Providing Financial Services to Unbanked Individuals Using Blockchain
Global fintech venture MicroMoney International is a company which offers financial services for unbanked individuals in emerging markets and access to the unbanked audience for banks, trade, and financial organisations. In its current position, MicroMoney is valued at $1.85 million, with over 85 employees in six locations around the world, catering to an estimated third of the world’s population.
MicroMoney makes lending decisions using proprietary AI algorithms and neural networks-based mobile scoring system — the lending process doesn’t require any collateral or paper-based documentation. The platform collects customers’ opt-in mobile phone data to establish a potential borrowers’ credit score and then uses this score to generate credit profiles, stored with MicroMoney Blockchain Credit Bureau, which in turn shares this data with financial institutions worldwide.
Recently, in a 24-hour period, MicroMoney’s AMM token pre-distribution campaign generated $400,000 in executed transfers and $500,000 in additional commitments, bringing a total number of executed swaps to $1,756,734 and a total number of AMM transactions pledged by the 17th of Ocotober to $5 million. This was reportedly led mainly by token swaps in its core market of Southeast Asia. MicroMoney plans to use attracted funds to expand to Vietnam, Malaysia, Singapore and Nigeria, launch its blockchain credit bureau and add over 100,000 previously unbanked customers, thus including them into the global financial system.
Beginning on the 15th of September, AMM token pre-distribution campaign has a minimum swap threshold valued at $10,000 and a soft cap of swaps valued at $2 million. The actual token distribution campaign is set to start on the 18th of October, with a soft target of $15 million worth of swaps and a $30 million hard cap.
Anton Dzyatkovsky, MicroMoney co-founder, remarked: “We are very pleased at the exuberance of our token holders as they embrace MicroMoney’s social mission. AMM token is emerging as a symbol of independence and individual self-determination for millions of the unbanked in Southeast Asia and around the world.”
Banks face an issue whereby they are not able to approve first loan applications for billions of people due to absence of credit history and records. With its services, MicroMoney intends to solve the problem banks face by lending to the unbanked and creating credit profiles banks can use, thanks to a blockchain-based Decentralised A.I. Neural Network Scoring System.