(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 6
By Azad Hasanli – Trend:
A new platform without financial intermediaries is being developed in Azerbaijan, which will allow its users to lend and borrow without intermediaries, Jafar Babayev, co-founder of the platform - the "Finance" start-up, said at the 5th Investors' Fair in Baku Oct. 6.
"We want to maximally automate lending, because we think that it is in line with the developing trends in the world," he said. 'Our platform allows users to carry out peer-to-peer financing and it will be possible for them to take and give loans as quickly as possible.'
Babayev added that the "Finance" company will not have a head office and branches.
"It will be a website and an application,' he said. 'Anyone will be able to register and afterwards, receive a rating. Thanks to this rating it will be possible to determine the amount of loan which a user can expect to get. Anyone will be able to give loans."
Babayev added that the software of Creditinfo company (technical partner of the country's first private credit bureau), the data of the Centralized Credit Registry and Asan Imza system (e-signature) will be used to develop the new platform.
Despite the development of the platform has been already launched in Azerbaijan, Babayev stressed that currently the work is underway in the United Arab Emirates.
"We have received a special license for FinTech-companies - ITL (Innovative Technology License) in Dubai,' he said. 'We will launch a beta version in a month and will work in Dubai for about a year. Our license imposes certain restrictions on the company's turnover and customer base."
The 5th Investors' Fair entitled "The Future of Micro-finance in Azerbaijan: Challenges and Potential" was held in Baku Oct. 6. More than 100 representatives of the financial sectors of Azerbaijan and other countries took part in the event.
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