Ip2pGlobal – Answering the Personal Financing Demand of Both Borrowers and Lendersby Company Announcement April 23, 2018
There may be many peer-to-peer lending platforms out there offering to match individual borrowers and lenders.
However, there is still yet a platform that meets the demand that both borrowers and lenders are seeking for.
Borrowers are seeking for a fair rate of financing and access to a wide pool of lenders, whilst lenders are seeking for adequate protection in default situations. Both parties want a single platform that will be able to bring personal financing worldwide, has a fair global rate for borrowers, safety nets to protect lenders and a compensation fund.
iP2PGlobal aims at fulfilling that gap by providing a truly integrated single platform to fulfil the needs of both borrowers and lenders worldwide that has AML Compliance/AML Policy for both borrowers and lenders, credit scoring, global rates, e-financing agreements, debt collectibility and compensation fund.
iP2PGlobal brings together best practices of traditional banks and the world of cryptocurrency into one peer-to-peer financing platform. The platform will start by offering two financing products, which are unsecured personal financing and secured personal financing.
Both are based on Tawarruq sharia finance principles.Tawarruq is the mode which most sharia banks worldwide provide personal financing, to facilitate the supply of cash to their customers.It is a mode of finance that consists of two sale and purchase contracts.
The first involves the sale of an asset to a purchaser on a deferred basis and the subsequent sale involves sale of the asset to a third party on a cash basis.
James Loy, iP2PGlobal Management Team’s CEO, said they understood the need for some protection for lenders in cases of default in unsecured Tawarruq personal financing.
This led them to introduce a Takaful Reserve Fund (TRF).The aim of the TRF is to allow lenders an option to take some protection in cases of default in unsecured Tawarruq personal financing.
“The decision to invest is the lenders alone and they are solely responsible for the investment that they make through the platform.
“However to cushion some of the risks, iP2PGlobal will introduce a TRF where lenders will have the option to contribute to the TRF at the start of an unsecured Tawarruq financing,”
He elaborated that TRF will cover lenders for a net amount that can be reasonably recovered by an appointed Collection Agency, even after all actual recovery attempts by the agency have failed after a period of 90 days from the date of non-payment by a borrower.
Compensation from the TRF will depend on the availability of funds inside.
“To ensure we have sufficient funds inside the TRF from inception, IP2PGlobal will seed the TRF by pledging 15% of the ETH received from the TWQ crowdsale,”
To ensure a better coverage, the TRF will self-limit the amount of outstanding unsecured Tawarruq personal financing that can be funded through the platform at any given time.
This is implemented through a capital adequacy ratio (CAR), similar to the one adopted by traditional banks.
“iP2PGlobal will maintain the CAR similar to banks, which is 8%,”
TWQ Token Pre-ICO is ongoing
iP2PGlobal Personal Financing Platform is offering a total 155,000,000 TWQ tokens for subscription for its pre-ICO, starting from 19th February, 2018 (OO:OO UTC) to 13th May, 2018 (23:59 UTC).
Different bonuses are offered at different stages of the pre-ICO, which is outlined in the whitepaper as set out in ip2pglobal.io
The TWQ (Tawarruq) is an ERC20 token that confer the right to the token holder to submit an application for a personal financing based on a Commodity Tawarruq Trading program, through the iP2PGlobal platform and have it listed in the platform for prospective lenders to view and choose to finance.
The TWQ Token is a pure utility token and does or will not provide any other rights and functions to its holders.
Meanwhile, the ICO crowdsale starts on 14 May, 2018 (00:00 UTC) and ends on 8 July, 2018 (23:59 UTC).The price being offered for the tokens is 0.0002 ETH for 1 TWQ during pre-ICO and ICO crowdsales.
For even better perks, large purchase bonus for individual subscriptions above 50ETH will be entitled to a 10% additional TWQ tokens.
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