Bank4YOU Group will launch an ICO campaign in the last week of October in order to accelerate the goal of scaling its service rollout across Africa, Asia, and Latin America.
An indicative estimate for the total funding requirement is $50 million, which can be used to support the company’s expansion into new markets and to develop enhanced services (including consumer micro-loans and incorporation of Bitcoin or another cryptocurrencies within its money transfer services).
David Agar, CEO, Bank4YOU Group, said:
“The World Bank estimates that two billion people are without access to formal financial services with more than 50 per cent of adults in the poorest households being unbanked.”
“As a company, we recognize that financial inclusion is the main point to reducing poverty and boosting prosperity. With our new Blockchain-enabled Mobile Money Remittance Service (MMRS) we intend to play a very active part in making this happen.” Agar will present the demo version of the product at Finovate Asia 2017 in Hong Kong during the ICO campaign.
According to Bank4YOU Group board, the project’s originality is concentrated in the Blockchain technology, the structured chain of data within the decentralized platform. The ICO’s purpose is the development of the MMRS, which is the first convergence of cryptocurrencies with mobile network operator accounts.
The company aims to develop an innovative electronic payment system, which would enable:
- safe execution of cross-border mobile money transfer between countries
- possibility to withdraw funds in local currency using local mobile operator products such as mobile money and mobile airtime
The ICO campaign will begin on 26 October and end on 16 December, 2017. Within this project, the company will issue 300.000.000 BFY tokens of Bank4YOU Group. The referral program, along with the bonus system, can be found on the company’s ICO website (www.bank4you.io).
Established in 2013 and headquartered in London, UK, in 2016, Bank4YOU transformed into Bank4YOU Group, an international consortium of fin-tech service companies operating within the electronic mobile payment services arena. FCA License No715451, issued by the UK’s Financial Conduct Authority authorizes Bank4YOU to provide credit.