Hello, World.
When we started our journey three years ago, we have always believed in making the world a better place. Our vision is to design and build an open and affordable financial system where people of all income levels can access simple-to-use, secure, and low cost financial services at their convenience. And with that, Chynge ( /’change/ ) was born.
Last year, Chynge partnered with GenyTek, a technology company, to power the remittance service on PeopleGo. This community mobile application is supported by Singapore’s Ministry of Manpower (MoM) and aims to promote the welfare for over a million migrant workers, including enabling them to enjoy fast and secure remittance services.
That made for a good start. We wanted to reach out to more migrant workers across the world. As we got to know more of them, we heard their stories and discovered their pains of remittances namely the fees and time. Our friends, too, had their own share of hassle with money transfers across borders. That got us thinking we had to do more.
For too long, cross border payments and remittances have been slow and expensive with significant regulatory hurdles. Service fees are not transparent, and large forex fees and hidden charges from corresponding banks are embedded. Financial institutions, on the other hand, struggle with compliance obligations and their risks and costs are passed onto the customer. And so, the customer is hit with a double whammy. Yet what is more pressing and urgent is that low wage workers are the biggest losers as they suffer the most from such inequity and inefficiency.
According to the World Bank, an estimated two billion adults lack access to banking services and are excluded from the formal financial system¹. And while financial inclusion has been on the rise globally, notable gaps persist between some groups, with striking differences by gender. Nowhere is this gap more stark than in the Middle East and North Africa where only 35% of women compared with 52% of men have a financial account of some sort². Closer to home in Southeast Asia where Chynge is based, just 27 percent of the region’s 600 million population have a bank account. In other words, some 438 million people remain unbanked³.
Yet blockchain is changing all that as it allows for a more affordable way to transfer funds. It avoids the need to pay the typical fees involved with account opening and usage, and sometimes the penalty for not maintaining the minimum balance. For the unbanked and underbanked, all that is required of them is to have a mobile phone and internet access — both easier to get than opening a bank account — to perform their financial transactions.
And Chynge wants to leverage the power of blockchain coupled with our proprietary solution delivering smart compliance and liquidity pools, to make payments instant, free and safe. This is the digitisation, democratisation and socialisation of money which forms the core belief of the work we do.
As Joe Tusin, CEO of Chynge explains…
“We are in the midst of a financial revolution and FinTechs such as Chynge are reimagining financial services. With the technology and talent at hand plus a keen eye on regulations, the sky is the limit for us.”
Which brings us to why we are doing an Initial Coin Offering (ICO).
In order to disrupt the financial services industry, we need to own our liquidity to make cross-border transactions free. We are launching an ICO to raise money for our liquidity pools because we wish to provide the best services to our customers, regardless of income level or gender or location. Allocation of the Chynge CLPX ( / ‘clip / ), previously known as XCLP, tokens will be as such: 75% to fund the liquidity pools; 17.5% to be used for hiring the expertise of people in the field of information and technology, design, marketing, regulatory and other talents necessary to build exceptional products and first-class services with excellent value; and remaining 7.5% for incentives for private sale, advisors, community and team.
The CLPX token is a payment token not unlike Bitcoin (BTC) and Ether (ETH). In addition to being a store of value, the CLPX token holds two key additional features: firstly, the CLPX token is a store of exchange rate with the support of Chynge liquidity pools, thus eliminating the volatility of exchange rates that exist in all other payment tokens; secondly, Chynge is regulated in multiple countries, and this removes the anti-money laundering (AML) risks of cross-border payments. These two key differentiators make for a compelling business model for cross-border payments on blockchain coupled with a crypto token.
We have a unique opportunity and responsibility to make a difference by serving our communities because it is not only integral to running a business successfully, but also part of being a responsible world citizen.
We hope you will support us and join us in our ICO and help us get to our goal of changing the world one CLPX at a time.
Thank you,
The Chynge Team
Stay tuned for our upcoming post on the Chynge ICO.
For more info, visit us at Chynge.net and view our whitepaper.
¹ The World Bank. Worldbank.org. http://ufa.worldbank.org/
² Financial inclusion is improving around the world — but women are still missing out. 2018. Qz.com. https://qz.com/1256421/financial-inclusion-is-improving-but-women-still-lag-behind-men-the-world-bank-says/
³ Fintech: Opening the door to the unbanked and underbanked in Southeast Asia. 2016. KPMG.com. https://home.kpmg.com/xx/en/home/insights/2016/04/fintech-opening-the-door-to-the-unbanked-and-underbanked-in-southeast-asia.html
