Founded and developed in Kazakhstan, the biggest economy of Central Asia, FinTech startup Lendex has announced plans for ICO crowdsale to finance the launch of a cross-border P2P (peer-to-peer) lending platform for underbanked consumers in Central and South East Asia.
Alexey Sidorov, serial FinTech entrepreneur and CEO of Lendex said:
“We are going to disrupt traditional consumer finance industry in a number of big markets. We focus on selected Asian markets with combined population close to 700 mln people. Over 70% of them are underbanked, which means at least some 500 million people are excluded from the traditional financial system. They too have financial goals but no offer in the market. And we want to reach them and meet their needs”.
Lendex team, with prior banking expertise and entrepreneurial track record in building FinTech startups, believes that alternative finance and particularly marketplace lending is potentially a huge asset class that can be tokenized and made available for sale to investors in initial and secondary markets across borders, thanks to advance of Blockchain technology and integration of nascent crypto economy with the real world.
Lendex team launched and operates several businesses in online lending space in Central Asia with strong traction — their total registered user base reached 400 000 users. A forthcoming expansion into Vietnam market brings the company’s products closer to the real-world marketplace and creates synergies for advancement of Lendex business model.
“Our FinTech business was founded and has been growing successfully in a rapidly changing emerging markets, where western and eastern cultures mix, entrepreneurship and digitalisation is supported by the government and the regulations are FinTech-friendly. International educational, professional background and local entrepreneurial experience give us the edge to succeed in building Lendex and become the active player in global trends, across Asia”, Mr Sidorov said.
Lendex plans to launch ICO in early 2018 with pre-sale of LEN tokens on December 1st.
As Alexey Sidorov underlined:
“ICO proceeds will help us to build what we believe will significantly impact the alternative finance market — a fully functional ecosystem which connects investors and borrowers through our hybrid IT infrastructure and the network of partners: micro-finance institutions (MFIs), payment processors, distribution and collection agents with “on-the-ground” presence, to name a few.”
The Lendex project’s team announced that their ultimate goal is to bridge the gap by providing real-world consumers with accessible digital micro-loan products in fiat currencies on one side, and investors who can generate returns commensurate with emerging market risks on the other side.