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Merging Business and Charity: Mercycrowd to Deliver Greater Social Impact As Business Grows

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Merging Business and Charity: Mercycrowd to Deliver Greater Social Impact As Business Grows JULY Everex plans ICO to build Ethereum-powered Shariah 2017 compliant fi nancial capabilities A blockchain start-up has so far raised Everex is on a mission: it wants to enable US$3 million from private investors and will the underbanked (some two billion individuals open its ICO to the public this month in the globally) of the developing world to access hope of raising it to US$15 million to develop aff ordable fi nancial services anywhere in the microfi nancing services palatable to Muslims world. Central to this mission are distributed ledger and non-Muslims alike using Ethereum technology, mobile infrastructures and machine technology and artifi cial intelligence (AI). learning software. – page 2 Merging business and charity: MercyCrowd to deliver greater social impact as business grows MercyCrowd, a UK-based real estate equity Going global crowdfunding platform, is weighing between With a footprint in the UK and the UAE, the Malaysia and Singapore as its gateway into the fi ntech start-up is looking at setting up shop in Asia page 1 Asian Shariah compliant and ethical investment over the next 12 months, CEO and founder Anouar • Everex plans ICO to build Ethereum- powered Shariah compliant fi nancial space, as part of its international expansion Adham tells IFN Fintech. – page 4 capabilities strategy. • Merging business and charity: MercyCrowd to deliver greater social impact as business grows • Asia welcomes maiden Islamic robo- advisor and looks forward to fi rst Shariah compliant artifi cial neural Asia welcomes maiden Islamic robo-advisor and looks network page 3 forward to fi rst Shariah compliant artifi cial neural network • Malaysia forms international fi ntech partnership A conventional investment manager the Labuan Financial Services Authority instead of page 6 gained fi rst-mover advantage in the Islamic Securities Commission Malaysia (SC), the group is • Islamic non-bank fi nancial fi nance space by launching Asia’s fi rst Shariah nonetheless considering securing the necessary institutions driving business with compliant robo-advisor and has begun work on license from the SC as a means to enter the ringgit data analytics developing an artifi cial neural network trading space. • Islamic bank fi rst to adopt Visa Checkout service algorithm for the Islamic markets. “We are in discussions with our internal board page 7 Farringdon Group has offi cially rolled out its about applying for the SC license before the end of • Dubai backs Shariah compliant payment service initiative Shariah compliant automated digital investment the year – but we cannot guarantee it,” said Stuart • Alizz upgrades digital banking platform, Algebra, and is confi dent of onboarding Yeomans, CEO of Farringdon Group. “Honestly service with overhauled app a local partner to tap the domestic ringgit market speaking, if we can partner up with good quality page 8 before the end of the third quarter. companies here, there will be no need – we will • Samsung pays the UAE a visit, and give them the engine to use.” – page 5 is here to stay Restricted from dealing in local currency page 9 investments as Farringdon is regulated off shore by • Rise of the robots: Al Rajhi turns to RPA to slash fraud risk and enhance effi ciency • CompareAsiaGroup seals US$50 million Series B funding page 10 • IDB to harness the power of Islamic fi ntech innovation with pioneering Fintech Islamic Finance Challenge page 11 SECURITIESITIES • Dubai ups Islamic fi ntech game; includes Shariah banks into accelerator program page 12 • Africa looks to Abu Dhabi to nurture nascent Islamic fi ntech community www.IFNFinTech.com www.IFNFinTech.com REPORTS Everex plans ICO to build Ethereum-powered Shariah compliant fi nancial capabilities (continued from page 1) But using Ethereum and AI to address the issue of risks undertaken by microfi nanciers which is why the start- fi nancial inclusion is only a small part of the overall equation, up is now fundraising. Jean-Baptiste Decorzent, Everex Global’s director of inclusive fi nance and strategic partnerships, tells IFN Fintech. “The Previously raising US$3 million from 600 private issues our initiative is addressing are complex, but not investors in seven days, Everex will launch its ICO on the 24th complicated. We do believe this complexity could only be June (capped at US$15 million). Proceeds will be used to addressed by building strong partnerships.” develop AI, a crucial element in optimizing microfi nance as most clients would not have suffi cient fi nancial data or credit Incorporated last year, Everex initially focused on history. remittance services using its Cryptocash, which is not a new digital currency but rather a digitization of any existing “Through AI, individuals would be able to prove their national currency on the Ethereum blockchain. The idea is line of credit through traditional fi nancial institutions and relatively new and Everex was among the fi rst to utilize such AI would also help build the risk profi le of borrowers,” a concept (it was also one of the fi rst to build applications Decorzent explained. on Ethereum): Singapore only recently completed the fi rst phase in tokenizing its currency. To close its ICO in August, development will commence soon after with a view to conducting its fi rst pilot project “About 18 months ago, the blockchain landscape within six months. “Microloans are more complex as was completely diff erent and a year ago, regulations on compared to remittance and realistically speaking, we this hardly existed,” shared Decorzent. “We knew we were should be able to launch the pilot project in February 2018,” walking on eggshells because nobody had done it, but we said Decorzent. needed to, and did it anyways.” Empowering women Designing the technology with migrant workers – who In addition to microfi nance, the company is also are generally unbanked – in mind, it was important to Everex currently working on an initiative to implement blockchain to make the transfer of money cheaper, faster and more for livelihood and cash-based transfer (CBT), more secure. Everex could not convince any regulators to come specifi cally about facilitating women to access seed and on board a year ago, and so, the start-up invested its own capital for their ventures through ‘women entrepreneur money into building the system and in September 2016, impact funds’. These funds will allow women to access ran the fi rst pilot between Thailand and Myanmar which seed (grants) and capital (investments) for their ventures proved to be successful, transferring an aggregate amount in emerging and frontier markets, empowering women to of THB850,000 (US$24,975) for hundreds of migrant workers start/develop/re-start their business by facilitating them to from Thailand to Myanmar. By using blockchain, the fi rm access fi nancing – using Cryptocash. was able to slash the service fee by three times to 3% and decrease the transfer time signifi cantly. “The plan is to establish a multi-stakeholders open- source blockchain Ethereum CBT and access to capital For its groundbreaking work, the start-up was platform for multilateral organizations, public and recognized for its innovation at the UN in New York private donor agencies, implementing agencies, fi nancial recently. It has also been invited by the Bank of Bangkok to institutions and targeted population,” Decorzent expounded. participate in a fi ntech program. Shariah compliance Microcredit And of course, as an advocate for fi nancial inclusion, Now, the fi rm is focusing on microcredit. “Microfi nance making all its off erings Shariah compliant is key. The fi rm has institutions worldwide charge an average 35% interest rates sought advice from an Islamic bank on its compliance. on loans and in some cases it can go up to 50% - that to me is robbery. We want to drop that to 10%,” Decorzent said. He “Everex intends to establish and maintain Shariah is, however, cognizant of the high cost incurred and great compliance during operations with Islamic customers. 2 www.IFNFinTech.com REPORTS Among the methods slated to be used in compliance are Changing future fl at-rate lending smart contracts which align with [the] At the moment, the initiatives are still under the prevention of Riba Qard, growth due to interest outside the umbrella of Everex; however, it is likely that they would be scope of an agreement and Riba Jahiliyyah, debt growth parked under a foundation due to the nature of the work in response to defaulting on payments,” according to the which involves partnership with governments, private start-up. foundations, international organizations and multilateral development agencies such as the UN and the International Securing an offi cial Shariah certifi cation is “most Red Cross. defi nitely” in Everex’s future plan. “We are not specialists in Islamic fi nance which is why we want to engage with “Financial exclusion is a big challenge and nobody can industry experts and seek guidance on which is the best way do it alone. If we fail, we really do hope somebody else will forward.” be successful,” shared Decorzent. Malaysia forms international fi ntech partnership On a partnership spree, Australia has now sealed Should both parties honor the terms of agreement set a deal with one of the most ardent supporters of out in June, digital fi nance businesses from the respective Islamic fi ntech, opening the pathway for Malaysian and jurisdictions have the opportunity to build scale and expand Australian entities to be involved in cross-border projects. internationally. This also means that Shariah fi ntech fi rms in Malaysia would have greater access to the fl edgling Australian Just as it has done with its colleagues in Hong Kong and Islamic fi nance market. At the moment, the Australian Muslim Japan recently, the Australian Securities and Investments minority is underserved by local fi nancial institutions, and Commission (ASIC) has now partnered with Securities there have been little developments on the Shariah compliant Commission Malaysia (SC) allowing the two regulators to fi ntech side.
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