Change, a Singapore and Estonia-based company is building a marketplace offering seamless access to numerous financial services within a single platform along with a spending card. Change will offer a multi-asset blockchain wallet supporting a growing number of cryptocurrencies. Users are able to send and receive cryptocurrencies as well as pay for products and services to merchants accepting Mastecard payments.
Powered by blockchain technology and cryptocurrencies, Change’s marketplace will allow a user to select between numerous specialized Fintech service-providers, including stocks, P2P loans, real-estate or other investments directly from the Change mobile app. To ensure a seamless experience and operational efficiency, all service-providers are connected via an open API. By using cryptocurrencies, Change can surpass drawbacks of existing financial infrastructure.
Kristjan Kangro, CEO of Change said:
“We live in a time where for almost every single service a bank offers, there is a Fintech company that utilizes state-of-the-art technology and a lean & mean team to provide a better, faster and cheaper service.”
In order for the marketplace to be regulatorily compliant, Change is building a multi-tiered standardized KYC (Know-Your-Customer) utility. Users won’t need to present extensive information to simply sign up for the app and get a crypto payment card. However, “to use regulated Fintech services, you’ll need to verify your identity,” says Kangro. Estonia’s e-residency conducts a thorough background check, while also having a very strong potential customer-base to offer services to.
Change will be piloting with the use of digital identification through the e-Residency program by the Government of Estonia.
Kaspar Korjus, e-Residency Managing Director – Enterprise Estonia said:
“Digital Identity is one of the keys to solving financial inclusion so we are delighted that Change is using our secure government-backed digital identities to help solve this issue and develop their business.”
In the recent months, several new developments have occurred for e-residents, including the possibility to have an access to borderless business banking, thanks to e-residency’s partnership with the Finnish fintech company Holvi. With Change’s marketplace for individuals, e-Residency will soon be able to offer a full suite of fintech banking services to e-residents.
The company will be conducting an initial coin offering (ICO) on September 16th to fund the creation of this decentralized bank. Change’s initial coin offering will be open for 30 days or until the target of 200,000 ether (ETH) is reached.
More information on the development is available in the company whitepaper.
