100 out of 196 countries in the world serve as home to 2,000,000,000 unbanked people, who use cash only, do not have any credit history, and do not have access to any financial services. It is essential to note that most of these people use their smartphones and social networks on a regular basis. This provides a tremendous amount of a new data and a substantial number of new potential clients. Financial institutions lack information about these clients and their creditworthiness; thus they do not want to take the risk to serve these people. However, these individuals still need funds and surely businesses would enjoy having new customers to survive during competition.
Banking the over 2 billion unbanked worldwide
The solution AMM has implemented is an open source and meta data bureau that can connect these “fiat only” markets to existing financial services. AMM has a platform that utilizes A.I and can help these people apply and receive their very first loans from a smartphone. This platform allows the new user an opportunity to establish credit and a credit history, which will be stored on the blockchain. This will not only improve the lives of the new user but give an opportunity for existing businesses to access a new client base. The way that AMM has done this is by creating a smartphone app. This app, which utilizes the AMM token, uses 10,000 parameters to gather the “creditworthiness” of new users. This is done by using their AI platform to analyze metadata which is collected 24/7. AMM gives the user the ability to apply and receive loans, or setup bank accounts easily and within minutes. The loans that will be made available are backed by smart contracts. These contracts will be transparent in nature. This will allow both user and potential business to see the credit histories and worthiness, and give the user a financial digital identity.
The other side of this App is used by Businesses that will have access to these new people in the marketplace. The data available to businesses will be collected from the users’ smartphones and smart contracts. As businesses are always looking for customers, they will now have access to an “untapped” market of billions of potential customers. Some of the businesses that will be interested in this data will be:
- Finance, Micro Finance, and Insurance companies
- E-commerce and retail businesses
The target locations of these unbanked people start in southeast Asia. This area has been statistically shown to be an emerging market with a majority of people being “unbanked.” This market has widely been available to the internet and accounts for over 50% of the social media users worldwide. These folks have been using technology to better themselves. This would lead one to believe that the ability to establish a banking/lending/credit history would bring these people further out of poverty. Also, it would bring a large increase of “users” to the global economic market.
Overall goals for MicroMoney:
- Solving hunger and poverty by providing the unbanked with access to financial services and the possibility to build their initial credit history on a Blockchain.
- Helping unbanked small entrepreneurs grow their businesses by offering online loans.
- Enabling banks, financial companies, institutions ,and retail businesses worldwide to efficiently scale and serve customers who previously had no access to their services.
- Creating an extensive micro-financing ecosystem by providing a franchise to local partners.
- Raising financial awareness among clients by offering consulting services and educational materials. Enabling Blockchain companies to efficiently scale their customer base by getting access to our open source Credit Bureau with millions of under-served people.
- Bringing financially excluded people to the new global crypto economy.
The native token for this platform is AMM and is profiled as a utility token. The coin is used as payment for the use of MicroMoney’s platform and services.
Total supply is 17,422,798 ERC20 based coin with a 100% premine. Any tokens unsold at ICO were burned.
Token And Platform Relationship
The AMM token will be use in these ways on the platform
- Partnership access – AMM ownership will give access to advanced platform features. For more details, please see the MicroMoney Partnership Program section below.
- Encouragement and rewards – First, borrowers in MicroMoney are rewarded with an AMM bonus for paying back their loans on time, while delays cause the AMM bonus to decrease depending on the overdue time. Second, if a borrower has others vouching for him or her and all the payments are made on time, the co-signers will receive AMM tokens as a reward as well.
- Data Sales – Every time MicroMoney receives a payment for personal details, credit history or Big Data, the customer will be rewarded with AMM tokens. This is part of the client’s digital reputation. MicroMoney respects personal details of all clients and will never disclose any information with third parties without consent of the client.
- A collateral – AMM can be used as collateral to secure a loan application, allowing customers to access the lower rates and other possible privileges and discounts.
- Getting payable access to customer big data & credit histories – Banks, financial and insurance companies, e-commerce, retail, and telecom businesses should use tokens to pay for accessing personalized information in the Big Data & Credit Histories Bureau.
- Getting payable access to the Decentralized A.I. Neural Network Scoring system – Banks, financial and insurance companies, e-commerce, retail and telecom businesses should use tokens to pay for accessing the Decentralized A.I. Neural Network Scoring system.
The right for any contribution to the system to support Sustainable Development Goals – AMM supports SDG programs of the United Nations, namely: No Poverty, Zero Hunger, Quality Education, Gender Equality, Decent Work and Economic Growth, Reducing Inequalities.
Holding AMM tokens will also give users the ability to:
- Franchise partnership – AMM ownership can allow tokenholders to become MicroMoney’s partner in a specific country/region on an exclusive basis.
- Access to the Decentralized A.I. Neural Network Scoring System – Banks, financial and insurance companies, e-commerce websites, retail outlets, telecommunication companies, and other corporates can access our Decentralized A.I. Neural Network Scoring system.
- Access to customers’ Big Data – Customers of our Big Data Bureau (banks, financial and insurance companies, e-commerce websites, retail outlets, telecommunication companies, and other corporations) can get access to customer data, which can be mined.
- Access to customers’ Credit Bureau Histories – Banks, financial and insurance companies, e-commerce websites, retail outlets, telecommunication companies, and other corporations can get access to AMM’s Credit Histories Bureau.
MicroMoney has plans to integrate the following projects down the road:
- Civic – To improve borrower’s identification & verification
- Hive – Providing funding for our SME (small-medium enterprise) customers
- GOLEM – Decentralized supercomputer. Deploying AI for our scoring and risk analytics solutions
- Tether – Alternative Payment system
- Uport – Global, unified, sovereign customer’s identity system
- COSMOS – Network and a framework for interoperability between blockchains
- Everex – Cross-border payment system. Getting crypto-cash for our borrowers