J Ventures, which held one of the first initial coin offerings (ICOs) in Thailand earlier this year, signed a memorandum of understanding with R3 and Microsoft to provide technical support for its peer-to-peer lending platform.

R3 and Microsoft have been working together since at least 2016 when the tech giant announced it would partner up with the banking consortium that R3 had been developing. In 2017, the two firms said they would be offering R3’s Corda as a software-as-a-service application running on Microsoft’s Azure cloud.

Over 72% of the population in Southeast Asia remains unbanked or under-banked. Access to micro-loan is a particular problem, as a result of the prohibitive cost structure of existing financial institutions. To address this market inefficiency, the JFin ecosystem is creating a decentralized digital lending platform (”DDLP”), using blockchain technology and the digital transformation of the process. Through the blockchain, a decentralized peer-to-peer network can be built to replace the existing centralized system and enable frictionless peer-to-peer transfers. Smart contracts will be used along with Proof-of-Stake mechanism (e.g. Tendermint) to ensure backers are rewarded for their work.’

The firm held one of the first successful ICOs in Thailand last February to fund the project, which it describes as a “decentralized digital lending platform.” Investors in the ICO received JFin Coin, which sold for 6.60 baht (around $0.20 USD) during the token sale. It is currently trading at 3.24 baht ($.09 cents) on Thai exchange Coin Asset.

The JFIN is a utility token for the JFin ecosystem that not only fuels the system but also encourages mass participation of P2P microloans and other financial services that help the unbanked and underbanked.

The company's analytic credit scoring will gauge the creditworthiness of each applicant for personal loans from JFintech by Jay Mart or quick loans from Fast Money. Unlike the National Credit Bureau, the service will collect multidimensional data on purchasing power, spending behavior, and social media habits.

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