NEM serves as platform for Singaporean microfinance solution NEL

The blockchain project aims to provide financial services in developing countries

Cryptocurrency and blockchain platform NEM has just announced it will be powering a microfinance solution project looking to provide banking and financial services to people in developing countries that has little to no access to those.

According to the post published in NEM’s official blog, Singapore-based NEL (acronym for New Economy Ledger) Foundation is on developing a blockchain-based solution for people who have difficulties accessing loans and other financial services, due to traditional, unscrupulous lenders taking advantage of these people’s needs and exploiting them with high-interest rates.

“The NEL platform will be powered by the NEL token which will have multiple functions and will be powered by the NEM blockchain technology. The NEL tokens initially valuing 1 XEM are to be developed as dedicated and will be available for trade and exchange in the open market,” reads an extract of the post.

With the successful launching of this project, both lenders and borrowers will be able to enjoy several benefits such as reduced operational costs, nominal loan processing charges and fees, quick and seamless payment processing, low transaction fees, and high security in their operations.

An ICO to be launched soon

In the official website of the foundation, it is announced that an ICO crowdsale is due to launch on September 15, 2018. Investors who participate in the aforementioned tokensale within the first 14 days will be granted a 30% bonus.

CEO of NEL Evan Davis commented:

"NEL will be the first microfinance lending organization catering particularly to developing economies. We will be offering practical solutions to the loss of productivity suffered by the microfinance organizations and all NEL users will be able to lend with no risk to developing communities while earning interest."

People interested can check its whitepaper here.

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