We sat down with MicroMoney’s co-founder Anton Dziatkovsky to discuss latest in the company’s drive to get the “unbanked” from around the world a chance for financial inclusion.
- Anton, your token distribution campaign on MicroMoney.io is in full swing. How is the “revolutionary blockchain credit bureau” doing with investors? Are you able to get the financial backing for your ambitious projects?
- We have attracted close to $5 million during the initial stage of our AMM token distribution. On October 18th the main phase of the campaign started and now we are close to $9 million in raised capital. We are aiming for the soft target of $15 million in swaps and a $30 million hard cap.
- You are also very active in building bridges with very fast-growing fintech companies in your field. Tell us more about these partnerships.
- Indeed, we are currently adding more and more of partners on board, which should help make our token campaign stronger and our unique product itself. Just days ago we agreed on working together with Celsius Network, which is a decentralized credit lending platform. This will allow us to expand the reach of cryptocurrency loans to customers in Asia and in other regions. We both use the global Ethereum blockchain technology and we will work together to develop and standardize the protocols on top of which all monetary transactions are processed on the blockchain open-ledger system.
- We will cooperate with Celsius in the following way. MicroMoney normally deals with smaller loans in Asia not exceeding $200 dollars, but up to 47% of our leads are 2b2s – small business owners with loan application amounts ranging from 400 to 1,000 dollars. We plan on referring these clients to Celsius. The pass-through mechanism will allow MicroMoney to focus more on individual unbanked people so that we can reach our goal to serve the first-timers, those who have never had a bank account and to raise the level of financial inclusion in the developing world.
- It seems that you are also expanding your reach by working with platforms in other market segments. What are these segments and new partners?
- One of such new partners is a company called Greeneum – a solar panel provider for many countries where we operate. So this partnership will allow us to credit buyers of these solar panels through MicroMoney’s unique blockchain credit bureau system. The panels cost about $200-300, so there is a great incentive for residents of South East Asia, for example, to go green now and buy this product with the help of our credit. This is especially important in areas where there is a shortage of electricity, such as India, or Myanmar and Indonesia.
- We are also always thinking how we can make our loans not only more affordable but approved and disbursed faster. MicroMoney is involved in negotiations with STACK fintech startup in a mission to be able to use its advanced solutions. The advantage of STACK is that it can turn an unbanked person into a person with a bank account literally in minutes through its Financial IQ system, which utilizes machine-based learning and peer knowledge sharing.
- You have also announced that your token campaign is now having a wider scope. Where are you reaching out to?
- We have just announced the expansion of the token campaign into two major markets – China and the United States. We want new investors to benefit from our business model. China is the center of global fintech innovation, as recognized by many experts – and most blockchain transactions originate there. Entrepreneurs in China have shifted attention to foreign ICOs and token campaigns after local start-ups were banned to raise crypto-currency in September. But this ban did not prohibit Chinese to invest in various entities that originate in other parts of the world. So we have great opportunities there. In the U.S., we have complied with all regulations so that our AMM tokens are available for immediate purchase.
Founded in 2015, MicroMoney has embarked o a mission to provide access to the unbanked audience for banks, trade, and financial organizations. It is a fast-growing company valued at $1.85 million (before the token distribution campaign), with over 85 employees in six international locations.
MicroMoney makes lending decisions using proprietary A.I. algorithms, machine learning, and a Big Data based mobile scoring system. Its lending process doesn’t require any collateral or paper-based documentation. The company collects customers’ opt-in mobile phone data to establish potential borrowers’ credit score. After that, it uses the score to generate credit profiles, stored with the MicroMoney Blockchain Credit Bureau, which in turn shares this data with financial institutions worldwide.