Lendex

Lendex aims to bridge the gap between investors and the unbanked in Central and Southeast Asia using an inclusive, blockchain-powered platform. Here’s our review.

What Is Lendex?

Lendex, found online at Lendex.io, is a peer-to-peer lending platform built on blockchain technology. That platform is built to offer loans to unbanked and underbanked individuals in Asia. Lendex is specifically targeting the platform at customers in Central and Southeast Asia.

The ultimate goal is to narrow the gap between rich and poor by encouraging financial inclusion in consumer lending. The Lendex pre-ICO begins on December 1. A whitepaper has not yet been released online (as of October 27), but the company does have a one pager you can read.

Lendex was developed in Kazakhstan, home to Central Asia’s largest economy.

What Problems Does Lendex Seek To Solve?

Lendex is focusing its solution on Asian markets with a total population of 700 million. Over 70% of those 700 million are underbanked. That means they’re unable to access credit, struggle to access conventional banking services, or have no type of banking services whatsoever. The end result, according to the Lendex website, is that 500 million people are excluded from the traditional financial system.

Of course, lenders can’t just give loans to these people. You can’t send money to someone with no credit history and expect to get it back 100% of the time. However, lenders don’t have a practical and economically viable way to lend to these individuals across borders. There’s no reliable credit scoring system, background check process, or verification system in place. Debt collection across borders is also difficult.

Meanwhile, banks typically don’t offer small loans, and larger loans are not widely available due to limited infrastructure – especially in rural areas, which is where most underbanked individuals reside.

Lendex believes it can solve all of these problems using blockchain technology.

How Does Lendex Work?

Lendex is creating a solution that combines centralized and decentralized processes. Some of the key parts of that solution include:

Lendex P2P Loan Management Platform:

The Lendex P2P loan management platform is the source of modular loans, credit underwriting, and IT infrastructure for the platform. These processes will be integrated with external data sources, then deployed and maintained by the Lendex team locally in each market.

Distribution Partner Network:

Lendex’s distribution partner network is integrated with their platform (the one we just mentioned above) to provide seamless transactions. These transactions occur over the blockchain. A network of loan distribution and collection field partners and agents are based on the ground locally to ensure Lendex is maintaining fully compliant lending operations in fiat currencies. These individuals also provide a range of functions, including customer onboarding, credit scoring, and risk assessment for debt collectors.

Crypto-To-Fiat Gateway:

This gateway allows Lendex to provide loans in fiat currencies while reducing cryptocurrency volatility for customers. This gateway will link LEN tokens to national currencies in Lendex’s target markets.

Overall, Lendex uses the same lending and borrowing process as similar blockchain-based lending platforms:

Borrowers apply for a loan, undergo KYC verification, then view a selection of loan portfolios available

Lenders, meanwhile, launch an account Lendex, then invest in different loan pools; investors can top up their balance at any time and make consistent profits

Loan portfolios are ranked from A to F, based on a scale of safety. A means lower returns but higher guarantees, while F means higher returns but lower guarantees.

Who’s Behind Lendex?

Lendex is led by Alexei Sidorov (CEO). Other key members of the team include Gaziza Onalbayeva (CFO), Aitolkyn Meirmanova (COO), Zhenis Mukhiyev (CMO), Askar Toksanbayev (Director, Investor Relations), and Vladimir Kislitsyn (CTO). The company and its team is based in Kazakhstan.

Sidorov, the CEO of the company, is described as a serial fintech entrepreneur. The team has launched multiple online lending platforms throughout Central Asia with a total registered userbase of 400,000+ users.

With Lendex, they aim to cater to markets in Central Asia and Southeast Asia.

The Lendex ICO

The Lendex pre-ICO begins on December 1, 2017. A general ICO is scheduled for January 2018.

During the crowdsale, you can purchase LEN tokens. We don’t have much information about the ICO at this time, although more information should become available with the launch of the whitepaper.

Lendex Conclusion

Lendex is a blockchain-based lending platform catered to underbanked or unbanked individuals in Central Asia and Southeast Asia. Developed in Kazakhstan, home to Central Asia’s largest economy, Lendex will use LEN tokens and local offices to facilitate seamless lending for customers throughout the target markets.

The pre-ICO for LEN tokens begins in December, with an ICO scheduled for early 2018. You can learn more by visiting Lendex online today at Lendex.io.

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