Wish Finance Launches the first lending blockchain platform as a service

Wish Finance, a cutting-edge technology start-up, aims to offer new alternatives to the traditional lending industry, creating the first innovative Blockchain Lending Platform as a Service (BLPaaS). The platform is created to help professional lenders, small banks, credit unions and lending funds in any country to finance SMEs with the help of transparent decentralized ledger, significantly mitigating investments risks.

WishFinance aims to offer its technological capabilities and intellectual know-how to contractors, which want to operate in the lending market but don’t have sufficient IT infrastructure, cannot provide necessary scoring and process payments, or simply don’t have enough money to become a financial institution and be able to provide loans. The platform itself is the blockchain powered loan securitization tool for off-balance and on-balance lenders and professional investors.

The project extends the lending market from the popular P2P to “lending marketplace” sector, with the focus on SME’s (small and medium-sized enterprises), offering a valuable solution to borrowers who find the extreme annual percentage rates (APR) of traditional banks unacceptable or simply unattainable. Standard financial institutions typically do not work with regular SMEs, due to poor liquidity and a lack of assets. Without available collateral, banks will not support any requested loans.

Wish Finance decided to create a solution to this problem using new technologies:

• Wish Finance is the first lender to use blockchain innovations. Integration with the Ethereum and Tendermint platforms will make Wish Finance fully transparent for government agencies, borrowers, current shareholders and potential investors.
• Build-in Neural network (in MVP mode now) analyzes patterns in Big Data, analyzes the borrower’s credibility and makes reports about the whole portfolio performance.
• Direct access and integration with the SME’s POS (point-of-sale) — is designed to simplify scoring and create a straightforward repayment process (automatic deduction of a small 3–5% fee from every borrower’s POS transaction).
• Diversified lending pools built on the decentralized ledger — the platform connects a large number of lenders providing funds to numerous borrowers, thus mitigating investment risks.

Eugene Green, the startup’s CEO, describes the advantages of thу platform-based approach for lending:

‘The platform works as a network and connects to businesses’ point-of-sale (POS) infrastructure and thus uses the real-time transactional data for scoring, risk control, and automatic loan repayment. In other words, we’ve created the lending marketplace (accessible to any kind of investor — private or institutional) which opens new opportunities for getting access to the capital for the traditionally underserved segment, — SME’s. We’ve decided to use blockchain, not because of a trendy high-tech halo, but because of the real necessity — easy integration with other core technologies — AI and big data analytical modules. This technological and analytical mix helps us build a transparent tool for investors and at the same time promote global development of the economy, based primarily on small businesses and their operating activities’.

Aside from these innovations, Wish Finance is the first lending company to launch an Initial Coin Offering (ICO). ‘WISH’ tokens are smart contracts executed on the Ethereum platform. ICO participants and thus token-holders will receive a share of company profits as dividends.