Despite talks about “money making the world go round”, cross-border money remittance is still, by and large, inefficient and costly, to say the least. Policies, which are supposed to improve financial services, seem to be more of a stumbling block. Sometimes, money takes a lot longer to reach the hands of the intended beneficiaries, and other times not at all, because of strict regulations of the countries concerned. Making it worse are the intermediaries which banks and other financial institutions are unable to get away from in order to complete a money transfer transaction. True, there may have been some innovations in the world of money transfers, but if we look at how costly and incredibly slow and inconvenient it is to send money abroad, we can say that the money remittance system as a whole is already outdated.
You must agree, it is high time for the money remittance system to undergo some form of transformation. The time is ripe for Chynge, a Fintech company based in Singapore that offers what it believes to be guaranteed solutions to the current problems in money transfer - a distributed ledger, liquidity pools, and smart compliance. All these solutions boil down to a single basic goal, and that is to make digital payments instant, free, and safe for everyone.
Distributed Ledger For Instant Settlements
The Chynge Team believes that blockchain, as one form of distributed ledger, is key to making instant settlements possible. This is because the Chynge blockchain will remove any central authorities, and instead cause for the digitization of the transactions from the sender to the recipient by way of the CLPX token. Chynge leaves it up to blockchain to settle any payments and that will be done instantly.
Take a look at the following diagram:
See how simple it really is to send payments abroad? With the CLPX token running on the platform, payments can be done instantly.
Liquidity Pools For Zero Transaction Costs
Chynge will create liquidity pools in answer to the high transaction costs that come with making a remittance abroad. Specifically, what Chynge will do is to create Nostro accounts and then pre-fund these accounts with the transaction amount expected. By doing this, the money does not move across borders, thus eliminating the need for bank rails that usually charge a hefty amount.
Smart Compliance For Safe Payments
Chynge will be employing smart compliance, powered by Artificial Inteligence, Machine Learning and business rules, to ensure safe payments all the way, thus breaking free from the current practice of using compliance officers to do the job. With smart compliance, the process of profiling customers will be automated, thus reducing risks and errors.
Chynge bringing change to the money remittance business is definitely something to be excited about. There’s a real need for Chynge because of the archaic system being employed by banks and financial institutions. So many people are not served, and so many others are underserved because of regulations, policies, high transaction costs, and fear of losing their money while in transit to the destination country. With Chynge, sending and receiving money will be hassle-free, safe, and free. And because Chynge will be driven by CLPX tokens, more people, particularly the crypto community, will become empowered, and be able to benefit from financial services they have been deprived of in the past.
The invitation still stands for you to embrace the power of Chynge. Let’s make Chynge happen.
Token Details:
Token Name: Chynge Liquidity Pool Token
Token Symbol: CLPX
ICO Hard Cap: 560M CLPX
Price: 1 CLPX = 0.05 USD
For more information, visit the following pages:
Whitepaper: https://drive.google.com/file/d/1s7hxMJ3jCs20h3JqSXvHFwonVZef3rfX/edit
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=4459849.0
Website: https://www.chynge.net/
Telegram: https://t.me/chynge
Twitter: https://twitter.com/chynge
Facebook: https://www.facebook.com/chynge
Medium: https://medium.com/@chynge
Bitcointalk User: Kalikanan
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2079149
XLM Wallet Address: GCBR4LMJI5TP5J4CHNTZN3FLI2RDIFKOZUXVY6OVCXU37LS2IAXE6YG3