I read in the whitepaper that the project will be developing in Asia, Africa and South America. Why not in Europe or North America? Even in the most developed countries, there are many people without access to basic financial services.
I think that the project does not stop only on the countries listed. The company wants to grow around the world, only more time is needed for implementation. 
This is true that there are unbanked or underbanked people in developed countries, but i think that their numbers are not that high compared to developing countries. There are a lot of factors to be considered. According to the WP, they are trying to help the low to middle class and SMEs in developing countries to have access to short term funds. Their numbers are high in developing countries because of hindrances like internet connection. banking regulations, government red tapes and inefficiencies.
They have also a working business model with a company operating in Myanmar and Cambodia, countries which are at the bottom of the South East Asian Nations when it comes to development, infrastructure and GDP. This is an example of their business strategy as a whole, to penetrate the larger market and once these markets are developed, they will expand to other developing countries, eventually reaching the developed countries in due time.