Blockchain Wallet Applied to Micro-Lending
About
Applicant name: Koibanx
Innovation Name: KBX-Lending
Innovation Type: Solution
Website: http://koibanx.com
Mission: Blockchain Wallet Applied to Micro-Lending
Innovation Description: Financial Institutions today can´t measure in an effective way, the risk of lending money to people who do not have formal forms of income or titles. As a result, they end up being excluded from the financial system or suffer from extremely high interest rates. Moreover, more and more payments, remittances and money transfers are going to digital mobile systems. Imagine if you could register the behavior of these mobile payments platforms in a unique source of trust. Imagine if this behavior and activity could be used as a financial passport of the user. If this happened all of the mobile payments and remittance solutions could either develop their own lending business or offer their users profile for lending. Our Blockchain wallet, which may be used entirely or integrated with an existing wallet, has the capability of recording this behavior on the Blockchain allowing users to build a trustworthy reputation and therefore allowing financial institutions to actually measure the risk of lending them.
Status of Innovation: Pilot
Innovation Active Since: 05/15/2018
Applicant Type: Private Company
Headquarter City: Buenos Aires
Headquarter Country: Argentina
Year Founded: 2015
Main Category
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
Nowadays remittance companies have a lot of information which they are not using to their full benefit. Having the record history of a user which actually pays its bills every 1st of each month and send to his family back in Mexico the same amount of money each time, has value. A lot of banks today lack the means to gather this information. Remittance companies, used to work with the base of the pyramid have plenty of this info. Therefore, they have the tools to actually measure the risk of offering different financial services to these users (unbanked and micro-customers usually). Integrating with our wallet (backend for sure, frontend optional) allows these remittance companies not only to start creating this user reputation on the Blockchain but lower down its transaction costs and automate the process. This enable these remittances companies to develop a huge synergy since they are either developing a new business model or making its current business model more efficient. They have the customer, we have the means.
Secondary Category
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
We believe that the full integration of digital financial services will provide users with a much better experience. Being able to send money (remittances), to pay for their bills and to ask for a loan within the same mobile application and at a lower transactional cost is definitely a huge benefit for the user.
User will have to do is to download the App, complete the needed KYC and start operating. Topping up its wallet at several recognized on-street points from the authorized cash-in and cash-out networks, sending the money abroad and making payments with a simple tap. Once it has operated enough, or uploaded the correspondent doc, the remittance company (the company providing the app and integrating with our technology) may offer the user a loan. The loan money might be used to pay or send directly from the App or cashed at the same network. Installments paying is notified to the user´s phone and has to be paid at the same network. If the user defaults, their reputation is scratched and shared with different entities. 1 arg pilot
Team Members
Full Name: Leo Elduayen
Role: CoFounder & COO
Linkedin: https://www.linkedin.com/in/leo-elduayen-a2314399/
Full Name: Edy Weber
Role: CTO
Link: https://www.linkedin.com/in/edy-weber-045258/
Full Name: Gabriel Kurman
Role: CoFounder & CEO
Link: https://www.linkedin.com/in/gabriel-kurman-4515497/
Supporting Links
Brief deck. Description of wallet + lending flow. The solution is available Backend only, integrating with existing wallets.: http://docdro.id/LooMouo
Entry Representative
Full Name: Leo Elduayen
Role: CoFounder & COO
