Crowd Genie is a peer-to-peer online lending platform in Singapore which is looking to enhance its business loan service provision by embracing the blockchain innovation. The company’s vision is to radicalize the existing funds lending and borrowing framework so as to make it more efficient and worthwhile for all parties involved. To this end, the platform has scheduled an ICO aimed at raising $35 million to enhance the platform and scale operations to reach the global market. Market Problems The alternative financial market space is one of the fastest growing globally, particularly in the emerging Asia-Pacific region. Most of this growth can be attributed to a market gap, whereby legacy financial institutions are unable to meet borrowers’ and lenders’ demands satisfactorily. At the same time, technological advancements are gradually streamlining the capital allocation process but most existing institutions have not managed to keep pace with such innovations. Therefore, most small business entities end up having very limited access to funding options. And even when they do, the existence of third-party intermediaries makes it extremely costly. Lenders also lack a credible system of customer identification and authentication. The Crowd Genie Solution Crowd Genie is a significant player within this space, going beyond the obvious to meet the needs of all key players in this crucial market. This peer-to-peer lending platform has more than 18 months of experience in the financial market. It is also one of the four licensed securities platforms in Singapore. The platform is now geared to move to the next level by incorporating blockchain technology into its operational system. Unique Highlights of Crowd Genie GenieShield Crowd Genie is the first platform in Singapore, and possibly South-East Asia, to launch a provision fund. This fund, known as GenieShield, is a protective feature for lenders who use the platform. It uses a ring-fenced fund to achieve this by advancing funds to lenders in the case of payment defaults or delays. This buffers the risk involved in becoming a lender and makes potential investors more likely to take advantage of the model. Digital Passport The Crowd Genie platform is planning to build a digital identity verification system for every user of the platform. This “digital passport” will formulate the gateway into the platform and will be put on the immutable blockchain so as to prevent tampering and manipulation of existing data and also ease the verification process. The system will seek to pass existing regulatory compliance tests guaranteeing a similar level of diligence from the system as is expected of traditional financial institutions. Blockchain Listing for Unique Asset Classes The use of ERC-20 tokens in the Crowd Genie system will allow the fractionalization of any asset, making it easier for individuals to diversify and manage risks. Using blockchain technology and the smart contract feature, it will be possible to tokenize new asset groups that are currently inaccessible. Such assets will include buildings, fleets of cars and even commodities. Tokenization will mean that all of these and many more can be traded on asset exchanges. This will increase liquidity, improve price discovery and also lead to wider asset distribution. Additional Security Features Crowd Genie makes use of an Artificial Intelligence engine to assess the viability of every borrower. This system has machine learning capabilities which means that with time, it continues to improve on its scoring algorithm and further fool-proof the creditworthiness of potential borrowers. Moreover, it works with a registered escrow agent in Singapore to secure the interests of all its participants. And to further secure investor interests, the platform requires its directors to invest in every listing on the platform. This offers grounds for trust in the system and also aligns interests and incentives for each and every stakeholder. The platform only funds limited liability partnerships and incorporated companies that already have an existing product or service and a market presence. This makes potential investors confident as it is a low-risk approach. Such risk mitigation efforts eliminate the need for third-party intermediaries in the borrowing and lending business and thus reduces costs involved. The approach is therefore viable and worthwhile for all parties involved. Destined for Success One of the greatest highlights of Crowd Genie is that unlike most other ICOs, this is a pre-existing platform with a remarkable market track record. The incorporation of blockchain technology is simply geared towards augmenting an already successful model. This, together with the uniqueness of its proposal, gives the project a high probability of success.