Ethereum-based Augur, a decentralized prediction market, has confirmed that it’s planning to launch the second version (V2) of the software on July 28, 2020.
After V2 goes live, Augur’s existing native REP tokens will be called “REPv1” and the new REP tokens issued on Augur’s latest version will be called “REPv2.”
The Augur developers said that users will be able to use a migration tool that will help them with migrating their REPv1 tokens to the new Augur platform. The development team will also provide a tutorial that will go over how to properly complete the migration process.
Augur V2 is expected to introduce several new features, including the option to use stablecoin Dai while participating in decentralized prediction markets.
As noted by the Augur developers:
“Forking (or upgrading) is the crux of Augur’s security model. This [update] is intended to be an extremely rare event, with no market in Augur v1 ever nearing the forking thresholds. Currently, triggering a fork would cost approximately ~$9,100,000 USD (~550k REP @ $16.50), rendering the ‘losing’ side of the forks REPv2 presumably worthless.”
(Note: To learn more about how to respond to the update, click here.)
Prediction markets are not a new concept. Centralized prediction markets have existed for a long time, however, decentralized versions claim they’re truly unique and powerful because it’s impossible to shut them down (which may have undesirable or even potentially serious consequences).
Facebook’s R&D engineers recently introduced a community platform that’s built around predictions.
Called “Forecast,” Facebook’s iOS app asks users to provide answers or their opinion on different forward-facing issues. Respondents are able to use in-app points to take part in surveys on the platform. The results of these surveys are to be released through the Forecast website.
At present, the app is in beta testing mode and it may only be accessed by invited users who must reside in the US or Canada.
People involved in the health, academic, and research sectors were invited to offer their predictions related to COVID-19.
MoneyMates: Slaying predatory lending
NCFA | Samuel He, Market Research Analyst Intern | July 3, 2020
Today, millions live paycheck to paycheck, struggling to get by financially. This lack of resources and a poor credit score makes getting a loan difficult. And the options that are available, make the problem worse with high rates and aggressive rules.
Traditional payday loans use aggressive deadlines and lump sum payments that often results in the customer spiraling into a debt trap.
The challenge for the customer is accessibility to resources and the opportunity to improve their credit capacity for future, cheaper loans.
Founded by Samir Issa, MoneyMates is an alternative lender that prioritizes the welfare of its customers by offering expert guidance not just on getting the loan, but how to improve their credit situation.
They do this by offering customers an extended repayment period of up to two months rather than the typical two weeks. In the event of a missed payment, MoneyMates will work with the customer on a solution to avoid additional fees and penalties.
MoneyMates has also added a unique savings feature to help borrowers accrue savings. Customers are given the option to choose a savings amount when borrowing, which is set aside and deposited into the account along with any bonuses once the loan has been paid off. The approach helps borrowers understand both what they are borrowing and what savings can be accrued to help them avoid future emergency loans.
The objective is to provide vulnerable borrowers with better financial health, expanding access to financial services and a sense of empowerment.
Inspired by sports league drafts, the inaugural FFCON20 annual Fintech Draft is designed to identify and feature emerging and high growth fintech startups and scaleups. Qualifying Fintech Draft participants will be profiled online and reviewed by expert fintech scouts, and will compete in one of two (2) Fintech Draft competitions. Draft finalists compete at FFCON20 DIGITAL: RISE between Jul 9 – Aug 27, 2020 for exposure and prizes including promotion to investors, media, and partners and a 1 year industry partnership with NCFA.
Be sure to give them a vote and show your support! Check out their profile and competition here: https://fintechandfunding.com/shortlisted-draft-companies/
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
India based Online Lenders U GRO Capital, SOLV, Instamojo, Sanjeevani Platform Continue to Issue Loans to SMEs during COVID-19
The Indian government has been asking local banks to work cooperatively with SMEs by providing much-needed liquidity during the COVID-19 crisis. Several local digital lenders and non-bank finance companies (NBFCs) will be offering credit solutions to Indian businesses.
U GRO Capital, a Bombay Stock Exchange (BSE) listed lender that aims to support the growth of SMEs in India, is planning to introduce an end-to-end online lending platform for small businesses. U GRO aims to serve half a million SME clients.
India’s Sanjeevani platform was launched on July 1, 2020. It provides unsecured loans between ₹10 lakh (appr. $13,250) and ₹25 lakh (appr. $33,130) for up to a 36 month (or three-year) period. It also offers secured loans between ₹50 lakh (appr. $66,000) and ₹2 crore (appr. $264,000) for seven to 10 years.
The Sanjeevani platform is reportedly planning to provide a moratorium of up to 3 months to help SMBs that may not have adequate resources due to the Coronavirus crisis.
As reported by The Hindu Business Line, SOLV, a B2B digital platform for SMEs, has introduced a credit card with assistance from Standard Chartered Bank in order to help local businesses take care of expenses – which may include supplier payments, purchasing of raw material, settling utility bill payments and several other daily requirements.
Instamojo, a comprehensive SME-solutions provider, has launched “InstaCash,” which allows businesses to obtain small loans (appr. ₹1 lakh) for around two weeks. Instamojo claims that its operations have grown by around 30% since lockdowns began.
A ₹3-trillion Crore Emergency Credit Line Guarantee Scheme (ECLGS) has also been introduced. It aims to offer a steady flow of capital to India’s SMBs, according to a report from ICICI Securities, which is one of India’s largest broking firms.
It offers various investment services including online and offline share trading, buying and selling of mutual funds, portfolio management services, insurance, fixed deposits and loans.
.The report confirmed:
“Banks have disbursed ₹329 billion (of the cumulative sanctions worth ₹754 billion). As anticipated, PSU banks are in the forefront (two-third of disbursements) with SBI taking the lead (one third).”
As reportedly recently, India’s Department of Economic Affairs, the Reserve Bank (RBI), and Securities and Exchange Board of India continue to support the country’s Fintech sector.
PwC and the Federation of Indian Chambers of Commerce & Industry have recommended that banks and Fintechs should perform Video KYC Checks during COVID-19.
India notably remains a “crucial” market for the Dubai International Financial Center, according to recent statements from Salman Jaffery, Chief Business Development Officer at DIFC.
Indonesian Fintech JULO, which Supports P2P Lending, Introduces Programs to Help Businesses During COVID-19
The COVID-19 outbreak has had a negative impact on the economies of countries throughout the world including Asian nations such as Indonesia.
PT JULO Teknologi Finansial (JULO), an Indonesian Fintech firm that supports peer to peer (P2P) lending, has introduced several programs that aim to assist people and businesses affected by the Coronavirus crisis.
JULO reportedly acquired a business license from Indonesia’s Financial Services Authority (OJK) in June 2020. The Fintech lender has responded to the challenges created due to the pandemic by offering various loan restructuring options to borrowers who may find it difficult to repay loans right now.
JULO has helped thousands of businesses with loan restructuring plans. At present, the company is handling restructuring requests from clients who are struggling to maintain operations due to COVID-19.
JULO said that loan applications have to go through a thorough verification process and have to be approved by the lender before the loan can be restructured.
Adrianus Hitijahubessy, JULO’s CEO & Co-founder, stated:
“Covid-19 disrupted a significant population in Indonesia, including JULO customers. We hope this loan restructuring program can help our borrowers who are currently experiencing hardship.”
JULO gives clients the option to take care of loan repayments from home, in order to help people observe safe distancing and lockdown measures.
JULO has been supporting the nation’s #DirumahAja (stay-at-home) campaign in order to prevent the further spread of COVID-19. The Fintech lender has also been offering the Partial Payment option that lets people repay their loans in smaller amounts, which can help reduce the financial burden during these challenging times.
“[In addition] to supporting financial inclusion across the country [through the] JULO Peduli COVID Program, loan restructuring, appreciation for good customers, or donations, [we generally aim to do] our part to help Indonesia survive this crisis. We believe Indonesia can conquer this pandemic when we are all doing our part.”
As reported recently, the P2P Fintech lending sector in Indonesia may struggle due to risky loans, as lenders rejected over 50% of restructuring requests.
Fintech adoption in Indonesia is on the rise with mobile, digital, and contactless payments increasingly being used in the country due to the Coronavirus outbreak.
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