are executed by persons or entities with bank accounts. These markets are so large that the total Global Remittances Market is insignificant in comparison.
Moreover, although the global Cash market – a different market to the Unbanked Persons’ market – is the largest market in the world, entry into it brings with it many additional security, KYC, AML, and other Anti Money Laundering requirements – not required if only the Digital Money markets are attended to.
However, WM took the view that as there was an opportunity to create a working and practical solution to bring Unbanked Persons into a 21st Century Global Economy – and reduce or remove the excessive costs and other negative consequences of their being Unbanked, it would do so. This required many alterations to WM’s Platform 2 to allow for acquisition of its TUV Digital Currency using cash, including:
- Structuring process-flows that cut off the cash at WM’s VSMPs and Agents (WM itself only accepts Stored Credit loads by inward transfer from regulated Bank Accounts, eWallets or Cards).
- Adding multiple, additional Anti Money Laundering and KYC processes to monitor not just Members who loaded their accounts via cash, but also the VSMPs and Agents accepting the cash payments.
- Structuring a “Redemption” process for Unbanked Peoples’ family members to redeem TUVs transferred to them at VSMPs or Agents – with again many additional AML and KYC processes applied.
- Build an entirely stand-alone centrally-managed Cash Kiosk system (the “SCRM” system) for withdrawals of TUV funds by family members who had been transferred TUVs.
This required a significant amount of structuring, effort, and time to implement. Moreover, as the volume and value for the entire Annual Global Remittances Market is fractionally smaller than just one day’s volumes and values in one of the 10+ Primary Markets that WM already has a command lead in (in terms of cost + speed + security), this was done for Global Social Responsibility reasons – not for commercial reasons.
This solution to give Unbanked Persons worldwide access to the 21st Century Digital Economy was, however, completed, and is now fully operational worldwide.
Providing Equality of Opportunity for Self-Motivated People
In the telephony sector, similar structures (but not as sophisticated or wide-ranging as WM’s VSMPs) are called Mobile Virtual Network Operator (“MVNO”) systems. To obtain one is very expensive (up to USD millions or tens-of-millions), and the quarterly or annual running costs and minimum payment to the entity providing it are similarly extremely high. Failure to meet these payment terms results in bankruptcy. These are unavailable to any persons or entities other than those with very significant finance.
In contrast, WM’s Virtual Specialized Mobile Provider (“VSMP”) Affiliate Program and its Independent Agent (“Agent”) program were structured specifically to allow all people – whether in a social or economically weak or strong position – to acquire a fully-functioning and sophisticated business of their own at zero cost. Furthermore, they are able to run it at zero cost, and have zero requirement to pay any fees at all to WM for acquiring or retaining a VSMP.
The VSMP Platforms that WM provides to Eligible Entities that want to acquire one, are very sophisticated. They are full replicas of WM’s own system (although all transactions and management flow through WM to render it a centrally-controlled and Closed-Loop Members-Only System). They have far more capacity than standard MVNOs, and enable commercial operations in literally hundreds of market sub-sectors.
Not only are Eligible Entities and Agents provided with their own sophisticated VSMPs at zero cost, WM carries out all Technical Support itself, and the persons or entities acquiring the VSMP’s only responsibility is to send out WM’s marketing material to their existing members / clients / customers / other when they receive it. Furthermore, they are advised not to incur costs when doing do, and only to include the marketing material in what they already use to communicate with their clients / customer / other base – be it flyers, the back of till receipts, blogs, emails, letters, or anything else. This is why the range of Eligible Entities that have WM VSMPs is very wide. They range between extremely large multinational companies down to one-person businesses – each of which addresses its own market.
Similarly, with WM Agents – whose Primary Role is to make Eligible Entities aware of WM’s VSMP opportunity. The only requirement for them to acquire their own Agent VSMP – and act as an Agent – is the will to do so, and self-motivation. WM’s VSMP and Agent Programs are great levelers. They are total equality of opportunity vehicles for any people to acquire, and, once acquired, their success (or lack thereof) is directly attributable to their own application of personal excellence, energy, focus and the will to succeed. All other artificial impediments based upon financial or socio-economic restraints have been removed.
This way, whether an entity is acquired by a large multinational corporation, a struggling single parent or a person born into poverty but with the personal excellence and will to succeed – if they have the drive and the will to succeed – they will, with no artificial impediment to their progress and all the support they could ever need.
Voluntary Community-Support Donations in Lieu of Tax
WM is located in Guernsey because it is (in WM’s assessment) one of the best “Third Country” jurisdictions in the world. A “Third Country” jurisdiction in one that is not a member of any other political or other unions or agreements between countries. In order to provide a service worldwide at the same costs and term without having to open subsidiaries in other countries, one has to be located in a Third Country jurisdiction. Other than being a Third Country jurisdiction, Guernsey is also a zero-tax jurisdiction.
However, WM considers it a requirement to remit payment in lieu of tax as a measure of correct business practice. As such, WM has taken the mean average of global top-rate corporate tax, and will remit that amount of its profits to a list of charitable and community-support organizations worldwide. Moreover, it will remit these amounts pro-rata to the countries from which it originated – because the current system of companies remitting tax (or payments in lieu of tax such as WM) to one jurisdiction when it is derived from multiple jurisdictions is – in WM’s view – not best or proper practice.
Keeping Costs to Members either Ultra-Low or at Zero
The most important part of WM’s community-support and Global Social Responsibility relates to the costs levied on its members. WM’s running costs – and therefore its costs – are extremely low, and most of its revenues therefore comprise net revenue. It is therefore able to provide its services at low rates that would nevertheless still have astronomical mark-ups in terms of percentages.
However, WM does not, and will not do this. It passes on the benefit of its 21st Century efficient structuring onto its members, by providing the services that it does charge for at ultra-low rates, and by providing many of its services at zero cost. WM takes the view that the best interests of a (Global) Community trump the best interests of a (corporate or person) individual – and it puts that view into practice.
It does not, and will not, engage in predatory or ruthless actions towards its Members. After all – although some sections of business regard ruthlessness as a sign of business prowess, any predator or scavenger is also able to be ruthless. The choice, therefore, is whether to act as a member of a society, or as a predator upon the society – and WM’s choice is to act as a member of a society. Naturally, WM is very robust in its actions with regard to unfriendly potential competitors, or persons or entities that try to abuse these situations, but those are different situations.
The saving of large amounts of money will represent different things to different people. For large and wealthy entities, it will represent a significant boost to profits. For the most vulnerable in society, it represents the capacity to buy perhaps two bags of rice for the family instead of only one, or having the funds left over to send a child to school where otherwise this would not be possible. It is for the most vulnerable societies and vulnerable people in societies that WM primarily does this for, because it regards this aspects as the most important single aspects of any company’s Global Social Responsibility.
Nick Lambert: email@example.com
WM’S Global Social Responsibility Page:
WM’s Impending SCRM Program:
Research Reports on the Capacities of the WM System:
- Keynes’s Clearing Union is Alive and Well and Living in your Mobile Phone
- Another Bretton Woods Reform Moment: Let us Look Seriously at the Clearing Union
- New Dimensions for the TUV in the Webtel.mobi System
Additional Research Papers on Webtel.mobi’s Global Clearing System and TUV:
Video on the Capacities of the WM System:
Characteristics of WM’s TUV Digital Currency:
When Making Excess Profit was Immoral:
Adam Smith’s “Wealth of Nations” (See Book 1, Chapter IX, Paragraph 24)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ffbd9f98-5d9e-4f6e-a904-819250fcc402
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
Source: Webtel.mobi (Holdings) Limited via GLOBE NEWSWIRE