A brick-and-mortar business, MicroMoney uses blockchain technology to ultimately improve the quality of life of the world’s unbanked. World Bank’s Global Financial Initiative estimates that over 2 billion adults, almost a third of Earth’s population, have never been banked in their lives. The most affected regions are Asia, Africa, and Latin America where about 65% to 80% of the adult population is unbanked. People fall off banks’ grid mostly when they lack credit history or records of transactions. In order to get transactions, one needs a bank account. Billions are trapped in this Catch-22 situation.
A two-year-old business headquartered in Singapore, MicroMoney operates in Myanmar, Cambodia, Thailand, Indonesia, and Sri-Lanka with its multilingual call center located in Bangkok. Currently valued at $1.85 million, MicroMoney provides lending services with no collateral or paper-based document requirements. MicroMoney’s scoring platform sources data from customers’ mobile phones which is then processed using neural networks and A.I. algorithms to generate a credit score.
“Over $1 million collected, in case of our token swap, means that we will help another 100,000 individuals lift themselves up from their circumstances and make the global financial system work for them, as opposed to being discarded by the banks and other financial institutions,” said Anton Dzyatkovskiy, MicroMoney co-founder. “As our $30M token swap intensifies, we are hoping to quickly reach our next milestone of $5 million, which will enable us do more for the people who have the least.”
Reaching the $5 million milestone would enable MicroMoney to add 300,000 unique customers and activate its expansion plans in South Korea, Taiwan, Hong Kong and China. MicroMoney uses its mobile app to qualify the unbanked for a loan. The lending decision is based on customers’ opt-in public data, such as messaging, contacts, social accounts, app choices and music preferences. All in all, MicroMoney’s platform takes into account over 12,000 parameters. Kepios, a South Asia-focused strategy consultancy, indicates in its South East Asia Digital Landscape 2017 report that the number of mobile subscriptions exceeds region’s population by a third.
MicroMoney’s 30-day AMM token distribution campaign launches October 18th, 2017. With the face value of $1, the maximum quantity of 60,000,000 AMM tokens will be issued and all the unsold tokens will be destroyed after the crowdsale finishes. For more information or to register your exchange please visit: https://micromoney.io/
Founded in 2015, MicroMoney International (micromoney.io) 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 valued at $1.85 million, with over 85 employees in six international locations.
MicroMoney makes lending decisions using a proprietary, A.I. algorithms and neural networks-based mobile scoring system. MicroMoney’s lending process doesn’t require any collateral or paper documentation. MicroMoney collects customers’ opt-in mobile phone data to extablish potential borrowers’ credit score. MicroMoney uses the score to generate credit profiles, stored with MicroMoney Blockchain Credit Bureau, which in turn shares this data with financial institutions worldwide.
Contact: Max Smetannikov, Irina Nazarova, MVG for MicroMoney, +1 646 205 7030, [email protected]
For the original news story, please visit https://pressreleasejet.com/news/micromoneys-private-sale-attracts-13m-as-30m-token-swap-intensifies.html.
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