SINGAPORE - Media OutReach - 11 March 2019 - Nearly 400 million people in Southeast Asia will gain access to banking systems in the coming decades, and good data is crucial to achieve such goal. For lending institutions, the current data collection process is expensive, inefficient and full of privacy concerns. An increasing need to assess creditworthiness against the backdrop of secure and authentic data, nonetheless presents unique opportunities to entrepreneurs to deploy innovative solutions.
Defi is a highly anticipated project which makes authentic and reliable credit risk data available to lenders. Defi's system allows multiple lending institutions to pool their borrowers' data through a highly secure cross-enterprise data collaboration platform. The underlying blockchain-based protocol ensures that the data is decentralized and not owned by a single party. The platform also utilizes trusted computing technology which takes privacy and information security protection to the next level. This creates ideal conditions for lending institutions to extract value from data securely.
With data from more than 10 million borrowers from Southeast Asia, Def is cementing partnerships at a rapid pace. Lending companies, by plugging their data to the system, benefit too in the form of rewards and free queries on borrowers' credit background. But Defi is not satisfied with just this. Katherine Shen, the CEO and co-founder wants to launch a product suite for both lending institutions and individuals. "We already have more than 1 million fraud data items in the network. In the coming months, we will launch more products and platforms that would enable lenders to identify over-borrowers, calculate credit scores using scientifically advanced and flexible models, and identify product fit for specific customers using big data. We are also working on data wallet apps for individuals to make available a wide range of financial services", says Katherine.
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Relevant and strong products, combined with vast opportunities in the Southeast Asia has enabled Defi to already enjoy support from blockchain giants like Huobi. Huobi is supporting Defi to build business partnerships with industry leaders and create an active community.
Defi seems to be at the fore-front of a revolution where authentic, secure, clean and comprehensive data would transform how credit is granted and availed presently. This resultant stimulus in access to credit would boost financial inclusion and catalyze economic growth. Everyone wins!
Website: www.defilab.com
Email: media@defilab.com
11 March 2019
