Wish Finance, based in Singapore, has announced the launch of its blockchain-based lending platform for both small and medium companies. The company has reportedly issued 100+ loans in 2017 through a soft launch with every loan successfully reimbursed and 0 percent default rate.
Wish Finance plans to keep its entire portfolio on the blockchain, anonymized, so investors can audit its operation at any particular time. The business stated that it will initially provide loans for businesses based in Singapore and Hong Kong together with plans to scale into other countries.
Wish Finance said it conducted a personal beta lending for a group of 1000 small companies. 112 loans were accommodated all of these were paid back with 0 percent default (from $2,000 sum of loan — $15,000).
Wish Finance is also planning an Initial Coin Offering (ICO) scheduled to occur from October 2nd to October 25. The ICO will issue WISH tokens executed by Ethereum which may be converted into equity of Wish Finance. Converted tokens are believed to have its own share of company profits as dividends.
WISH tokens executed by Ethereum might be at any time converted to equity of Wish Finance firm registered in Singapore. Converted tokens intuitively will have its own share of business profits as dividends.
Eugene Green Of Wish Finance
Eugene Green, CEO and Founder of Wish Finance, said that SMEs play an important role in the market by creating the majority of jobs and driving wealth and growth — yet SMEs consistently state that access to capital is an ongoing struggle.
“We've conducted an extremely thorough and comprehensive research of South-East Asia for its launching. We have also invested our own money to set up that the company and its core technologies, and successfully issued our pilot loans and obtained them repaid.
We're ready for the ICO and we will use those resources to scale up. We are also negotiating partnerships with insurers and acquirers in various countries of Asia Pacific and Europe to expand into new markets.” said Eugene Green.
Wish Finance says it has combined P2P financing and link to the POS with the blockchain. It'll store the whole portfolio and its functionality in the blockchain, stripped from any private debtors data. This coverage is designed to assist the borrowers, funds, current and potential investors in a lot of ways, improving predictability and responsibility of the investments, and providing the opportunity for the permanent audit of the company's portfolio.
The team can issue a loan in 24 hours, and then deducts a few percents of their retailer customer's' payments to automatically repay the loan. This manner, payments are created seamless and simple for SMEs. Each loan is insured from client's bankruptcy.
This platform could help the borrowers, funds, current and potential investors in many ways, improving predictability and responsibility of the investments, and providing the opportunity for the permanent audit of the company's portfolio.
More details about Wish Finance’s ICO will be released closer to the date.