November 6, 2018. A new financial technology startup from Australia, Genuisto International Ltd., has set their eyes on the Philippines for a new kind of banking experience. The startup is calling it “social-emotional banking” and will bring financial inclusivity that runs on the blockchain.
Genuisto’s ePera (electronic money) will use the power of the blockchain for its KYC (know your customer) and AML (anti-money laundering policy). In addition, ePera will also embrace cryptocurrency to enhance loyalty and to further introduce its peer-to-peer social banking experience.
“The logic of payment is the same in all banking system, … But what makes ePera unique is it allows users to transfer and send money and at the same time set up group payments. This means, a group of individuals can pool in their money to buy goods or services using their online accounts.” – Mr. Shane Hermans, CEO, Managing Director, and Founder of Geniusto International Ltd.
The platform is also said to give its users an option to put a payment due alert to an enrolled bill to curb overdue bills and fees.
As a social-banking platform, Mr. Hermans said that ePera is designed to “manage community, family and friends’ finances more effectively”. It will also include household budging as according to the platform’s CEO is “crucial for young couples in the wealth-accumulation phase of their working lives and raising a family.”
The Philippines’ Central Bank is encouraging fintech companies to engage in banks as previously reported. According to Bangko Sentral ng Pilipinas’ (BSP) Deputy Governor, Mr. Diwa Guinigundo, the further engagement of fintech companies will help improve the delivery of banking services in terms of reducing its cost, making it more efficient, and inclusive.
Geniusto’s ePera supports the approach as it will promote an additional option for financial inclusivity and new domestic money-transfer service. Aside from managing its user’s finances, the social-emotional platform is also designed for digital traditional and non-traditional banks as it will bring features and opportunities to its clients and business partners.
In addition, the BSP is also urging correspondent banks to use blockchain. During the Association of Philippine Correspondent Bank (APCB) annual meeting, BSP Governor Mr. Nestor Espenilla Jr., stated that the blockchain technology or distributed ledger technology (DLT) will have a huge impact on correspondent banking. He added that it can alleviate some banking issues such as risk management, banking costs, and the best use case for transferring small-value payments.