According to the Accenture, more than a third of the world’s adult population make little or no use of formal financial services. Accenture estimates that bringing unbanked adults and businesses into the formal banking sector could generate about US$380 billion in new revenues for banks. The majority of this population are found in low- and middle-income emerging markets. And even in high-income countries, large numbers of people don’t use banks to help meet their day-to-day financial needs.
Accenture also note, with income levels growing, financial inclusion is now on the agenda for public and private financial institutions. The time is right for banks to take advantage of the unbanked and underbanked market, by changing their current operating model and customer offerings, to effectively serve this fast-growing, lucrative market.
To provide services, for more than two decaces banking industry already applied the artificial intelligence and big data technology. So, what if we put that together, combined with blockchain technology to give more access to the unbanked people?
Let’s say this. With those three technologies, financial institution like bank or fintech startup could provide exact data for someone want to make a loan from a bank. This could perform low risk of default credit for financial institution.
For blockchain itself, big bank companies since 2012 already put huge investment for the technology. It seems they know the new opportunity inside it. A new research by CB Insight shows that major financial services firms Goldman Sachs, Google and Citi are among the top five most active corporate investors in Blockchain technology. The companies are behind the Japanese group SBI Holdings, technology firm Google, and US-based online retailer Overstock.com.
Based on the report, there are already 91 major companies that invested in blockchain technology as of mid-October 2017. This number is already near the total number of venture capital investments, which has 95 active investors. Of the corporate investors, over 50 are global financial services companies. The report also showed that the 10 biggest banks in the US have collectively poured a total of $267 million into the technology. Itt also revealed that the total corporate investment in Blockchain so far in 2017 already reached $327 mln. From 2012 to 2017, total investments amounted to $1.2 bln.
Answering the problems
According to Google and Temasek, by 2025 the South East Asian Internet economy is expected to reach 200 billion USD, strengthening its already strong and growing GDP of 2.5 trillion USD. With its mobile connection growth rate higher than the global average (124% vs. 103%), and its Internet speed expected to reach the global average of 23.3 Mbps soon, the region’s Internet industry is flourishing. Furthermore, as of January 2017, social media penetration of its member countries is high.At the same time, only 27% of the South East Asian population has a bank account. In poor countries like Cambodia, the numbers fall to about 5%. That’s about 438 million people in the region unbanked.
So, there is no absolute reasons to avoid the blockchain technology, plus if you know that could combine together with existed technology. Today, banks are not able to approve first loan applications for billions of people worldwide due to absence of credit history and records. MicroMoney breaks this vicious cycle by lending to the unbanked and thus creating credit profiles banks could use, a breakthrough made possible by productization of the proprietary blockchain-based Decentralised A.I. Neural Network Scoring System.
As a Singapore-based company, MicroMoney is an Open Source Credit & Big Data Bureau that connects new customers to all existing financial services. MicroMoney A.I. platform uses complex algorithms to predict creditworthiness of all customers and in just 15 minutes a borrower can get their very first loan in his/her life just from their smartphone. All customers have an ability to pay less interest and have a higher credit rating, if they use our platform more often. All aggregated Big Data and Credit Histories are stored on the Blockchain. Thousands of existing businesses will get access to millions of new customers which we will bring to the global economy.
Currently, MicroMoney is establishing new branches in Indonesia, Sri Lanka, and the Philippines. Next target countries are Vietnam, Malaysia, Singapore, Hong Kong, Nigeria, and China as a promising market. These branches will start operating in Q3 2017 – Q1 2018. For the purpose of further business expansion and developing new products, MicroMoney has decided to start a Token Distribution.
AMM is a utility token. The token is an integral part of the MicroMoney ecosystem and can be used as an internal payment mean or to get access to MicroMoney’s services. The token model is built so that our clients will want to use it frequently, thereby creating higher demand for the token.
Total supply (Token distribution) 60,000,000
Plan to raise $ 15,000,000
Hard cap $ 30,000,000
Adjustable 100% pre-mined. Any unsold tokens during the Token distribution will be burned.
Token type ERC20
Initial price 1AMM=1USD
(User UID: ICO Magazine)