Genie ICO Roadshows — Revolutionary Blockchain Lending
Yes, you are right! Crowd Genie will be organizing multiple roadshows to introduce its revolutionary project to the institutional investors and fund managers.
If this is your first-time hearing about Genie ICO, I would recommend you to find out more about us on https://www.genieico.net/, read our Whitepaper, previous blog articles, and visit our YouTube channel! Our Pre-ICO is still on-going and will end on 7th January 2018. Grab your 50% bonus now!
To recap, Genie ICO was launched by a Singapore registered and operational peer-to-peer lending platform Crowd Genie, with a MAS “Dealing in Securities” license and sound track record of 22% portfolio returns and 0% default rate.
Crowd Genie has a vision to build the first Asia-wide Asset Exchange on Blockchain to democratise trading and allow investment in infrastructure, stocks, cryptocurrency, and bonds across Asia and the world. Read https://goo.gl/K1XaAD to understand why Blockchain is essential to build towards our vision.
What makes Genie ICO outstanding is that Crowd Genie will be the first Asset Exchange on Blockchain that provide end to end lending solution which include Digital Passport, Tokenized Lending and Asset trading Exchange. The fact that Crowd Genie is already licensed and is experience on how the market regulation works make the entire expansion plan practical, at least in terms of operational and legal standpoint.
Private Roadshow Dates
14th Dec 2017 (completed), 15th Jan 2018, and 26th Jan 2018
Highlighted Questions
The borrower interest rate is >18% per annum and is typically bank rejected cases, does it means that the borrower credit history is poor?
This is a general misconception that players outside the industry typically hold. There are various reasons why borrower comes to our platform. They may not get full funding from the banks because of their high debt-to-equity ratio, but that doesn’t necessarily mean poor credit history or repayment ability. Our AI powered credit scoring model was built by our co-founder, Bikash Saha, who was the former COO of Standard Chartered Korea. Our credit assessment is as stringent as the bank. Till date, the approval rate was less than 20%. As a platform provider, it is crucial to maintain reputation by listing satisfactory quality borrowers. Sometimes, the borrower may simply choose our platform over the banks because of the approval time (ours could be as fast as 5 days!). Finally, 18% interest rate for a single loan may not have large impact on the borrower’s cash flow as what was perceived by the investors. Imagine that the borrower has $ 4.5 mil from the banks at less than 5% per annum and $ 0.5 mil from us for 18% per annum, that would lower the average interest rate to ~7%.
How do you perform KYC on users?
Just to be clear, we are not a venture capital firm and hence we don’t take in new start-ups. Minimum requirement to be considered is $ 1 mil turnover and more than 2 years in operations. We ask for proof of identity, proof of business registration and bank statement for compliance check. The company, its directors and key beneficial owners will be checked against a world wide recognized compliance database to ensure that the company and the individuals behind of it are not on sanction list, Politically Exposed Person (PEP), or appear on any negative news. Bank statement is required to ensure the transfer for loan disbursement and repayment is between known parties to avoid money laundering risk. Finally, we will do a physical site visit to interview the directors and understand the business model.
To add on, our compliance manual is comprehensive and approved by MAS. The manual will be monitored and reviewed by our independent internal auditor and Board of Director on an annual basis.
