Bank Future Exchange (BFEX) is developing the sustainable financial system
Bank Future Exchange (BFEX) aims to achieve the three following goals:
- To develop credit scoring system for nano-finance industry based on Trust-Based Banking by Professor Muhammad Yunus who received the Nobel Peace Prize in 2006.
- To develop a lending platform for nano-finance via decentralized peer-to-peer lending.
- To develop the BPAY E-Wallet payment system. BFEX Tokens can be used to pay for goods and services with BFEX business partners.
The Vision
BFEX mission is to provide equal financial access for all by developing a more widely accessible financial platform, and in turn, disrupting traditional financial institutions. BFEX aims to utilize blockchain technology, big data, and Decentralized Social Trust Credit Scoring (DSTCS) to decentralize peer-to-peer lending.
BFEX vision is to develop a sustainable financial system where people can freely access the financial pool needed to improve the quality of their lives and contribute positively to society.
The Problem
In the age of free economy, a foundational factor in initiating any successful business is exceptional creativity. In the meantime, the access to financial resources is also the most significant contributing factor for development and continuity, in order to achieve sustainable growth and prosperity for all parties concerned.
However, when there is a limited access to sustainable financial resources, achieving wealth and prosperity then grows further out of reach. Reliance on existing financial institutions is also difficult due to the restrictions, terms, and conditions applied. According to Vigna and Casey (2015), “Roughly 2.5 billion adults in the world don’t have access to banks, which means somewhere in the order of 5 billion people belong to households that are cut off from a financial system that the rest of us take for granted.
These are conflicting signs as on the one hand, there is the socio-economic attempt to encourage society to seek opportunities and induce progress, but on the other hand, the world’s institutions are not prepared for the resulting exponential growth. The contributing factors, such as the financial resources, are not in line with this opportunity seeking attempt. This is evident in the majority of all the emerging countries around the globe.
The Solution
Bank Future Exchange (BFEX) is a FinTech company, established with the intention to provide equal financial access for all by developing a more widely accessible financial platform, and in turn, disrupting the traditional financial institutions. This innovative solution was designed by a group of experts in finance, technology, banking, and business management from both developing and developed countries. BFEX aims to support funding under the concept of nano-finance in order to help boost economic prosperity globally. Our operations are conducted via blockchain technology of which its trustworthiness, transparency, and security can be assured.
While banking institutions are restricted under traditional loaning system, BFEX is determined to develop nano-finance services to meet consumers’ demands worldwide. The key features of BFEX are as follow:
Decentralized Social Trust Credit Scoring (DSTCS):
A credit system which reflects more accurate credibility of nano-finance customers when comparing to the records shown by credit bureaus.
Peer-to-Peer Lending Platform:
A system which allows the lender and the borrower to interact and agree on terms and conditions of the loan such as the interest rate and payment due date. All the entries are recorded on the blockchain on Hyperledger Fabric.
BPAY E-Wallet:
Connects users to available goods and services of BFEX business partners from various industries. This allows BFEX users to gain wider options of products and services, along with the privileges of cash back.
✅Website: https://bfex.io/
✅Whitepaper: https://bfex.io/pdf/en/bfex_white_paper.pdf
✅Twitter: https://twitter.com/officialbfex
✅Facebook: https://www.facebook.com/BfexOfficial
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✅Telegram Group: https://t.me/BfexOfficial
✅Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3375492.0