Upcoming platform to address issues in the personal financing landscape.
Through smart contracts and the high security as well as transparency of a decentralised network due to Blockchain technology, iP2PGlobal aspires to bring together borrowers and lenders on a single peer-to-peer platform.
The idea to create iP2PGlobal came to the management team of five from their past endeavours of iP2PMoney and MariUsaha.
They encountered many people from different walks of life, who could not afford loans during their travels to different countries including Indonesia and Pakistan.
“We saw this with our own eyes. People of different backgrounds, came up to us and telling us difficulties for them to get personal loans from traditional banks. During our travels, we found out the personal loan rates were impossibly high in some countries such as Indonesia, Pakistan and India , compared to rates in more affluent and richer countries,” said Mr. Rashdan Ibrahim, director of iP2PGlobal Management Team.
“They are penalised for where they are now. That is the way the global financing world works currently. If you are in the global bond market, everybody is basically benchmarked against the US Treasury but countries rated poorer than the US government, will have to fork out a lot more than others”.
“So a borrower who is in a lower-rated country would have to pay higher borrowing rates compared to a person who has the same net worth in a higher-rated country. This shows a sense of unfairness in the global financial world,” he said.
This spurred the idea to create iP2PGlobal to create fair financing rates globally.
To fulfil this vision, extensive research and analysis were conducted by the team to devise a fair rate based on its Global Benchmark Rate Curve.
This is derived by applying economic and population weightings on the local profit rates of every country iP2PGlobal intends to operate in.
During their research, Rashdan said the team also discovered that most platforms apply Anti-Money Laundering (AML) and Know Your Customer (KYC) policies for borrowers while lenders are still allowed to be anonymous.
“Our platform will comply with these policies for both borrowers and lenders to provide information about themselves before they can start using the platform. We want to ensure the platform is not being used by money launderers and terrorist organisations to move cryptocurrencies across countries we plan to operate in,” he said.
The TWQ Token
The TWQ (Tawarruq) is an ERC20 token that confer the right to the token holder to submit an application for a personal financing based on a Commodity Tawarruq Trading program, through the iP2PGlobal platform and have it listed in the platform for prospective lenders to view and choose to finance.
The TWQ Token is a pure utility token and does or will not provide any other rights and functions to its holders.
Rashdan said 10 TWQ is needed to apply for a personal financing of up to 5 ETH.
“A larger financing amount will need more TWQs to be submitted. If the token holder fully repay the financing, the TWQ tokens will be returned to holders for future financing applications,” he said.
It is the first token that will be introduced on the iP2PGlobal platform.
Pre-ICO Starting in February
The Tawarruq Token’s pre-ICO crowdsale will kickoff on 19th February, 2018 (00:00 UTC) and will close on 15th April, 2018 (23:59 UTC).
Meanwhile, the ICO crowdsale starts on 16th April, 2018 (00:00 UTC) and ends on 30th April, 2018 (23:59 UTC).
iP2PGlobal brings together best practices of traditional banks and the world of cryptocurrency into one peer-to-peer (P2P) financing platform. It connects borrowers and lenders from across the globe on a single platform in a trusted, fast and easy manner. This is powered by its newly introduced utility token, TWQ, which is based on Ethereum’s ERC-20 Smart Contract Platform. iP2PGlobal is the solution in Re-Shaping Personal Financing.
For more information on TWQ and iP2PGlobal, visit https://ip2pglobal.io.
For media enquiries, email Ms Mei Wong at firstname.lastname@example.org.
Mr. Rashdan Ibrahim, director of iP2PGlobal Management Team