The developing world has a challenge: people have the skills they need to start a business and bring themselves out of poverty, but there is no easy way for them to get the credit to buy the capital equipment they need to get started. According to Micromoney’s website, “100 out of 196 countries in the world serve as a home for two mln unbanked people, who use cash only, do not have any credit history and do not have access to any financial services.” Here is where Micromoney steps in.
It is an automated open-source credit and big data bureau that promises to provide instant credit check and microloans to users in 15 min via their smartphone. The platform also claims that users can pay lower interest rates and earn better credit scores the more they use the platform.
Crypto backed by a real product
Micromoney claims it is backed by a real product unlike many of the other cryptos out there. The following are important points made by the company:
Built on Ethereum
Smart contracts eliminate the intermediaries and provide fast service
Open source software that is free and transparent
Financial inclusion of more than two bln people
Create a digital identity
Massive future growth and expansion into more than 100 countries
For a small company founded in Cambodia, the token sale commenced on Oct. 17, 2018 and raised $10.5 mln. Despite what the company wants to do, the sales figures are a bit lower than expected. Despite that, the company has grown and expanded since its founding in 2015.
Short timeline of achievements
2015 — Cambodia: In December 2015, the company started with: $30,000 of initial capital, three employees, first 20 customers, and all the processes were executed in Excel and Google Docs.
2016 — Expanded into Myanmar. Work began to develop the Decentralized Credit Bureau, grew to 35 people working for the company. 23,000 unique registered users.
2017 —Expanded into Indonesia, Sri Lanka, and Thailand In 2017, the team increased to 85 people now 95,000+ unique registered users.
2018-- The company expanded into the Philippines and is ready to expand into the following countries:
The above countries have a large populace which will truly benefit from microcredits and loans. This will help raise the standard of living in these counties, too. The more people that can get the loans to start their businesses, the better their financial situation, which should spread to others and raise the quality of life over time.
The team behind the coin
Sai Hnin Aung - Co-founder, COO. Serial Entrepreneur, experienced business development professional, investor, strategic leader, and executive with more than 18 years of experience in microfinance & financial services, new loan products initiative, risk management, business start-up, financial analysis.
Anton Dzyatkovskiy - Co-founder, IT & Scoring. Lending Director in Everex, a payment crypto.
Token trading unimpressive
Micromoney (AMM) entered the market on Dec. 17, 2017 at $0.50 per token. In January, it rocketed upward to a high of $2.42 per token before falling back down in late January to $0.81 and then remaining relatively flat through March and April. At the time of writing, AMM is trading at $0.30 per token, rather unimpressive for all the expansion and growth taking place.
The coin is currently ranked at 747 on Coin Market Cap. On the one hand, this is a small company that is working in developing countries, on the other it has some great potential should it take off and continually grow and expand its operations. Perhaps, another ICO would be the shot in the arm this company needs to raise its profile among investors and the general public.