Access to loans and therefore to building a credit history is something that many still do not achieve. There are still more than 2 billion unbanked in the world. This implies the lack of access to both banking services (loans, mortgages or bank accounts) and access to all other services and opportunities. Taking a loan is a big challenge for them, unless they have a credit history. The mission of MicroMoney is to solve this problem, and we will talk about them in this post.
These millions of unbanked people do not have credit history, have no debts, and widely use smart phones and Facebook. In an emerging market, a smartphone can tell us everything that is needed about its owner, so that Micromoney can estimate its solvency.
Micromoney developed an application, with a unique scoring algorithm based on artificial intelligence and automatic learning, which brings together 10,000 parameters. They analyze this Big Data using an AI Neural Network and this is enough to make the loan approval decision in just 15 seconds.
MicroMoney established itself as a microfinance institution and seeks to be a decentralized source of open source credit and Big Data Bureau in blockchain, with loans through smart, transparent and reliable contracts.
Micromoney’s core business products are a digital financial identity encrypted in blockchain and Big Data collected from borrowers’ smartphones. And MicroMoney for People: Providing Microcredit and Creating Reliable Credit Histories Instant Loans.
At MicroMoney they are ready to start an international franchise. Access to MicroMoney’s financial and legal expertise will enable potential partners to enter emerging markets around the world. MicroMoney is establishing new branches in Indonesia, Sri Lanka and the Philippines. The following countries are Vietnam, Malaysia, Singapore, Hong Kong, Nigeria and China.
In order to expand its business and develop new products, MicroMoney has decided to start a Token Distribution. A successful Tokens Distribution campaign in their own words, will allow them to accelerate the expansion of the company, capture additional markets and develop their products and services more quickly.
The AMM TOKEN – Micromoney´s native token – is a part of the Micromoney ecosystem and is used within it in different ways. The token serves as fuel for the MicroMoney ecosystem and has been designed so your customers will want to use it frequently. It is a token that can and should be bought in exchanges at market prices. Tokens represent the right to use the MicroMoney platform and access specific services and functions based on the number of tokens held in a partner’s portfolio.
The MicroMoney token distribution and the corresponding token creation process will be organized around the smart contracts running on Ethereum. Token name: AMM Total tokens supply: 60,000,000 AMM. Initial fee: $ 1 for 1 AMM.
The distribution of tokens begins on October 18, 2017. For more details you can read his White paper.