Singapore-based FintruX, a P2P Ethereum credit ecosystem today announced that it has officially partnered with DataWallet — a blockchain powered data exchange that allows people to regain full ownership of their personal data. DataWallet works as a marketplace where users get paid for sharing data and are the ones who get to decide who does or does not get access to it.
With this partnership, users of the FintruX Network will be enabled to leverage the utility value of their personal data when applying for a loan. Borrowers will be able to use key data points from their DataWallet to provide lenders with unique information that enables psychographic credit scoring.
FintruX users can link their DataWallet profile and leverage years worth of historic, cross-platform data to complement the incomplete risk profile provided by traditional risk-assessment models. This richer profile will activate more intelligent risk-scoring algorithms that provide fair rates based on observable trends and habits in a borrower’s personal data profile. This will be possible even when traditional credit history is incomplete or not available.
Another key benefit will be less work and time to apply for a loan on the FintruX Network as borrowers won’t have to fill out form after form to receive a loan quote — they can simply share the relevant data points from their Datawallet with the click of a button.
The FintruX team said:
“At FintruX, our goal has always been to bring reliable, affordable and global lending solutions to as many people as possible. We believe this partnership is a big step in that direction and has the potential to unlock the true power of psychographic loan underwriting.”
Add comment