Not everyone has a bank account and there are different reasons for this, depending where in the world people are located (in terms of access) and also in relation to their credit rating. It is this section of society that the global fintech company MicroMoney want to target. On October 18 the company plans to launch an AMM (Advertising Media Master) token swap valued at $30 million. This initial wave is intended to add 25 million customers into the MicroMoney system. Those who participate in the AMM token distribution scheme, via the crowd sale, will help MicroMoney to make its services available to millions of people who do not have bank accounts.
The intention of MicroMoney (founded in 2015) is to break the cycle whereby people cannot obtain bank accounts due to either being turned down due to credit worthiness or simply being unable to access the banking system. MicroMoney will offer the unbanked a chance to obtain their first loan via an intelligent scoring solution, which is drawn from neural networks which analyze big data. This is via an app, which accesses a smartphone’s data in order to assess an applicant’s credit worthiness. The basis of this analysis is blockchain technology, and the assessment is then shared digitally with financial institutions worldwide.
In terms of the market, taking Africa as an example. Here 80 percent of the population does not have a bank account but 63 out of 100 people use mobile phones. It is this potential that MicroMoney is keen to exploit.
According to one of the co-founders of MicroMoney, Anton Dziatkovski the initiative “is not just about only business, it’s about social justice, about giving back and about leveling the playing field for millions of people who are systematically denied opportunity.” Those who take part will also build up a credit score, making them eligible to access other, more conventional financial services. The MicroMoney scheme sets out to place thousands of potential clients in reach for companies, banks, and insurance and telecom service providers. With this, the company explains, a low cost customer acquisition model is developed.
Expanding the discussion to the blockchain, the other co-founder of the company, Sai Hnin Aung explains: “With stable position and experience in the crypto community, we are creating a blockchain-based credit score bureau, which will solve the inclusion problem for billions of potential clients all over the world.”
The longer-term path that MicroMoney wants to take is to turn its business model into a worldwide franchise.
