HERO: The future of banking in Southeast Asia
HERO: The future of banking in Southeast Asia
"Banking is necessary, banks are not."
– Bill Gates
Even in the age of technology, about 40% of the global population, lacks access to primary financial services and affordable credit. Despite making our economy globally sound, the financial services industry fosters with problems that make it more distanced from the people. Financial institutions do not give services to the unbanked as they are simply unprofitable or too risky to serve. However, because of their monopoly in developing economies, many of them have no incentive to improve products and consumer experience, increase efficiency or appeal to the coming generation of customers.
Hero, The PawnShop:
It is a digital platform designed to impart credit grants, without economic biases. The lack of access to primary financial services has given place to major barriers for the people to overcome poverty by making it almost impossible for them to borrow or save money. Savings and lending are the two pillars of the modern society, serving as both fuel for funding economic boost and funds in times of financial crisis; former being the capital, and the latter being the credit.
Both national and local economies are influenced by the easy flow of capital. Access to credit is a crucial factor responsible for the growth of any economy. Hero is an enterprise that started with the aim of making credit smoothly available and relatively economical, to outreach the unbanked and under banked community. It is an e-Platform created to allow credit grants, without partiality. The project started out in Southeast Asia, with the further plan of expanding and growing. . The plan is to delve in this market and develop a system where credit and loans could be granted to the masses.
Hero Pawnshop uses blockchain technology which liberates many financial services breaking through the old institutions, fostering competition and innovation to provide improved, quick, and economical financial services to those who are outside or heavily burdened by their local and formal financial systems. Their vision is to renovate the current financial system that excludes 2 billion people from the banking system by leveraging technology to create a more intact system that permits people access to credit.
How it works?
PawnHero distinguishes from the traditional pawnshop experience by providing a collective virtual and physical service. The PawnHero operating platform ("Opus") is a combination of a seamless frontend customer experience with backend operational processes allowing PawnHero to manage and control the customer experience and the business. It is the first of its kind pawn shop that provides to their customers via mobile phones and desktop computers.
The PawnHero, is a space where customers can get loans against a collateral, that can be accessed through the comfort of their homes. The user interested in taking up a loan submits the item information, for the article that they would like to pawn, at the pawnhero.ph website. The loan amount and maturity dates are decided by Magnus, a digitalized platform that helps calculate the Loan to Value ratio (LTV), which looks into several intricate aspects of the transaction taking place. Once the customer has decided his preferred load offer, the way is paved through Customer Information, Payment Methods, and, Delivery Modules.
Hero Token:
The Hero Token is the specific currency of Hero that is provided to investors at the time of the ICO (Initial Coin Offering). 80% of the tokens will be up for sale while the rest of the 20% will be given to advisors, early believers, bounties, and founders. Funds collected through the token sale will be used for Software Development, Marketing, Legal and incorporation expenditure, and Operations. These funds will not only help Hero expand but even grow and better the services provided.
Hero chooses to work with Ethereum which enhances the development of custom programmed applications on top of the blockchain, like smart contracts, database access and storage. Ethererum's Smart Contracts represent the basic pawnshop principle of a smart contract, of ones that happens manually and offline. Ethereum Blockchain combined with Machine Learning, Artificial Intelligence and IoT are enabling Hero to incredible innovations to building trust, transparency and traceability in transactions in both the financial system and in the real economy.
With the coalition of significant companies like Softbank and Alibaba, this project raises infinite possibilities and could help bring about financial growth, especially in Southeast Asia. Hero's mission is to revolutionize the banking industry to make credit more readily available and affordable for the unbanked or under banked. This project promises to flood the market with numerous opportunities and pathways of success.
For more information visit:
Website: https://herotoken.io/
Bitcoin talk Thread: https://bitcointalk.org/index.php?topic=2088817
Written by Karanj
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