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AssetSream Providing Unbanked People with Access to Financial Services

Two billion people worldwide do not have a bank account or access to a financial institution via a mobile phone, or any other device. 1 More than 20% of unbanked adults receive wages or government grants in cash, and cash is usually the key payment method in developing countries. People that belong to this category have no credit history. Even though financial organizations declare that there are fewer unbanked each year, there are still people who remain in an unbanked state prevents them from getting access to basic and daily services such as making payments, access to credit and remittances. An example would be a foreign worker trying to remit money overseas to friends or family. If given better support, providing financial inclusion to more than two billion adults will provide the untapped potential for business profit and economic development.

People that work, study or travel abroad will effectively become underbanked abroad as they have no local credit history and they will face difficulties with opening a bank account which will result in deterrence to credit and international remittances. The only slight difference between them underbanked and the unbanked would be that underbanked have access to either a checking or savings account but rarely both, and households are usually given the underbanked distinction if they have tapped on alternative financing options during the previous year, such as money orders.
Small businesses usually require traditional funding and most of them do not have access to loans when they need it. Banks would require collateral or prefer to lend cash on cash. Loans requested from small businesses are usually too small for large financial institutions to do efficiently. There are also alternatives for securing a loan but the interest rates are too high from unorthodox lenders, and traditional p2p lenders will offer a high-interest rate due to private equity backing. Capital that has a chance to invest in small business credit has been blocked out of the market, and retail investors lack the tools to customize portfolios to their risk tolerance. Post-recession, banks have to increase their standards and be cautious about the risk in their portfolio. Small businesses are riskier than their larger counterparts, which makes banks think twice before lending them money. Small businesses usually had more success finding loans at a community bank than at a big bank, but the number of community banks is decreasing. Lastly, small business owners are looking for smaller loan amounts, and it doesn’t make sense for banks to provide smaller loans, as the cost to underwrite a five hundred thousand loan is essentially the same as for a fifty-thousand loan. Banks can earn more interest by focusing on larger loans.

Introducing AssetSream, The Global Decentralized Peer to Peer Micro-finance Platform

AssetStream is a team of experts that have vast experience within the emerging market. By leveraging on the blockchain, AssetStream aims to reduce poverty and bring financial inclusion by providing unbanked people with access to financial services. We will expand it to a full P2P network which will include the local communities that can take personal loans. AssetStream aims to create an extensive micro-financing ecosystem and will raise financial awareness among our clients through consulting services and educational materials. We will be able to bring financially excluded people to the new global economy through blockchain.

AssetStream’s platform will be able to include the following benefits:
  1. Credit Rating and Badge System – A badge system will be provided to represent a borrower behaviour. This will reflect the credit rating system of the borrowers. For example, if a user has several good behaviour badges, such as“paying the loan on time”, compared to a user who has a bad behaviour badge such as “defaulting on loans”, the lenders’ sentiment might lean towards lending borrowers with good behaviour badges.
  2. Immutable credit data – Borrowers will not be able to reverse or erase their credit history.
  3. Transparency – AssetStream’s smart contract operates in real time and expected obligations are transparent to all involved parties.
  4. 4. Two options for Lenders are provided in the platform - Handpicking – The lenders have a choice to decide which borrowers get the loan based on the borrowers’ criteria and - Automatic matching – The lenders will trigger a matching system when they fill up the desired criteria they want for the loan and AssetStream platform will match the criteria to the specific borrower.
  5. Lower transaction costs – AssetStream’s platform will be using the existing infrastructure and will bring out convenience for borrowers living in rural areas. This will lower overhead and transaction costs.

By using blockchain technology for microfinancing, AssetStream will create a layer of trust and security between borrowers and lenders. It is a new paradigm of the finance business to connect with the individual lender while enabling a new source of finances for small enterprises to fuel global economic growth anywhere, anytime.

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