Wish Finance has announced the launch of its blockchain-based lending platform for small and medium businesses. Wish Finance innovated a new technology for risk scoring and seamless repayments, based on real transactional data and connection to the POS infrastructure. At first ,the company will be providing loans for companies in Singapore and Hong Kong. Wish Finance will conduct a token sale from October 2nd to October 25th to raise funding for scaling up their new platform.
Eugene Green, CEO and Founder of Wish Finance, commented:
“Small businesses play a significant role in the modern economy, as they hire more people, pay more taxes, strengthen their local communities and eventually propel the growth of the economy. However, SMEs consistently report access to capital being one of the most important factors in being successful, as getting unsecured business loans still remains a large issue for them. In fact, SMEs are the most underbanked business category worldwide and Asia Pacific is the region with the least banked SMEs in most of the countries.”
Wish Finance is offering merchant cash advances and business loans with fair interest rates based on the company’s real cash flow, not assets. It has direct access to POS terminals infrastructure to see real time financial transactions, which it combines with the local market data for scoring. Wish issues a loan in 24 hours, and then deducts a few percents of the merchant customer’s’ payments to automatically repay the loan. In this way, repayments are made seamless and effortless for SMEs. Each loan is insured from customer’s bankruptcy.
To provide greater security and transparency, Wish Finance combined P2P lending and connection to the POS with the blockchain. It will store the entire portfolio and its performance 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 company’s portfolio.
During private beta-testing, Wish Finance 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).
Wish Finance is planning to conduct an ICO starting from October 2nd-25th, 2017 and issue WISH tokens. WISH tokens executed by Ethereum could be at any time converted to equity of Wish Finance company registered in Singapore. Converted tokens intuitively will have its share of company profits as dividends.
Eugene Green said:
“We’ve conducted a very thorough and broad research of South-East Asia for the launch. We’ve also invested our own money to establish the company and its core technology, and successfully issued our pilot loans and got them repaid. We’re ready for the ICO and we will use those funds to scale up. We’re also negotiating partnerships with insurers and acquirers in different countries of Asia Pacific and Europe to expand into new markets.”
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