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The service will focus on small and medium businesses
The blockchain is so hot right now and Wish Finance is looking to leverage the power of it to offer a lending based platform for small and medium businesses. Based in Singapore, the company will initially offer the service to SMBs in Singapore and Hong Kong. This is expected to expand as time goes on, however.
The service will allow SMBs to get cash advances, with interest rates based on the company's actual cash flow, not assets. With direct access to POS terminals, Wish Finance can see transactions in real time to combine with local market data for scoring purposes. Loans can be issued in as little as 24 hours, with a small percentage being taken out of each sale from the SMB until the loan is repaid. It's a pretty cool system that allows for repayment effortlessly.
To accomplish this, Wish Finance is using the blockchain to connect P2P lending and POS systems. Entire portfolios will be stored there (and encrypted) that will help lenders, borrowers, and potential investors gauge the predictability of investments, will also offering high levels of accountability.
“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.”, said Eugene Green, CEO and Founder of Wish Finance.
Wish Finance also expects to hold their own ICO (initial coin offering) in October. Backed by Etherium, the ICO will allow investors of almost any net worth the ability to invest in Wish Finance. Converted tokens will have their share of company profits as dividends.
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