Bank4You was able to raise USD $2 million from early supporters on its Initial Coin Offering (ICO) to finance an innovative product that they refer to as the Mobile Money Remittance System (MMRS).
What is MMRS?
MMRS is a digital payments system that allows the transfer of money internationally to any country via the use of a mobile phone. Users withdraw funds in the form of local currency that is pegged to talk-time credit and other products and services offered by their local mobile operator. MMRS is the first system that unifies cryptocurrencies with mobile network operators’ accounts.
Earlier this month, Bank4You Group CEO David Agar unveiled the system, one of the highlights of the Finovate Asia Conference 2017 which generally platforms innovations in the fields of digital commerce and banking. The app demo attracted particular interest from venture capital outfits and may, in part, explain the success of the ICO.
Bank4You Group’s Principle
According to Agar, the Bank4You Group operates according to the philosophy of evolution as opposed to revolution. The group itself is composed of various technical and financial outfits who collectively decided to finance an expansion of their operation through the ICO crowd fund mechanism.
It is expected that the raised capital will allow the group to push its services to Europe, Latin America and Africa, the latter two of which are expected to be particularly ripe markets for the MMRS system which will help working migrants and their families to stay in contact much more easily.
According to the Bank4You promotional video, two billion of the world’s population remain unbanked, but one half of these own a mobile phone. All users of the Bank4You mobile app, which will be made available both through Google Play Store and Appstore, will have access to credit which can be converted into both BFY tokens or local currency equivalent products.
The BFY Initial Coin Offering (ICO) token is platformed on the Ethereum network and the token’s value derives from transactions fees and other supplementary financial operations.
Bank4You Group is currently working on building the MMRS project which is likely to be rolled out in Q3 2018. The main focus of the group is the development of a mobile network operator consortium that will offer the digital infrastructure required to implement the mobile money remittance systems (MMRS).
If all goes according to plan, a first iteration of the app will be released at 2018 year end. BFY tokens are currently on the market for $0.21 apiece.
Bank4You Group was established in 2013 and focuses on the provision of mobile services.