Innovation

APAC CIO Outlook | 8 AWS Do's and Don'ts Learned from 8 Years Scaling Across 20 Countries and 300 Serviers

Posted on APAC CIO Outlook website. Refer to this link to read full article.

by Howard Lince III, Director of Enginerring, LenddoEFL

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At LenddoEFL, we work at the intersection of big data, machine learning, and financial inclusion in emerging markets. Each of these imply a level of server sophistication that would be cripplingly difficult without Amazon Web Services (AWS). Our mission is to provide one billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together the best sources of digital and behavioral data to help lenders in emerging markets confidently serve underbanked people and small businesses. To date, we have provided credit scoring, verification and insights products to 50+ financial institutions, serving seven million people. We’ve been able to manage all of this with a team of three infrastructure engineers managing 300+ servers. Read full article.

Lodex | The Disruptive Potential of Blockchain on Financial Inclusion

Originally posted on Lodex website.
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Technology and data advancement is rapidly providing us with tools for greater and data-driven insights. We are looking at new ways to solve old, longstanding problems.

LenddoEFL is a fantastic example. Through data and tech, LenddoEFL provide financial service providers, all around the world, an alternative tool to help measure a consumer's creditworthiness. 

We know that blockchain technology walks hand in hand with disruption and innovation, therefore, we wanted to hear what the pioneers at LenddoEFL's thought on this hot-topic.

We had a chat with Jeff Stewart, LenddoEFL's Co-Founder & Chairman, who shared some of his insights into the use of blockchain for companies and how it can impact consumers. Check it out!

"The new innovations are opening up the possibility of consumers having more control over who sees what information when and being able to track who has seen it."

 

1. How do you see Blockchain Technology supporting LenddoEFL’s business?

At LenddoEFL, we are convinced that blockchain is one of the most innovative technologies since the public internet. We are also convinced it opens up opportunities for further providing access to financial services, cheaper and more conveniently. Since we started LenddoEFL in 2011, we have been continually innovating, anticipating the future and exploring new and upcoming technology solutions, and blockchain is one of these. 

We have already successfully deployed our solution in the Ethereum blockchain ecosystem, where we are able to seamlessly provide our services and automate decisioning in smart contracts. As distributed ledger technology is further developed to reduce friction across the customer lifecycle, we believe we can further help lenders make better decisions and extend financial services to the unbanked. Blockchains, smart contracts and new cryptographic distributed architectures will allow us to do this faster and with less friction.

2. Will Blockchain be helpful or a hindrance for consumers owning their own data? How do you see the help or hindrance affecting the consumer?

It is too early to say for sure, but the technology is evolving very quickly. The new innovations are opening up the possibility of consumers having more control over who sees what information when and being able to track who has seen it.

One critical part to remember is that although the Zero Knowledge Proof offers exciting opportunities, consumers face similar challenges that exist today with regard to understanding what data is being put on the blockchain. If a third party uses the blockchain thoughtfully, they will not include any personally identifiable information (PII), but rather just identifiers. This means that the consumer still has the right to be forgotten, and maintains the ability to control and delete their data.

On the other hand, if a third party puts your data or your PII directly on the blockchain, it is permanent and unalterable and potentially accessible to anyone. This is absolutely unacceptable in our view, and problematic for consumers.

With the rise of GDPR protecting European consumers’ data, the Facebook scandal, and at the same time PSD2 putting the consumer in charge of their financial data and allowing it to be shared, it will be interesting to see how the blockchain can facilitate better control and ability to share when so desired. 

 

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Jeff Stewart, LenddoEFL's Co-Founder & Chairman

3. Are there any projects that you are working on in the blockchain space that you can share?

We have been researching the blockchain for over 3 years and our team is actively working on a number of exciting projects. It’s too early to share the details but we are keenly interested to be part of the development in the blockchain space and will have more to share in the coming months.

4. How do you see BLOCKLOAN supporting your business in the future?

BLOCKLOAN is a new Banking-as-a-Platform using blockchain technology with a lot of potential for empowering customers with increased financial flexibility. We are excited to help grow the platform through new functions and features linked to identity verification and credit scoring.

Read article in Lodex blog.

How banks can benefit from collaborating with FinTechs

By Satoko Omata | 10 July, 2018

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TODAY, customers expect more from their banks – who are slow to deliver new products, services, and experiences as a result of their legacy systems and archaic processes.

However, those that truly want to meet and exceed expectations (and snatch up a bigger share of the market), there are a few lessons they can learn from fintechs.

By partnering with fintechs, banks would have access to new services that help deliver better offerings to customers, at cheaper rates.

At the Wild Digital conference on Wednesday, panelists at a discussion observed that of all the industries, those dealing with money-based investments have been the least changed by technology.

The panel featured Richard Eldridge, Co-founder and CEO of Lenddo EFL; Ashley Koh, Senior Vice President and General Manager of Send, Matchmove; Michele Ferrario, Co-Founder and CEO of StashAway; and Gan Pooi Chan (PC), Country Director GoBear. 

Read full article on Tech Wire Asia.

SME Finance Forum | 10+ Innovative Fintechs to Demo the Africa SME Finance Forum 2018

The Africa SME Finance Forum 2018 will examine the key challenges faced by MSMEs in Africa, and explore innovative local and global best practice solutions to promote youth entrepreneurship and enhance access to financing for MSMEs.

The TechPitch will be held in the afternoon of May 15, and will provide an opportunity for innovative fintechs to demo their product to global and emerging market investment firms, financial institutions and other Forum participants. This exclusive opportunity is one of the key features of the conference and is open to a limited number of financial technology innovators working in the SME space.  Approximately 12 fintech companies are selected to demo their products to Forum participants during this 90-minute session.

We are pleased to already have a number of fintech innovators such as LendableTALASME Credit ProMobbisuranceN-Frnds,LendEnableAlternative CircleLenddoQ-LanaTopicusUber and many others joining us during the TechPitch. Read full article.