BFEX aims to achieve the three following goals:
1.To develop credit scoring system for nano-finance industry based on Trust-Based Banking by Professor Muhammad Yunus who received the Nobel Peace Prize in 2006. An imminent part of his concept is “We can remove poverty from the surface of the earth only if we can redesign our institutions - like the banking institutions, and other institutions; if we redesign our policies, if we look back on our concepts, so that we have a different idea of poor people"
BFEX believes that credit bureau scoring (with reference to the debtor’s background and payment history) is not the best scoring method for nano-finance. BFEX saw this opportunity and developed Decentralized Social Trust Credit Scoring (DSTCS). DSTCS uses criteria devised and accepted by people in the community to reflect the credibility of an individual. All the entries are recorded on the blockchain.
2. To develop a lending platform for nano-finance via decentralized peer-to-peer lending. The terms and conditions for lending and all the business transactions linked to the data on DSTCS. Research has shown that when traditional financial institutions cannot offer microlending services due to the issues with credit bureau, the customers then turn to loan sharks, which usually charge more than 150% interest rate per year.
BFEX aims to solve this problem by developing the peer- to-peer lending platform which easily and effectively connects lenders and borrowers. This creates a win-win ituation for both parties. While lenders can access an investment that yields decent returns, borrowers can access financial resources that offer reasonable, lower interest rate
than non-institutional loans.
3.To develop the BPAY E-Wallet payment system. BFEX Tokens can be used to pay for goods and services with BFEX business partners. Not only will the business partners be able to grow and expand their markets through their partnerships with BFEX, BPAY users will also receive 50% cash back from the deals BFEX receives from its partners upon the payment made to BFEX business partners. This cash back will be transferred into the users’ BPAY accounts at the end of each month. For instance, if a BFEX hotel partner offers 20% off from a hotel booking, BFEX will offer 10% cash back to its user while using the remaining 10% for business development.
I
completely agree with this quote because when I look at the world and
think about countries which have poverty, they are all uncivilized
countries.
When they manage to be civilized, I
am sure they will remove poverty and provide all good opportunities to
their people. In my opinion, everybody in the world deserves a good life
and the same, equal opportunities and I love projects that aim to
provide equal things for all people, like BFEX.
With
BFEX, the traditional financial institutions will be disrupted and out
of the race. With the help of blockchain, they plan to spread all over
the world. Sustainability is their key element and being able to access
everything freely is vital for BFEX.
When everyone is equal and when they can access equal opportunities, it will have a positive impact on society.
When it comes to BFEX's
features. They will create a hybrid scoring system on blockchain. Their
decentralized Social Trusted Credit Scoring is a mixture between social
network behavior validation and verification of the official documents.
Their KYC system will be transparent and verifiable.
Another key element for BFEX is anonymity and privacy. BFEX will not show users' real name, photos on its platform.
With BFEX,
people will be able to turn their social network into a score and earn
money system. They will create BPAY, with which users will be able to
create an e-wallet and use this wallet for every merchant in the
network.
At the end of the month, these users will be rewarded depending on their credit scores.
At the end of the month, these users will be rewarded depending on their credit scores.
BFEX Application
will be really useful for their peer-to-peer lending platform. This
platform will be a connection between the lender and the borrower.
Banking
institutions have limits and boring rules. BFEX wants to provide a
better system for its customers by showing how giving equal opportunity
should be.
- Everyone can join this project.
- They will be using futures tech, blockchain. It will be fully transparent.
- Users will be able to set their own interest rate.
- Customers will get a cash back reward from %1 to %5.
Para sa karagdagang impormasyon: