SOFIN (social financial network) —P2P-lending online service.It is a marketplace platform which brings together creditors and borrowers:
1. Creditor — private individuals, banks, microfinance organizations and funds;
2. Borrowers — private individuals, individual entrepreneurs and organizations.
1. A fully developed financial model;
2. A package of legal documents to issue loans is established;
3. The design of the interface is elaborated;
4. App domain logic is implemented on 45%.
Why is the P2P-loaning market growing
1.Growth prospects of this segment have already been confirmed in Europeancountries and the USA. The world volume of the P2P-lending market exceeded $50 billion in 2015 and, according to Morgan Stanley, will reach $300 billion in 2020.
2.Such a high potential is possible due to the low start point. In the USA the size of p2p-loaning market was less than 1% by 2015, and the volume growth was enormous: 123% of the year.
In any country should be able to obtain money in order to improve the quality of his/her life. And on the terms that a person
chooses, the SOFIN aim is to remove barriers and borders, to give the access to financial resources to the people of less developed countries. It deals with the aim of investment profitability for Creditors by moving theirinvestment to other corners of the world through the SOFIN platform.
A lot of challenges facing society are being solved like that
1. The population consumes what it needs;
2. Trade and manufacture turnover grows;
3. New jobs are created.
1. SOFIN transactions are stored in a decentralized storage facility based onblockchain. There is a powerful bonus model based on the private SOFIN token.
2. The loan is given in the fiat currency of the Borrower’s country according to the law. So the Creditor has a clear, legitimate reason to repay his loan.
3. The existence of own guarantee fund, which reduces the risks of Creditors.
Verification proceed in accordance with the following parameters
1. Verifying the validity of a citizen’s passport;
2. Verifying the Borrower in the data bank of the Executive Productions;
3. Verifying the Borrower for bankruptcy;
4. Verifying convictions and trials currently in progress;
5. Verifying the Borrower in the database of terrorists and extremists;
6. Verifying the credit rating of the Borrower in the credit ratings bureau. Only bank and microfinance organizations have access to credit ratings under the law. Our access will be proceeded in the IFI’s partner;
7. Verifying the IP address of the Borrower;
8. Verifying in social networks (more than 10 parameters per network);
9. Verifying the employer organization for existence at TIN \ PSRN \ Name;
10. Verifying the location of the Borrower on cellular data;
11.Verifying the Borrower’s payments (telephone, utility payments, etc.);
12. Verifying the contact information of the Borrower.
1. Clearly defined business model
2. Established verification processes (using scoring models)
3.Long-term individual contacts with payment systems
4.A fully prepared and tested loan and legal mechanism;