In the 1970s, a professor of economics from the University of Chittagong, Bangladesh, pioneered microfinance when he loaned $27 to a women’s group that specialized in bamboo stools. In 2006, Dr. Muhammad Yunus made the headlines when he won the Nobel Peace Prize for championing modern-day microcredit.
Over a decade later, however, the world’s unbanked population is still at an outstanding 2 billion people. High interest rates, distrust, lack of knowledge about the product, and lengthy durations are but a few of the challenges facing the microfinance industry.
AssetStream is here to overcome such hurdles by leveraging blockchain technology and making use of the available infrastructure to reach the unbanked and underbanked populations.
Restoration of Trust
The effort of Muhammad Yunus and Grameen Bank sparked a revolution for small loans but the effects have been criticized almost as much as they have been lauded. The unbanked have lost trust because most microcredit institutions have only been in it for the profits, evidenced by the withholding of information concerning terms of loans as well as aggressive debt collection.
For example, in Andhra Pradesh, India, borrowers from rural areas have been driven poorer by microfinance institutions. A villager woman, Bharti, recalls how she joined a women’s group where she was pushed to borrow from the credit officer even though she did not have the capacity to generate revenue. What followed was an extremely aggressive debt-collection process that left her with almost nothing of value.
With AssetStream, however, the unbanked can trust again — not only are the terms and obligations of the loan laid out in the open but also the borrower has a chance to dictate their terms. And they are providing a demo account for users to familiarize with the platform. People also get to borrow from many different lenders rather than the platform itself.
What’s more, AssetStream is providing a summary view of key indicators(such as transactions that have been executed or not, performance indicators, etc.) to all users. The platform will be able to restore trust gradually.
AssetStream gathers people around the world and industries to participate in the microfinancing of tomorrow. It creates the very definition of a global economy by combining opportunities for everyone in the world.
Are you a borrower?
Are you an individual who needs money for daily activities? Are you an entrepreneur ready to start developing your ideas? AssetStream is accessible for you, no matter your social status, financial status or credit history.
No need to go to a local bank, AssetStream lets you cross international borders virtually to obtain extra money from someone in another part of the world.
Are you a lender?
Having extra money is always profitable, and making something out of it is smart! You can become a lender — an individual lender or a lending agency that will provide people with much-needed funds. You’ll be able to have monthly income and participate in the growing global economy.
The platform is complete with credit ratings, debt collection, and has partnered with established authorities such as Pico finance as well as local agencies in order to protect your assets.
Set your expected terms and have the system match with a borrower — manually or automatically.
Are you an investor?
Are you thinking about developing a global economy but want to enter it as an investor? AssetStream is an investment opportunity for you — a person who wants to help out the population of unbanked and marginalized communities. Create your legacy.
Invest in the Viable Long-term Microfinance Solution
Unlike many microfinance platforms and institutions that see an opportunity to make money out of the poor, AssetStream’s goal is to empower the unbanked to overcome poverty, and it’s attracting a massive following. Invest in AST Tokens and join the revolution.