Asset stream is nothing but a microfinance platform which is decentralized globally by the replacement of intermediaries by using the technology of blockchain.
The key role of Asset stream is creating a microfinance platform which is sustainable for peers using the blockchain technology thereby enabling the growth of non-banking population and advocating the reduction of poverty by provision of an alternative platform available to everyone. Asset stream was founded by Muhammad Yunus by his inspiration from the “International year of Credit”. Visit https://www.assetstream.co/ to gain more information.
Asset Stream provides services by the exchange of virtual currency to a flat one where its validity is term less.
Problems faced by nonbanking people
Many people still receive cash as their payment method and hence do not have any credit history. Thus they have no access to make payments through mobile or online. For example, the people who study abroad cannot open a local account and become underbanked accessing either account which is savings or current. In order to earn a lot of interest, large loans are being focused on by the bank.
India stands 7th in the high usage of services with internet and mobile and also has the highest unbanked population next to China. Pakistan has seen good growth in the mobile services past few years. The East has become an investment spot while China and India have slowed down. For example, Thailand has received more attention than other countries in 2013 by the BTS Rail Mass Transit Growth Infrastructure Fund.
Zopa, a successful P2P lending company created in 2005 has 2 billion loans issued till date. Proof checking is done through this platform for a safe transaction between lenders and borrowers. The only drawback of ZOPA is that there is no control over the project where both the lenders and borrowers get affected. Most customers have repeated used ZOPA based on its easy usage. The applications of the lending system by P2P are mortgages, college loans, etc. Customers of ZOPA get a loan for a car purchase or house renovation and thus the loans are paid on time.
In the Southeast region, still, 29% of the people receive salary by cash and they can be risky. To avoid the risk of getting robbed, it is always advisable to adopt digital payment using these platforms for safe payment. Myanmar and Cambodia rank high in receiving cash as payment when compared to other Southeast countries. Adoption of the P2P platform in the Southeast region is very easy with the growing technology and the younger generation’s addition to the technology.
The solution for unbanked people assessing financial services can be possible by Asset stream enabling it to reduce poverty with its expertise in this field. The other features of Asset stream are
• Badge system for borrowers reflecting their credit rating as in for borrowers who pay their loans on time have good credit rating when compared to borrowers who do not pay on time.
• Impossible to inflect any changes in a credit history
• The system being transparent
• Choice provided to lenders to choose their borrowers and matching of criteria between lenders and borrowers
• The system offers lower costs of the transaction
A business model outside and inside Thailand is differentiated with the model illustrated below and the criteria required for the personal loan include factors like age, occupation, personal details like address, contact number, bank statements of past 3 months, credit line, current working duration and liabilities and a notice of assessment.
The criteria required for the business loan includes factors like business type, capital, the financial status of company and collateral asset.
The verification process involves due diligence of borrowers, lenders or SME done by third party ‘Local agencies’ based on the predefined laws and regulations. This is done to avoid any fraudulence activities within the platform. The projects should also be screened by the local agencies to avoid any fraudulence.
The ways to prevent fraudulence is by credit rating and score for borrowers to see how promptly they pay their loan amount. The credit rating is affected by the borrower’s behavior both positively and negatively. The rating system is indigenous and transparent.
Monitoring is a very tedious task when it comes to lending and collection of debts is also difficult to monitor. The transparency of this process makes it easy to monitor and Asset stream helps in promoting punctuality to borrowers.
Following rules and regulation help organize the process and make it safe. This procedure is incorporated during the third phase of the collection of debts. The borrowers are compelled to pay their outstanding payments by the second contract made with the local agency in addition to the loan contract.
Collection of debt
The loan contract starts from 23rd to 30th of every month with the due to be paid on the same date next month. A grace period till the 5th day of every month is given for the borrowers to pay their money which is not announced publicly.
The collection of debts includes four phases namely:
Late fee — 15% per annum will be charged a late fee for non-payment within the grace period. The borrower will be charged with a regular fee once the late fee is paid.
Negotiation phase — The local agency needs to contact the borrower twice in a week who hasn’t paid consecutively for two months. The late fee has to be paid while the negotiation takes place until the full amount is paid.
Legal action — Third phase in collection of debt which takes places after failing to pay the borrowed amount even after negotiation. Legal action is taken on the borrower by the Asset Stream and local agency. The borrower will be blacklisted while the late fee is still being accrued on them.
Non-performing Loans — the Last phase where the loan contract is sold to debt collectors and this happen after six months from the commencement of phase three and the money received from the sale will be handed over to the lender deducting the cost spent during the collection process.
Criteria for Personal Loan
• Salary Base
• Credit line
• Personal Contact
• Current Working Duration
• Current Liabilities
• At least 3 months bank statements
• Notice of Assessment
Criteria for Business loans
• Type of Business
• Registered Capital
• Company Financial Status
• Collateral Asset
Advantages of AST token holders are
• Increase in reputation
• Fuel for the system
• Refer friends and families to be lenders
Two types of matching are available — manual and automatic
• Manual — Manual search is done by borrowers based on their criteria and needs and they are chosen by the lenders on the criteria
• Automatic — Based on the criteria of the lender, the system will automatically start the loan. This feature is still in the process of development. The borrower’s criteria will also be set up and the match is found automatically
Pico finance is mutually benefited by its partnership with Asset stream founded in the year 2017. Pico finance helps in issuing loans that are secured, operated on a provincial level and not exceeding 36% interest annually.
The add-on services of this system are badge system, asset classes, portfolio system, due diligence, and market overview.
• Badge system — The system will help assess borrowers by their on-time payment or delay in payment. The “badge of consistency” will be awarded for borrowers who pay on time and “badge of late payment” for borrowers who make a payment late
• Asset classes — two categories — personal and business loan and will be assessed on the basis of income on a monthly basis and credit rating
• Portfolio system — Transaction overview to the users are made available by this system
• Due diligence — List of documents required by KYC agent are ID card with photo and company details in case of business loan. A personal loan requires documents like an ID card with photo, salary last withdrawn and bank statement
The various platform currencies are AST, ASD, and ASTH.
Asset stream token or the utility token is used on the platform of Asset stream, sold/bought during the external exchange and is of 0.01 USD worth to the lender when used on the platform.
Asset stream Dollar forms the main currency and is used for paying conversion fees in the platform. Worth 1 USD and can be converted to BTC, BCH and vice versa.
Sub currency of ASD and is converted to ASD with no commission on conversion.
Use of Funds
Business Development — 5%
Legal — 3%
Marketing and PR — 8%
Product Development — 4%
Management and Advisory — 15%
ICO — 64%
Bounty — 1%
Token Created 3,330,000,000 Tokens
Hard Cap 21,000,000USD
Token Issued 21,100,000,000 Tokens
Soft Cap 1,440,000 USD
AST Per Price 0.01USD
2017 — Founded by four co-founders and creates a proof of concept. Recruitment of professionals around the world is done. The system was funding on its own.
2018 — Thailand was selected as the region of flagship after the start of the development process. The process was demonstrated using the blockchain technology. The system reached as a finance solution alternate to other systems available to the customers. Agreement between partners and Pico finance was made.
2019 — Conference event was held at Target market with the partners and Pico finance. The AST launch date was determined and marketing through social media like Youtube, Facebook, Twitter, Instagram, Telegram, Line and We Chat was started. Mobile version of Asset Stream was initiated. Distribution of AST took place followed by its operation. First-month pay to the lender was made. The second and third target market was announced followed by a conference with Asset stream and their partners.
2020 — Launch of Asset Stream beta and its availability to the market. Future plans are the pursuit of its mission in helping reduce poverty and prevent making mistakes financially.
FOUNDER, HEAD OF IT & DEVELOPMENT
CO-FOUNDER, HEAD OF STRATEGY & MARKETING
CO-FOUNDER, HEAD OF COMMUNICATIONS
CO-FOUNDER, MANAGING PARTNER
SENIOR MANAGER, APPLICATION DEVELOPMENT
SENIOR MANAGER, PROJECT MANAGEMENT
MANAGER, BUSINESS DEVELOPMENT
DR. CHATCHAI THNARUDEE
KARNIKA E. YASHWANT (Mr. KEY)
FOUNDER & CEO, KEY DIFFERENCE MEDIA
FOR MORE INFORMATION
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