FAQ - International Money Transfer | Money lending | LaLa wallet

LALA WORLD idea was conceptualized in April 2016 and we gave it a proper structure by registering it in Singapore in June 2016. Records in Singapore are very open and clean for everyone to see. We are headquartered in Singapore with offices in Singapore, Malaysia, India, Dubai and UK today.
The management of MIGRAMS is a large shareholder in LALA World Pte Ltd, Singapore, holding company of LALA World. The agreement with MIGRAMS was signed in September 2017 and over time extended to go global together. MIGRAMS is the worlds most comprehensive migrant management system that captures end-to-end journey for a migrant, digitally. Fully aligned with LALA’s goals of migrant issues and poverty alleviation. MIGRAMS is already in the three largest migrant markets of Malaysia, Bangladesh & Maldives. Also, the platform is looking to expand into Sri Lanka, Mauritius, Bahrain, Kuwait, UAE etc. That is where our strength in migrants comes from and that is where our focus is – LALA as a digital financial ecosystem (Wallet) for the migrants.
Malaysia has over 1 million new migrants entering the country legally every year and several million more existing already. These new migrants must be registered and enter the country via MIGRAMS. LALA (via LALA Malaysia) has started engaging these workers for its financial platform and wallet.
SIM Card for Migrants – We have distributed over 100k sim cards to over 100k migrants from Bangladesh to Malaysia who come via MIGRAMS. On an average, we are distributing about 18K SIM cards every month today as a value add to these migrants who come to Malaysia. This activity with MIGRAMS is being done to create on ground awareness towards LALA.
While we have distributed over 100k SIM cards to these users till now, there is also a strong pipeline of other users on MIGRAMS that will be gradually migrated to LALA for above products and services. That number should easily exceed what we have promised. These users are not on the LALA wallet yet, however we have been conducting numerous pilots and trials already with this customer base. MIGRAMS has over 250K migrants on their platform today and we intend to leverage that fully, needless to mention the new one million migrants that will come on board every year. And with the launch of LALA Wallet and other LALA services, the next logical step is to get them on our LALA Malaysia Wallet – called BestLALA. It’s in Beta stages and already tested and working but we are looking forward for a proper launch next month, July 2018. Anyone on Google Play Store will be able to download the Wallet on Android and make payments. These users will be gradually migrated to the LALA Ecosystem while new ones keep on adding.
 With this perfectly defined user base to market LALA, we move on to other services namely LALA Lends and LALA Transfer.
While all these other activities will flow through by Q3/Q4’18, we are also working to add partners with MIGRAMS on LALA ID (for KYC), LALA Score, providing them tech and underwriting tech. Complete LALA Tokenomics explained, can be seen on our blogs.
LALA Wallet will be a Fiat as well as crypto wallet depending on jurisdictions. Wallet being a regulated business in most countries, LALA intends to abide by all local and international regulations for all its products. Also, the nature of these regulations is such that they keep on changing and are different for different countries. Navigating these for the entire LALA product suite has been our biggest challenge so far causing product iterations and delays in some cases. However, we are past that stage now and have a very clear roadmap.
To make our products and roadmap simpler and clearer, we have divided all our products into crypto friendly (CFC) and non-crypto friendly countries (NCFC). That meant making two versions of each product and in some instances a whole new product. Not only that, behind the scenes we had to work really hard on how to structure everything so that regulatory wise we are the safest lot.
Key Positive Drivers:

  1. Global Ecosystem of Partners, everyone else is working in very niche products and segments
  2. Clear well-defined products, especially lending and remittance that has huge scalability
  3. Crypto as well as Fiat elements to cover every aspect
  4. Huge inherent demand from business as well as individual customers to keep constant liquidity
  5. Simultaneously we are working on several world class organizations to become a part of this LALA revolution.
  6. Cross selling supply and demand between different products
Barring a few countries, LALA Pay (bill payments and recharges) will be available to be paid by LALA tokens whereby you can top up your wallet by LALA tokens in CFC. This will create an automatic demand and supply and real uses for LALA token, pushing the value. LALA transfer is the most regulated of all and will be Fiat only initially with discounts and top up available via LALA tokens in CFC only. LALA Lends will start as fiat-only as it requires a lending license everywhere. For CFC we are intending to come up with a full crypto lending model to be launched by end of this year. Along with selling of LALA Scores and white label technologies (wallet, lending tech, LALA Score etc) to partners in LALA Tokens, this should create a massive demand / supply for LALA tokens. However, some jurisdictions are very open to crypto and we will have full Tokenomics there, as published and will continue to publish more from time to time. For the fiat wallet there would be L+ loyalty rewards that equally get converted to some partners wallet.
Also, based on Tokenomics already presented, we would be selling our products to partners who can either pay in Crypto and Fiat. A part or full fees will be used to purchase tokens on their behalf.
The objective is to increase the acceptability of tokens, which is just one of the ways to increase token demand. For the products like Lending, bill pay, remittance, LALA ID, LALA Score, the demand factors are explained in detail in each of their Tokenomics papers separately. Further, we are also working on several partnerships to increase acceptability of LALA tokens.
LALA Transfer is a regulated business and we are very careful where to use crypto. While the business will start in Q3 with lot of news coming up in July 2018, LALA Token will be used to give discounts in CFC for people availing these facilities. A whole list of countries that we are starting with will be released soon. Once the business is established in few countries by Q3, we shall release a further update on further usage of LALA for LALA Transfer.
LALA is a very ethical business and always looking after the community. We did even better. We extended this to 12 months instead of 6 months. In fact, founders have not even taken any tokens. For everyone else they will unlock over next 12 months – monthly pro-rata basis. For founders, they are locked for all 12 months and don’t get till after that.
LALA Wallet is not an open source project. Any development we do is proprietary and can’t be disclosed in public. We have our smart contract address on Github and anything else we do is private.
We are doing KYC for every user in the same manner using a standard LALA ID process as in the app and as explained in LALA ID Tokenomics paper earlier. This will be an advanced KYC and in certain jurisdictions where possible, we will also add biometrics. The unbanked and the migrant communities are the target as they are the most disadvantaged lot but that doesn’t mean that LALA can’t be utilized by anyone else. For KYC we are using third party providers as we are no authority to furnish identification. We can’t give refugee a recognized ID card. KYC is Know Your Customer. The LALA ID has ability to create your identification which can’t be duplicated. It carries your details with biometrics (in geographies where we can). Due to the unique feature of Blockchain, where it can’t be tempered with, LALA ID is trustworthy.
There is a lot of time utilized in KYC verification and physically handling of the documents in some products like LALA Lends. In some cases where they have to do AML/Facial recognition, additional cost have been incurred by the service provider. But with LALA ID commercial API, the service providers/ institutions can do everything digitally, effectively and quickly. We will be providing KYC, facial recognition with emotions, AML everything on one platform for service providers. This will make them (the financial institutions) pay us LALA token as described in the Tokenomics paper already released and we shall continue to provide regular updates on LALA ID / KYC as we go.
Tokenomics paper rates LALA ID from one to five stars which starts with basic 1 star for verifying an email and a phone number. With this they can use basic services like bill payment that do not require any comprehensive KYC. However, to use services like LALA Transfer or LALA Lends, they need to have a minimum of 3 star to maximum 5 star rating depending on the amount, jurisdiction and other local regulatory applications. This will not be applicable for CFC where they can do basic LALA Payments via LALA tokens without rigorous KYC. However, this might change in the future as new regulations develop and as our lawyers keep on advising us.
For migrants and people who have no actual papers, through their name and biometrics the ID will be created. This data can be used by various agencies to identify these people and continue building upon. This is a step in direction giving them an identity. Now more the documents a person has more the stars he get. But basic is for everyone without any actual
This is a very optimistic figure that was released based on the data that we have. Please do not hold us to that figure. The fact is that we have access to this borrower base but achieving these numbers by Q3 alone won’t be possible. We have started full swing on lending and shall release the dates in July’18.
Also, Lending would depend on many external factors like quality of loans and primarily our own capital and balance sheet.
Everything is being well planned. Sankalp, our CEO has talked about those numbers because they are the ones that we are willing to lend. But there is considerate amount of time till we reach those figures on balance sheet to lend that much. We will strive to reach that milestone as soon as we can.
The Pilot was done last year much before the ICO for us to assess the market (as someone from the community had mentioned this as well, a few days ago in LALA World Telegram Group, as we started this with LALA Lends) . This was done with our own balance sheet and personal money. This helped us to firm our belief that lending is one of the best ways to alleviate these people to a better future.

We have exchanged a couple of emails, both LALA and Ethos are busy in launching their wallet. At the moment there is no definite partnership beyond LALA Token on their wallet, and there is Ethos Community Airdrop Campaign which we have planned together for both the communities. Once both LALA and Ethos are able to deliver the respective products we will be looking to gel everything together and work towards more such opportunities to collaborate.
  • LALA is directly tied to every product as a new product on its own. LALA ID itself is a huge product and several projects are just based on this digital identity like CIVIC, Self-key etc. Imagine a whole ecosystem of products based on LALA ID on top. Other products and every token allow the user to enhance the value of the network globally. We are not aiming for this one market or this one product. The ambition and scale is global. Everyone should be able to comprehensively use and talk about LALA. But Rome was not built in a day.
  • In future, we will also get users to vote and choose – send money or lend money to projects of their own choice. Perhaps a group of LALA investors can choose local community projects or even nominate projects and everyone can vote for it. We have not developed it thus far, but we are working on it.
  • LALA Token also rewards users for completing certain actions like completing LALA ID (Star ratings), points for referrals, LALA Score and others as defined in Tokenomics papers. More they share with the system, the better rewards they get. These rewards can then be spent to use LALA Services.
  • Users will also have to buy more LALA because just rewards won’t be enough or constant. There are many models that can derive as network expands for example, LALA can be used to create a P2P connect between users and gradually work towards a decentralized model. We are not there yet but that is the ultimate aim for us.
  • Time to time, as suggested, we shall also offer the token as reward or offer discounted services, as an incentive to encourage product trial or usage for new and existing products.