Finzat, a fin-tech has teamed up with Thomas Ho Ltd, an asset management firm, to create the first ever loan transaction platform that is based on blockchain technology. The platform will work to streamline all aspects of loan acquisition, including the application process, securing the security protocols and reducing the time taken to make a decision.
Previously, financial institutions would have had to endure a lengthy and tedious process due to the lack of resources but now can do this through the new platform.
Dr. Gnanesh Coomaraswamy, Finzat CEO, said,
“Dr. Ho is a proven expert in whole loan trading and balance sheet analysis. We believe that the synergies created between Dr. Ho, when combined with Finzat’s own strengths in blockchain technology, are substantial. This new partnership has significant possibilities to create a meaningful blockchain network effect.”
The Team Behind It
This project is being backed by a number of big names in the financial sector. Alex J Pollock, who has vast experience in the mortgage market, will be joining Dr. Thomas Ho in the project as Senior Advisor.
Dr. Ho, on his part, was previously President of the Federal Home Loan Bank of Chicago where he helped launch the successful MPF mortgage acquisition program.
Ho has also expressed great enthusiasm about the project, stating, “THC is delighted to partner with Finzat, whose management team has a track record of outstanding achievement in the mortgage market and has acquired utility blockchain technologies. We expect that Finzat will complement THC’s network of asset-liability management analytical and transactional technologies, which, in turn, will be greatly beneficial to our clients.”
Pushing the Industry Forward
A project of this scale has a massive chance of benefiting both the financial industry and cryptocurrency as a whole.
First, it has a very large potential market reach. There is certainly no shortage of financial institutions that give out loans to individuals who need loans for various processes.
Traditionally, the process of a loan application is tedious and often take long amounts of time. A platform that could ensure both speeds in process and security of information has the potential to be used by hundreds of organizations and thousands of people.
Also, the fact that it is a blockchain-based platform could help set an industry standard of using blockchain technology for recording and transaction purposes.