“Banking is necessary, banks are not.” – Bill Gates
From Pawnshop to Global Banking
Famous Philippines based startup that already disrupting the Pawnshop industry, PawnHero, it’s now creating ICOs. PawnHero has launched the startup since 2015, and headquartered in Singapore. They get the raising seed funding from Hatchd Digital in a round, led by angel investors Manny Ayala and Nix Nolledo as it written on Forbes in 2016.
By the PawnHero, users are able to list their items that want to post as collateral for a loan. Later, the goods will need the appraisal by the PawnHero, and then arrange a free pick-up the goods. The borrowers get PawnHero cards that can used as a debit cards at the ATMs. The cards are linked into their account, and soon credited the transaction if it’s completed.
Since the first launched, PawnHero was able to disrupting the Pawnshop industries. Earlier Pawnshop industry has a lots of bad experience so far. From what the PawnHero offering is, “the lowest interest rate in the country, with a fairer appraisal, and accepting a wider collateral”, said Margandorff in Forbes.
With the Hero Token ICOs projects, the platform is going to enlarge the services into the global finance market. From about two billion people around the world, there are still 40% of unbanked or under-banked. Even if the having a well-paying jobs and able to connected to the internet, they often cannot get an access to affordable credit.
Potential Market Overview
Based on a study made by Google and Temasek, has predicted that by 2025 the East Asian internet economy is expected to reach 200 billion USD. East Asia has a strong growing GDP of 2.5 trillion USD, while the global average with mobile connection are higher, about 124% than 103% average.
There are only 27% of the South East Asian population that has a bank account. Cambodia are about 5%, Philippines also has one of the lowest banking penetration rates in Asia. At the outside Metro Manila, the unbanked are comprise more than 80% from the total populations.
South East Asia is the world’s fastest growing internet region. It will reach more than 480 million internet users expected to reach by 2020. Indonesia is one of the fastest growing internet market in Asia. That is why South East Asia is the emerging market, and having a good potential market.
Blockchain technologies are well known as the disruptive technology, possible to perform in lot of segment, including the finance industry. Hero platform will provides collateralized loans to the unbanked or under-banked consumers across the South East Asia.
The platform was blockchain based technology. Since 2015, the platform has become the first fully licenced online pawnshop in Asia. With the platform, have helped thousands of the Philippines people to get short-term access credit. By the blockchain technology, it will create a more inclusive system to disrupting the finance system. By allowing people to get an easiest access to credit.
In Hero platform, the transaction will be recorded on the blockchain. There is also a reputation system taken from a repayment so user will able to improve their reputation. The platform was using Ethereum blockchain and smart contracts. By the Ethereum smart contract, it will represent the basic pawnshop principle.
The main benefit by using the blockchain technology is, because the platform able to reduce the manual reviews, data re-entry and also the system reconciliation. Distributed ledger will also reducing the risk, and increase the transparency.
Hero Token Crowdsale Detail
Token Name: Hero token
Token Symbol: HERO
Token Base: Ethereum ERC20
Token Supply: 50,000,000 HERO
Crowdsale Start: Sept 1, 2017
Crowdsale End: Sept 30, 2017
Crowdsale Price: 1 CTX = 0,000443 ETH
Website – Whitepaper – Announcement
(User UID: ICO Magazine)