MicroMoney Int. Joins Forces with P2P Fiat Lending Platform SOFIN
MicroMoney, a global fintech company and a market pioneer blockchain credit bureau, has reached an agreement with SOFIN, an International fiat platform for P2P loans based on blockchain, which allows both companies to receive benefits from their user networks and technologies. Both companies tackle a global problem, namely the difficulties people face when attempting to receive financial services.
With its mission of financial inclusion for over 2 billion of unbanked and underbanked people, Micromoney will work with Sofin to help small businesses foster economic growth and implement mutually beneficial technological solutions. MicroMoney will use the SOFIN platform as a creditor and to issue loans on behalf of its IFI.
“SOFIN will provide MicroMoney with its own practices and base of credit histories that will become the first example of a global open credit history on the blockchain”- said the Executive contributement Director of MicroMoney Anton Dzyatkovsky. “We are very excited at the prospect of this partnership making a difference in helping the unbanked.”
SOFIN from its side is interested in the unique scoring system produced by MicroMoney. MicroMoney solves the problem of inclusion for the unbanked into the world economy by providing social loans through a mobile application. The company makes lending decisions using a proprietary, A.I. algorithms, machine learning, and Big Data based mobile scoring system. MicroMoney’s lending process doesn’t require any collateral or paper-based documentation, and instead collects customers’ opt-in mobile phone data to establish potential borrowers’ credit score.
“MicroMoney’s scoring system sets a credit rate and identifies potential credit risks with an accuracy of more than 95%.” explained the CEO of SOFIN, Andrey Tuchkov. “There is no doubt that these technologies can change not only the banking industry, but the way people consume, spend and save their money. We would like to use it in our business,”
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. For more info, please visit micromoney.io
SOFIN (social fnancial network) — P2P-lending online service. It is a marketplace platform which brings together creditors and borrowers.Loans are issued in the fat currency of the country where the borrower resides. This allows the currency to be exchanged through the SOFIN token if the creditor and the borrower are from different countries.
Establishment of beta-version of the service — December, 2017.
Using TGE (token generation event), the project will leverage the tools to produce the final release of the platform and extend the territories beyond Russia.