Kinerjapay Preparing to Launch Peer to Peer Lending Service
JAKARTA, Indonesia, November 6, 2017 /PRNewswire/ --
KinerjaPay Corp., (OTCQB: KPAY), a digital payment and ecommerce platform ("KinerjaPay" or the "Company"), announced today that it is preparing to launch a peer-to-peer lending application to provide Indonesia's largely underserved consumer sector with access to credit.
Indonesia's Financial Services Authority estimates the country's demand for consumer and small business financing at approximately US$125 billion. Domestic financial institutions are able to address an estimated US$50 billion, leaving a financing gap of about US$75 billion which is not being served by financial institutions.
Peer-to-peer (P2P) lending is a community-driven method of debt financing that allows people to borrow and lend money without a financial institution. By harnessing technology and big data, P2P platforms are able to connect borrowers and investors faster than conventional banks can. Further, by eliminating the overhead associated with traditional lending institutions, borrowers can secure loans at lower rates, while and lenders can earn higher returns than customarily available through savings accounts.
The Company's platform will enable KinerjaPay customers to secure loans with individual investors lending their own money at mutually agreed upon interest rates. Consumers interested in borrowing money submit their funding needs and a profile for display on the platform, which investors can then evaluate to determine if an applicant meets their specific lending criteria. Lenders can choose to lend the full amount requested or only a portion, as they see fit. Depending on the amount requested and availability of matching funds, some loans may be funded by several investors.
KinerjaPay's P2P application will offer loans in the range of $100 to $10,000 to individuals, and $5,000 to $500,000 to businesses over fixed periods of 12 to 60 months. The interest rate charged for borrowed funds falls between 8% and 18%, depending on the loan grade or creditworthiness of the borrowing entity. The Company ill receive a fee of 1% of the amount of borrower payments received within 15 days of the due date of the loan.
Edwin Ng, Chief Executive Officer KinerjaPay Corp. stated, "Our primary mission is to provide consumers with a safe and convenient way to conduct financial transactions. Like our other services, the P2P application provides an alternative to traditional banking institutions, offering customers greater flexibility, making credit more affordable and investing more rewarding. I believe our technical abilities and early entry in the P2P lending sector will provide KinerjaPay with a distinct competitive advantage, and result in a significant contribution to our revenue growth going forward."
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at http://www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 11, 2016.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this letter.
SOURCE KinerjaPay Corp.
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