s we are all known, global economic is in sensitive stage at this moment. US-China Trade War continues to escalate, Morgan Stanley even forecasts the Fed will lower interest rates to 0%. Besides, a recent report by Bank of America Merrill Lynch suggested that the US economic recession in the next 12 months is 30%. Goldman Sachs Bank last week also lowered the forecast of US economic growth in the fourth quarter of 2018 to 1.8%, down 0.2 percentage points compared to the previous forecast, on the grounds that the war was putting pressured over the economy. Also according to this report, the trade war is raising the risk of US economic recession. With those reason above along with difficult business situation of banking industry, it is very difficult for business, especially micro, small, and medium-sized enterprises (MSMEs) to use service from traditional banks and Fintech companies for their business operation. According to a recent publication by Earnst and Young, roughly 200m MSMEs, who cannot access to bank services, suffer from financially constrained growth. That is also the reason why Pngme – an all-inclusive a Mobile Banking was born to provide advanced mobile blockchain technology for this customer segment.
First of all, let’s study a little bit about what is Blockchain and why blockchain technology is chosen to develop p Pngme.
Whas Blockchainn? Why Pgme Built On Bllockchain?
blockch (or ledger) is a database system that allows the storage and transmission of information blocks (blocks). They are linked together thanks to encryption. These information blocks operate independently and may expand over time. They are managed by people (nodes) involved in the system and not through intermediaries. That is, when a block of information is written to the blockchain system, there is no way to change it. Additional information only happens when everyone has the same consensus. The information block we are talking about is the actual exchange and transaction. The advantages of blockchain are high security, transparency and eliminating theft or modification of information. With the mentioned advantages of blockchain, Pngme chose to develop its banking service mobile on blockchain pltform.
Why MSMd Pngmme?
ext, go back mentioned issue at the beginning of this article to find out why micro, small, and medium-sized enterprises (MSMEs) find it diffificult to reach MSME banking service. In genal, bad debt history, unfeasible business plans, and lack of transparency in financial statements are clearly the main reasons that make it difficult for MSMEs to reach banking service. In detail, the majority of medium and Small-scale enterprises have spontaneous operations, lack of specific plans and strategies, poor ability to cope with macroeconomic fluctuations, which affect business and production efficiency as well as efficiency of loan use and ability to repay bank debts of enterprises. In particular, the financial capacity of many small and medium enterprises is limited, financial information is not transparent, while lacking collaterals. These are the main reasons affecting the access to bank credit of many small and medium enterprises. Besides, complex procedure and high cost of delivering financial services to the customer are also considered as the rereasons. Pngme – a Mobi Finance PlPlatform has thefore emerged as the best alternative for individuals and small and medium-sized enterprises to more readily achieve banking service.
Whaan Help Not Financially Included Customers?
s meve, we can see the difficulties individual and MSMEs have to face. Pngme, hence, saw the opportunities, especialally in emerging markets, and deded to provide an Innovative Financial Inclusion for these not financially included customers. With Pngme, even an individual, MSMSMEs or Finance stititutions can expience the banking service that involves Credit Score, less-fee payment or Loan Marketplace without any restrictions. Specially, the blockchain technology that power Pngme can help to reduce the cost of delivering financial service, which is an obstacle for traditional bank to serve low-income customers. For instance, with outstanding features of Pngme such as Piggy Bank, individual customers can earn passive income by earning interest through their saving in Pngme piggy bank account. Besides, they can manage daily spending and not over-spend thanks to Everyday Accounts feature of Pngme, which can help user to create daily account payment. To MSMEs, Pngme can help them to collect fund to grow their business by provoviding Marketple l lending where biness can lend and borrow money at very competitive interest rates. Finally, the payment will be more easily and convenience than ever because mobilile payments on gme will be low or fee-less in cryptocurrency such as BTC and Pngcoin – a n native PNG tokens, or evein your local currency. In generall, the blockchain-based banking service plaform of Pngme can also ensure the transparency and safety which traditional products may not h have.
akin consideration, Pngme and its unique features itself has potential to become a game-changing product in DeFi industry. More detail, improving financial inclusion and close the gap between high-income and low-income invidual is the biggest mission Pngme focus on. Although, there are many challenges Pngme Team has to overcome for sure such as adoption of blockchain industry, the competitiveness of other blockchain companies as well as traditional companies, nevertheless, with a prominent team, incredible technology and great partnership with existing regional technology companies on the way, we can strongly believe that they will soon achieve the target and successfully complete the roadmap they set when starting the prooject.
Pngme is built to solve the most challenge problems of current traditional banking system, therefore, no suprised that many other prospects want to cooperate with this potential project. Recently, Pentavirate Global Investment has become the first customer who will use Pngme's mobile app and blockchain insfrastructure to tokenize sukuk bonds for emerging markets such as Southeast Asian and Middle Eastern markets. This partnership allows investors in these market can diversify their portfolios toward fixed-income assets in high-growth Western economies with an ease thanks to the nature of blockchain technology which is transparency and economically efficiency.
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Note: This is not financial advice, please Do Your Own Research before taking any action.