According to the agreement, Karma now can use MicroMoney’s unique scoring system based on AI algorithms and neural networks to assess any of its customers. Also, Karma will share information about its users’ social rating with MicroMoney, which will enhance MicroMoney’s scoring database with more detailed data and help assess customer creditworthiness more accurately. In the upcoming months, partners intend to build a data and technologies exchange.
MicroMoney, with its mission of financial inclusion for over 2 billion of unbanked and underbanked people into the global financial system, and Karma, which intends to create a global community with high level of mutual trust, are now able to work together to implement their vision and become mutually beneficial. Both companies are currently engaged in token distribution campaigns to speed up expansion into the emerging markets.
“I have met the MicroMoney team and they are ready for the joint project. Their scoring methods are based on how people interact with their smartphones, and a mobile phone is a useful tool to enrich our set of scoring parameters. The social services that MicroMoney provides now are critical for emerging markets where the majority of people are still unbanked and credit bureaus have no people with valid credit histories. Now investors who are involved in the Karma project worldwide can get quality assessment of borrowers’ creditworthiness in several Asian countries. We believe it is an important step to increase the level of trust between different cultures,” said George Goognin, the founder of Karma platform.
“We are happy to start the partnership with Karma as we share the same vision and the same mission to help billions of people to be financially included. MicroMoney has its unique scoring tool that allows to manage risks and assess creditworthiness in the countries where 90 percent of people never applied for any bank services. It is important for us to provide them with green and transparent social loans,” said Anton Dzyatkovsky, co-founder of MicroMoney.
The companies are going to fulfill their missions to provide access to extra funding for billions of people in Asia, Latin America, and Africa and to improve their quality of life.
Founded in 2015, MicroMoney International is a global fintech company offering financial services for the unbanked in the emerging markets, and access to the unbanked audience for banks, trade, and financial organizations. MicroMoney is a fast-growing company with $1.86 million paid-in capital and over 85 employees.
MicroMoney makes lending decisions using a proprietary, based on AI algorithms and neural networks mobile scoring system as opposed to collateral or paper documentation. MicroMoney collects customers’ opt-in mobile phone data to assess potential borrowers’ score rate and to share the data with financial institutions worldwide.
Karma is a global decentralized blockchain-platform, where people and companies can interchange directly to each other. The platform enables p2p scoring and lending around the world, with any assets, collaterals and interest rates. Karma helps to create social and economic relations between people around the world: from pawnshops to charity organizations, from cash loans to direct exchange of goods and services.
For the original news story, please visit https://pressreleasejet.com/news/blockchain-lending-services-karma-and-micromoney-announce-strategic-partnership.html.
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