WishFinance, a modern business lender serving small and medium businesses, has announced the expansion of geography and switching to global markets instead of focusing on Singapore and Hong Kong. This decision was widely applauded by investors who put into the project during the token pre-sale campaign from October 15th to October 25th.
“WishFinance token presale indicated a strong public as well as investor’s interest in the project. At the request of our significant investors we decided to move beyond Asian markets to global extension. At this stage, WishFinance could be used by professional lender of any size at any country, enabling small and medium banks and other lenders to earn on SME financing. We’re hoping it’ll help us live out the idea of lending as global and fair where banks, credit unions, and funds will be enabled by new technologies to serve small business,” said Eugene Green, CEO and Founder of WishFinance.
WishFinance Blockchain platform is created to provide regular lenders like small and medium banks, credit unions and lending funds with instruments to serve SME segments globally with business loans with fair interest rates based on the borrowing company’s real cash flow, not assets. Platform has a technology to connect directly to point-of-sale
(POS) terminals infrastructure to see real time financial transactions, which it combines with the local market data for scoring. WishFinance platform allows issuing a loan in 24 hours, and has a model for automatic repayments collection – it places a rule into acquiring and deducts a few percents of the merchant customers’ payments until a loan is repaid. In this way, repayments are made seamlessly and effortlessly for SMEs. Each loan is insured from a customer’s bankruptcy.
To provide greater security and transparency, WishFinance platform will store the entire portfolio in the Blockchain, cleared from any personal borrowers data. This policy will help the borrowers, funds, current and potential investors in many ways, improving predictability and accountability of their investments, and providing an opportunity for the permanent audit of the lender’s portfolio.
At the moment the company is conducting its token pre-order. The ICO is scheduled on November 6th. WISH tokens executed by an Ethereum are the access tokens. They needed to have access to the platform and manage a loan portfolio. Also, tokens could be rented from a token holder by a lender with revenue share.
During private beta-testing, WishFinance conducted lending for a group of 1000 small companies. 112 loans were accommodated all of them were paid back with 0% default rate (from $2,000 amount of loan – $15,000).
WishFinance is a modern business lender serving small and medium businesses. Wish Finance is offering merchants business loans with fair interest rates based on a company’s real cash flow. It has direct access to POS terminals infrastructure to see real time financial transactions, issue the loan in 24 hours and then and deduct a share of the merchant’s income to automatically repay the loan. Each loan is insured from customer’s bankruptcy. SMEs are the most underbanked business category worldwide and Asia Pacific is the region with the least banked SMEs in most of countries, and Wish Finance aims to solve that problem. Wish Finance was founded in 2016, by Eugene Green, an entrepreneur with more than 15 years of experience in data science and financial technologies. The company is based in Singapore.