Blockchain lending services providers MicroMoney and Karma have announced their strategic partnership. MicroMoney, a global fintech company and a market pioneer blockchain credit bureau, and Karma, a global transcend p2p-scoring blockchain platform, have signed an agreement mutually enabling them to receive benefits from their user networks and technologies.
According to the agreement, Karma now can use MicroMoney’s unique scoring system based on AI algorithms and neural networks, to assess any of its customers. Also, Karma will share an information about their users’ social rating with MicroMoney that will enhance the MicroMoney’s scoring database with more detailed data to help to assess customer’s creditworthiness more accurately. In the upcoming several months, partners intend to build the data and technologies exchange.
MicroMoney with its mission of financial inclusion for over 2 billion of unbanked and underbanked people to the global financial system and Karma, intending to create a global community with a high level of mutual trust, are now able to work together to implement their visions and to provide business advantages for each other. Also, both companies are currently engaged in token distribution campaigns to speed up its expansion in the emerging markets.
As George Goognin, a founder of Karma platform, says, “I have personally met MicroMoney’s team and I saw that they are ready for cooperation. Their scoring methods are based on how people interact with their smartphones, and I believe that a mobile phone is a useful tool to enrich our set of scoring parameters. The social services MicroMoney provides now are critical in emerging markets where the majority of people are still unbanked and credit bureaus stay practically empty without credit histories. Now investors involved in Karma project worldwide can get a quality assessment of borrowers in several Asian countries. We believe that is an important step to increase the level of trust between different cultures.”
Anton Dzyatkovsky, co-founder of MicroMoney, states, “We are happy to start the partnership with Karma as we share the same vision and the same mission to help billions of people to be financially included. MicroMoney has its unique scoring tool allowing to manage risks and assess creditworthiness in the countries where 90% of people never applied for any bank services. It is important for us to provide them with green and transparent social loans.”
The companies are going to do their best to realize their missions to make the access to extra funding available for billions of people in Asia, Latin America, and Africa to improve their quality of life.