London, UK: Bank4YOU Group is implementing a new Mobile Money Remittance system for the fin-tech services ecosystem using the Ethereum blockchain
Bank4You Group’s ‘Mobile Money Remittance System’ will set a new trend in international money transfers and will contribute to the creation of fast, convenient, and secure money transfers worldwide.
The mobile app will also enable financial inclusion for people who are in desperate need of easy access to financial services in countries across Africa, Asia, and Latin America. It would also lead to new opportunities for businesses, financial institutions, and mobile network operators to use crypto currencies.
David Agar, the CEO of the project states: “The World Bank estimates that two billion people are without access to formal financial services with more than 50 per cent of adults in the poorest households being unbanked.”
“As a company, we recognize that financial inclusion is the main point to reducing poverty and boosting prosperity. With our new blockchain-enabled Mobile Money Remittance Service (MMRS) we intend to play a very active part in making this happen.” Agar will present the demo version of the product at Finovate Asia 2017 in Hong Kong during the ICO campaign.
Bank4YOU Group’s VP of Business Development in Africa Paul Scott adds: “As mentioned previously, the under- and un-banked segments of Africa’s population are substantial, and outnumber the formally and semi-formally banked segments by a factor of hundreds, if not thousands. Mobile money remittance has opened up economic development opportunities on a substantial scale in a number of countries, and it is the right time to participate in the development of these strategies in many other economies on the continent.”
The Bank4YOU Group (BFY) ICO token on the Ethereum platform is implemented for those keen on long-term profit from system’s activities. The BFY token will allow profit on transactions and through other financial operations in the system. The company has also created its own crypto currency, the ‘MMR’ token, which underpins its Blockchain system for mobile money transfers. Remittances will be executed via mutual agreements between customers and partners regardless of their respective locations. Besides, the BFY token holder is allowed to purchase MMR tokens on discounted price, which means cheaper services on cross-border transfers.
Bank4YOU Group will issue 300.000.000 tokens called BFY in an ICO. 240.000.000 of them will be sold during the campaign, which starts on the 6th of November and ends on the 31th of January. Visit the website for more information.
According to the project’s CTO Marcello Ferreira, “We will continue to employ the following technological security measures:
· We use SSL/TLS encryption for all data transfers to and from users.
· We use TRUE cold storage for crypto currencies — never, ever online. Some other platforms claimed to use cold storage but were nonetheless compromised. Fiat balances are secured by automatic auditing and, in the future, insurance where necessary.
· We use multi-signature wallets.
· Our internal network is not accessible from the Internet.”
David Agar, CEO leads the MMRS team. He is a business leader with 20+ years’ experience in the technology sector in mobile telecoms. Paul Griffiths, COO is responsible for operational management in MMRS. His experience in fast growth, fund raising (VC/PE, Bank, IPO), blockchain and crypto currencies will help Bank4YOU Group to take care of business. Marcelo Ferreira, CTO is a longtime contributor to the blockchain community, crypto evangelist and change agent. Justin McCarthy, CMO delivers strong expertise in integrated marketing and digital strategy to the ICO campaign. Additionally team has three VP of Business Development: Sin Chee Saw (Asian Markets), Paul Scott (African Markets) and Tariyel Tahirov (Middle East and CIS Markets).