IBMR.io, a social impact economic development reserve, and advisory, announced today a partnership with Algorand, the open source, permissionless, pure proof-of-stake blockchain protocol. The two companies have joined together to launch a new microfinance ecosystem platform, ARCC.one, on Algorand 2.0.
ARCC.one is designed to support the Asia Reserve Currency Coin (ARCC), a ‘micro asset’ that is designed to facilitate the financial inclusion of the urban working poor in Southeast Asia.
The strategic partnership between IBMR.io, founded by the former Vice Chairman of True Money Philippines, Sinjin David Jung, and Alogrand comes at a time when more than 300 million adults across Southeast Asia don’t have a bank account or lack proper access to credit, investment and insurance facilities. This has resulted in digital payments becoming the method of choice for the unbanked and the expectation that by 2025 they will make up nearly half of all transactions, surging past the $1 trillion mark.
Asia Reserve Currency Coin (ARCC) is a micro asset to provide debt-free capital to the urban working poor in Southeast Asia, represents an innovative path to financial freedom. IBMR.io will be among the first to issue ARCC on Algorand, leveraging the recently launched Algorand Standard Asset (ASA) functionality that allows for the tokenization and on-chain representation of the ARCC.
Through ARCC.one, a mobile app, users can complete socio-economic surveys to earn ARCC tokens. ARCC tokens will be able to contribute to ARCC’s ‘Public Mandate Network’, a decentralized information network that verifies and aggregates anonymous data onto the blockchain.
Under this method, ARCC’s Public Mandate Network creates an indisputable data set that can be used as a public mandate for change by creating an environment of Radical Social Transparency. Once earned, ARCC tokens can be used in asset management services through ecosystem microfinance partners to build wealth. ARCC tokens can also be staked by users to fund community infrastructure projects and, unlike traditional banks, will have no holding fees or minimum balances.
“After months of discussion, it was clear that Algorand’s strong interdisciplinary approach to monetary economics, technology and ecosystem focus was beneficially aligned with our own social impact mission for empowerment through the creation of the world’s first micro asset, ARCC. We’re excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution for the inclusive economic development of emerging markets.”
– Sinjin David Jung, founder, and Managing Director at IBMR.io
Alliance with Republic
The social impact economic development reserve has also entered a strategic partnership with Republic, an industry-leading advisory firm, acting as an advisory on token economics and business development through and beyond its official launch.
“ARCC’s commitment to financial inclusion and long term financial freedoms are a perfect match for the permissionless focused Algorand platform and Republic is proud to be a strategic partner with IBMR in supporting this project. I look forward to watching these two intellectually driven powerhouses solve some of the most difficult international digital monetary problems facing the industry today.”
– Andrew Durgee, Managing Director of Republic Crypto
Additionally, IBMR.io will announce three highly regarded advisors to its board: Babak Pasdar, a globally-recognized expert in cyber-security; Mary D’Souza, a former Managing Director at GE Capital; Simeon Schnapper, a blockchain and impact entrepreneur.
“It is inspiring to see the convergence of blockchain technology and forward-thinking initiatives like the ARCC that IBMR is launching. Together, we have a shared vision for economic inclusivity and frictionless transactions as the model for decentralized finance. Sinjin David Jung and the team at IBMR join a growling list of organizations leveraging blockchain for significant social impact.”
– W. Sean Ford, COO of Algorand