SINGAPORE, SINGAPORE / ACCESSWIRE / October 11, 2017 / Wish Finance is an innovative cutting-edge technology start-up that aims to offer new alternatives to the traditional lending industry. The project extends the lending market from the popular P2P to SME (small and medium-sized enterprises) sector, offering a valuable solution to borrowers who find the extreme annual percentage rates (APR) of traditional banks unacceptable or simply unattainable. Standard financial institutions typically do not work with regular SMEs, due to poor liquidity and a lack of assets. Without available collateral, banks will not support any requested loans. Wish Finance decided to create a solution to this problem using new technologies:
- Wish Finance is the first lender to use blockchain innovations. Integration with the Ethereum and Tendermint platforms will make Wish Finance fully transparent to government agencies, borrowers, current shareholders, and potential investors.
- Diversified lending pools built on the decentralized ledger, with lenders providing funds to a large number of borrowers, mitigate investment risks.
Wish Finance offers a reliable short-term position with its auditing process. Rather than focusing on strictly available assets, it instead targets an SME's real cash flow, using an up-to-date big-data analytical mechanism to analyze the company's financial information, and thus credibility. Direct access and integration to the SME's POS transactions is designed to simplify scoring and create a straightforward repayment process.
Eugene Green, the startup's CEO, describes the advantages of this approach saying, "Wish Finance offers cash advances and business loans for SMEs with fair interest rates based on the company's real cash flow, not its assets. We have direct access to POS terminal infrastructure so we can view real-time financial transactions, deducting 2-5% of merchant customer's payments to automatically repay the loan."
By using cutting-edge technologies to process hundreds of applications at a time, as well as real-time transaction data, automatic repayments from POS transactions, a transparent portfolio on the blockchain and fully insured loans, the company will minimise the potential risks for borrowers and investors.
Aside from these innovations, Wish Finance is the first company to launch a unique Initial Coin Offering (ICO) with digital tokens that are convertible to real assets, company shares. "WISH" tokens, which are the foundation of the company, are smart contracts executed on the Ethereum platform and can be converted to shares in the Wish Finance company at any time. The company's ICO will launch in October.
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SOURCE: Wish Finance