“J Ventures” announced that the development plan of JFIN DDLP has accomplished before scheduled. The implementation D-Day is on 7 August this year. The system will be running on “PAH Marketplace” platform which is modified particularly to support Fintech loan and uses Blockchain as a supportive technology. “Thanawat Lertwattanarak”, CEO, stated about this that it is just the first step of success as we also launch “J Loan Lite”, a new form of credit which is B2P (Business to Person).
With this new platform, we hope to create digital loan experience in Thailand to be practical and substantial as it also features “J Score” function which is the credit process. This is the first time that there is an integration of Credit Scoring which is obtained on standard data from J Mart group of companies, Social Scoring which is the data from Technology 4.0 era, and psychologically behavioral data. These data will be analyzed for complete loan approval.
Mr. Thanawat Lertwattanarak, Chief Executive Officer of J Ventures Co., Ltd. or JVC – software and Fintech application developer and J Mart startup investor, revealed that JFIN DDLP (Decentralized Digital Lending Platform) on world-class standard Blockchain technology is complete and ready to use on this 7 August which is earlier than the original plan scheduled in October. In addition, we have also modified “PAH Marketplace” platform for it to be able to support various Fintech loan products both JVC’s and alliances’.
In this regard, we launch a new form of credit called “J Loan Lite” which is in B2P or Business to Person model. This is a collaboration of JVC as platform developer and J Fintech Co., Ltd. as credit grantor. This service will consider and approve loan to general public via online system and without going through any middleman. This will give more options for customer to convenient and fast fund with the maximum interest not exceeding 15% per annum and the load fee payable to the platform is only 30 Baht.
The distinctive points of this platform are that it is reliable, transparent and secured. “J Loan Lite” has 4 core functions which are standard E-KYC system, loan amount consideration and approval through “J Score” function that the company has developed it itself, and integrating of Credit Scoring obtained from standard data from Jaymart group, Social Scoring which data is obtained from the internet, and psychologically behavioral date for an analysis in order to efficiently assess the clients who request for loan. This is the first time in Thailand that there is an appending of Social Scoring and psychologically behavioral data for purposes of substantial loan approval. Once the loan is approved based on required criteria, the transfer will be in the form of digital payment and the data will be stored on Blockchain technology.
“According to the statistics, most population in Thailand are unable to fully access loan system through financial institutions. J Ventures believe that those people have a potential to loan and have a capacity to make payment by instalment which we call them ‘good customers’. We will gather the data regarding behaviors, life style, social, attitudes including psychological date from the internet in order to analyze using a technology for a result as “good customer point”. Then, we will process that good customer point in the Credit Scoring system and the outcome will be “J Score”. This J Score will evaluate and help those people to be able to access loan service via our “PAH Marketplace” platform”.
“JVC released this JFIN digital token and spent the money from fundraising on DDLP system development which we accomplished as scheduled roadmap. Prior to this, we have launched many platforms, for example, Pahpays.com and JFIN, the first Cryptocurrency Wallet in Thailand. After that, we implemented the use of token substantially. For instance, the token can be redeemed for products of JMart group and it can be used in bidding. We also aimed to complete the system development and implement it before the original schedule which is in October for purposes of providing Fintech loan using Blockchain technology which is reliable and highly flexible. This is another step of success in implementing digital token in Tokenomics and in preparing for future technology” stated Mr. Thanawat.
“For the platform development, J Ventures developed DDLP (Decentralized Digital Lending Platform) on blockchain technology. We collaborated with many software developers and choose “Corda R3” as the main component of this platform. We have also developed “Stake Reward” feature which allow JFIN (digital token) holders invest their coin with our system by deposit their JFIN on our application and gain the benefit from transaction fee. This can be considered as the complete of what we promised in our whitepaper, but this is not the end. We will continue update and rollout the new features of our platform to support our future product” stated Mr. Thanawat