BFEX: empowering the world with a better financial identity by shankar biswas
Mr. Shankar Biswas, BFEX’s co-founder, explains BFEX’s concept from his own point of view.
Credit Decisions need better data, BFEX plans to break the cycles of debt and repayment, and find ways to build financial inclusion and momentum.
Did you know a large chunk of the world’s population does not have a bank account?
Financial independence is a pressing modern day issue: people in almost all developing nations experience difficulty receiving financing from traditional financial institutions.
Managing their day to day finances is a tough ask.
The genesis of this unfortunate story are credit bureaus using archaic credit scores, leaving millions of potentially creditworthy individuals “unscorable” thereby excluding them and shackling their ability to improve their lives.
There is no consideration of a person’s basic character or allowance for the fact that people can change their lives and their behaviours in response to their surroundings and circumstances. Our vision is to provide a market place where the unbanked borrowers get their financial identity and explore new horizons in financial freedom.
BFEX’s peer to peer lending platform is a financial market place with a difference: it is transparent, secure and credible and different from the banks with its proprietary; Decentralized Scoring that will provide millions with access money at fair rates with a new improved social identity. BFEX will create better indicators by making meaningful connections between traditional and nontraditional data where raw Credit scores are only a part of the story. Nontraditional data will allow us to look at trends in consumer behaviour that completes the picture and tells a better story of the person.
BFEX aims to champion social credit for the un-bankable, providing them with financial tools to better manage their future.
BFEX’s pre-sale starts from 1st of May 2018 until 28 June 2018.