Business

Understanding The Basics of Tequila

Published

10 months ago

July 17, 2023

The world of tequila contains more than a few surprises. Luckily, there are no better guides than Alec and Ana Tesa, founders of award-winning distillery Eleven20 Tequila.

“The first thing to understand is that there are a lot of fakes out there,” says Alec Tesa. Given the Tesas’ passion for traditional distilling techniques and Mexican culture, they’re the perfect people to explain the fundamentals of this amazing beverage, from what constitutes true tequila to identifying superior varieties and finding the best one for you.

Not all tequila is real

For a beverage to count as true tequila, it needs to meet certain criteria. “Most importantly, it must be made from blue agave in certain places, such as Jalisco, Guanajuato, and Michoacan,” Alec says. “That’s why we craft our artisanal tequila in the heart of tequila country.”

“While you might be able to buy spirits distilled from alternative kinds of agave in California or other places, these beverages taste different,” Ana Tesa adds. They also can’t be called tequila, which by definition must come from blue agave in Mexico.

“Terroir is important, just like with wine,” Alec explains. “Champagne only comes from Champagne, which is near Paris, and Bordeaux only comes from Bordeaux in the southwest of France. There’s something unique and magical about these places that lead to a truly special drink. It has to do with the soil, the latitude, the altitude — everything in the environment comes together perfectly to make lovely elixirs that are exclusive to those particular places.”

“The distillation of tequila from true Mexican blue agave is a beautiful and historic cultural tradition that can’t be replicated elsewhere,” Ana continues. “Keep in mind this knowledge has been handed down through generations. Proper tequila is made in Mexico by Mexicans, using methods they have refined for thousands of years.”

Unfortunately, illicit producers of fake tequila continue to try to fool consumers and often to great lengths to hide the provenance of their products, even reusing bottles from legitimate tequila distilleries to masquerade as the real thing. In addition to scamming people with lesser quality beverages, sometimes they also bottle their products with toxic substances that can have dangerous effects on those who drink them.

How to identify real tequila

To spot true tequila, the Tesas recommend reading labels carefully. “It might seem obvious, but the first rule to follow is to look for the word tequila specifically,” Alec remarks. “Not agave liqueur, not agave eau de vie, and not agave distillates — none of those are the real thing. Also, remember that mezcal is different from tequila as well, since it can be made from other agaves, not pure blue agave like tequila.”

“The bottle should be in pristine condition,” Ana says. “If it looks like someone might have taken the lid off and refilled it, then keep in mind that dubious beverage companies actually do that, so that might be what you’re actually looking at.”

“Don’t buy anything that doesn’t have a label,” Alec adds. “You really shouldn’t even accept a drink for free from a bottle like that!”

The Tesas also recommend purchasing tequila only from established, reputable retailers. “Avoid dodgy situations,” Ana continues. “Don’t try to buy it off the street or at a flea market. It might look like a good deal, but you’re really just getting ripped off.”

According to the Tesas, an even better way to verify authenticity is to look the beverage company up on the official list of producers, which the Consejo Regulador del Tequila (CRT) makes available online. “If the company isn’t listed, it’s not what you want,” Alec says.

Even among real tequilas, a range of different qualities is available.

Identifying the best tequila

“The best tequila is made entirely from blue agave,” Alec says, “so look for ‘100 percent’ on the label.”

“You should also look for brands that don’t have any additives,” Ana adds. “The best tequila is pure. Similarly, if a label says ‘Mixto,’ that means it’s tequila mixed with up to 49 percent other things. For some brands, that means nearly half the drink is sugar.”

Ultimately, what makes a great tequila is its great taste. “Fancy packaging might look impressive, but you can’t drink it,” Alec says. “What’s more important is what that spirit tastes like neat.”

Tequila can also be aged in barrels for different periods of time, which changes the drink’s flavor profile. The youngest variety is called blanco, which goes straight to store shelves after bottling. Reposado comes next, having been aged for two months up to a year, while Añejo is the oldest, aged for one to three years.

“While many people favor aged tequilas, you’ll need to taste the different options yourself to see what you prefer,” Ana says. “Blanco tends to be flashier, which lots of people like best. Whiskey drinkers tend to prefer the older versions, which can take on hints of spices or vanilla from the barrels.”

Experience a Mexican tradition

Finally, the Tesas recommend buying tequila from producers that use traditional Mexican production techniques like Eleven20. “The best experience is an authentic one,” Alec says. “These processes might be slower, but the taste is more than worth the effort.”

For a true Mexican experience, make sure you turn to true Mexican tequila like Eleven20.

Business

Opportunities for Black Banx in Emerging Markets

Published

3 hours ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.