Everex, a company offering cross-border microcredit services with all transactions transparent on the blockchain, has received special recognition as an innovator in FinTech. The company is one of 15 to be nominated for the 2017 Remittance Innovation Awards (RemTECH). CEO Alexi Lane will travel to United Nations Headquarters in New York City on June 15th – 16th to attend the RemTech Awards presentation held at the Global Forum on Remittances, Investment and Development 2017 (GFRID).
The nominees were announced on June 13th as part of the International Money Transfer & Payment Conference, IMTC USA 2017, held in San Francisco. Lane has expressed excitement for Everex to be one of four blockchain companies selected for nomination; however, that he doesn’t want Everex to be viewed only as a remittance company as Everex seeks to improve access to financial services and markets for un- and under-banked people worldwide. The solution offers national currencies in blockchain form, using Ethereum smart contract technology that can be applied to cross-border lending, remittances, merchant payments, and currency exchanges.
Lane explained: “We use our technology to put national currencies on the blockchain, where financial records create public credit history for the underserved. Like credit card transactions, blockchain records show how much is spent, so we can apply AI and machine learning to analyse the data and come up with the loan rate to offer the user.”
The Everex system, powered by the Ethereum blockchain, makes it free for anyone to store and transfer fiat currencies to anywhere in the world, while offering micro-loans at competitive rates.
The award presentation in New York coincides with the International Day of Family Remittances, which falls on June 16th. The day was first celebrated in 2015 after 176 governments around the world recognized the importance of remittances in meeting the challenges faced by migrants and developing countries.