MicroMoney is an open source platform that promises to connect unbanked individuals with lenders and other financial service providers. Find out more today in our review.
What Is MicroMoney?
MicroMoney, found online at MicroMoney.io, is a blockchain-based platform designed to disrupt the big data and credit bureau industries. It aims to connect customers to financial businesses, including banks, microfinance providers, insurance companies, e-commerce stores, and more.
The MicroMoney AI-powered platform predicts the credit worthiness of customers. Then, in just 15 minutes, a borrower can access credit over just a smartphone.
Essentially, MicroMoney is a lending app. In September 2017, the company announced its plans to raise $30 million through an ICO in October. MicroMoney was first launched in 2015 and currently serves customers in 5 countries. With their crowdsale, they’re seeking to continue expanding across Southeast Asia.
How Does MicroMoney Work?
Approximately two billion people around the world are considered “unbanked’. They cannot access traditional banking services, and they struggle to access credit and other financial products. Over a billion more are under-banked, which means they’re underserved by their existing bank. Lending platforms like MicroMoney are catered to these demographics.
Another problem with unbanked individuals is that even if they do find a way to access a bank, they’ve never built credit in their lives – which means they can’t access services like personal loans and SME loans.
That’s where MicroMoney sees an opportunity: it wants to help people build their first credit history on the blockchain. The company uses innovative technologies to determine a person’s credit worthiness using an innovative neural scoring credit.
Future Growth: MicroMoney is already active in 3 to 5 countries, with more countries scheduled to be onboarded shortly. The company aims to expand worldwide into 100+ countries in the near future.
Powered by Ethereum: MicroMoney has your credit history on the blockchain. It’s transparent, auditable, and administered by cryptographically verifiable code.
Financial Inclusion: MicroMoney aims to add 2 billion people into the global economy, including unbanked people who do not currently have access to credit.
Digital Identity: Create a virtual identity on the blockchain, and watch your virtual identity evolve with you and your funds.
Open Source: MicroMoney’s software and platform are open source.
Smart Contracts: MicroMoney doesn’t rely on third parties or mediators to complete transactions. MicroMoney uses smart contracts on the Ethereum blockchain.
Who’s Behind MicroMoney?
MicroMoney is led by CEO Anton Dzyatkovskii, who is also the lending director of Everest (Everex.io), a blockchain company with similar goals. Everest has already raised $25 million USD in funding. Anton has 15+ years of fintech experience and an extensive understanding of the Asian markets, having previously worked in Singapore and Thailand.
MicroMoney’s platform is already functioning in 5 countries, where it’s helped people access new financial resources. They’re active in Cambodia, Myanmar, and Thailand, for example, with plans to launch in Indonesia, Sri Lanka, and the Philippines in 3 months. Hong Kong, Vietnam, China, Malaysia, Singapore, and Nigeria are also identified as target markets.
MicroMoney launched in 2015. Today, the company has 200 employees across offices in Singapore, Thailand, Myanmar, and Cambodia.
Other key members of the team include Co-Founder and COO Sai Hnin Aung.
The MicroMoney Token Sale
The MicroMoney token sale will start on October 18, 2017. The pre-sale has been underway since September 15, with a 43% bonus on purchases during this period. Early investors in the general crowdsale can access bonuses as high as 25% on day one.
Each MicroMoney token (AMM) will be priced at $1 USD. A maximum quantity of 60 million AMM will be issued, and any unsold tokens will be destroyed after the crowdsale.
The tokens are 100% pre-mined. They’re ERC20-compliant tokens. 84% of the total supply is going to the token sale, 8% is reserved for the team (frozen for one year), 4% for advisors and mentors, and 4% for bounties.
Uses for MicroMoney’s AMM Tokens
AMM token holders will have access to premium, advanced features on the platform, including instant loan application approval on demand. Furthermore, the more AMM you have, the better your credit rating will be in the MicroMoney ecosystem. Any person or small business will be awarded an AMM token after each payback of a loan, and all members of the MicroMoney ecosystem can accumulate AMM tokens to improve their credit score.
Borrowers are also rewarded an AMM bonus if they pay back their loans on time. Meanwhile, delays will lead to a reduction in your AMMs.
Ultimately, most people will use AMM as collateral to secure loans through the platform.
MicroMoney is a lending app built on blockchain technology. The app has existed since 2015, helping customers throughout Southeast Asia access credit in an easier way. Today, many unbanked individuals worldwide have no access to traditional banking services because they can’t build credit. MicroMoney solves that problem by connecting users with a loan in as little as 15 minutes, based on the collateral of AMM tokens.
You can learn more about MicroMoney and their upcoming token sale today at MicroMoney.io.