OFFICIAL BEZANT PROGRESS REPORT Q3 2019
Tags: Bezant Token, Fintech, Bezantium, Bezant

Greetings from the Bezant Team!

The third quarter of 2019 has been an important time to determine the business priorities of the Bezant team. We have been thinking a lot about the growth of the Bezant blockchain project, and as a result, we have been focusing on implementing a specific use case for Bezant tokens since Q3 2019.

We have been striving under the strategic direction of expanding the use of Bezant tokens through cooperation with services that require the introduction of cryptocurrency. And we have obtained meaningful and tangible results.

It is true that we are struggling with recent difficulties and regulations against the blockchain industry. Nevertheless, Bezant is spearheading the project with full consideration of the company’s capabilities and market conditions.

Bezant Blockchain Platform Update

Bezant Blockchain as a Service (BaaS) is a platform for partners to quickly and easily implement blockchain and cryptocurrency into their existing services without worrying about building a separate infrastructure. With heightened interest, we have been working with various partners from different industries.

However, due to changes in the market, there are situations where partners delay or withdrawn implementing the blockchain-based solutions. We have been continuously monitoring and analyzing the market conditions and supply/demand aspect; and have come to the conclusion that making a practical Bezant token use case is vital and necessary.

Recently, many blockchain companies have started to provide BaaS services, but we learned that there aren’t many companies that want to adopt blockchain technology and it is too early for full-scale market adoption.

Therefore, we will only maintain the infrastructure aspects of BaaS services that provide data network and chaincode management services for its existing partners; and revisit when market conditions allow.

Token Use Cases

Bezant intends to focus on providing global financial services using Bezant tokens to connect developed yet economically stagnant countries with fast-growing emerging markets.

In addition, emerging markets such as Southeast Asian countries have a large population that does not have a bank account, so those unbanked face difficulties when remitting money from abroad, making bank transactions, and obtaining credit loans with bank accounts and obtaining loans secured by credit.

Bezant will build a model that contributes to the value of tokens by implementing investment, payment and remittance services using Bezant tokens. To do so, we have set up a development team to target Southeast Asia, and will put a greater emphasis on the token business.

Transwiz, a Southeast Asia lending platform, will be the first real-world application for Bezant Token.

Bezant token is available to deposit and withdraw in Transwiz.

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Bezant with Transwiz will deliver valuable peer-to-peer (P2P) regional lending services in emerging markets to those who do not have a financial statement, helping the fintech industry move forward. We are very confident that by enabling P2P lending platforms across Southeast Asia, we will be able to build a borderless model for anyone to invest and receive loans through Bezant tokens.

Transwiz will launch an initial service in Thailand in November 2019 and plan to expand to the Indochina Peninsula and the rest of Southeast Asia, including Cambodia, Laos, Myanmar and Vietnam.

In addition, Transwiz has secured strategic investments from HappyMoney. HappyMoney and Transwiz are planning to form this strategic business partnership, leveraging their individual domain expertise, helping penetrate and cultivate the Southeast Asia Fintech market together.

How to apply and use Bezant Token on the Transwiz platform

By invitation only, all invited investors around the world can invest since Transwiz is able to handle not only fiat money but also cryptocurrencies — supporting Bitcoin, Ethereum and Bezant for now. When investing with cryptocurrency, the amount will be based on Thai fiat currency rates at the time of investment; and when collecting, the amount received will be the total (principal and interest) converted to cryptocurrency (according to prevailing rates).

The official launch of the Transwiz platform is November 2019, Transwiz will invite the Bezant token’s holders to participate in Beta Version in December 2019 before doing a full commercial launch in 2020.

The following provides more details about Transwiz

Transwiz

1. Overview

Micro lending is an alternative to traditional financing and describes the practice of granting small loans to individuals, entrepreneurs, or small and medium-sized enterprises (SMEs) who intend to start a business or are in need of extra cash. It has become one of the main opportunities for global investors in developing countries because of the large number of people who are unbanked with no opportunity or limited access to financial services.

2. Pain-Points & Opportunities

The needs of people who require financial support isn’t solved effectively no matter the number of banks established today. For example, the unbanked and underbanked account for over 70% of the South East Asian population and they have difficulty obtaining financial support in their community. Furthermore, the loan from traditional banks require the submission of many supporting financial documents with long processes and unclear approval times.

3. Solution

A big problem in lending businesses is that lenders have no knowledge of which borrowers are disciplined and capable of paying back their debts according to the loan’s terms and agreements.

Therefore, most financial institutions charge high interest rates to mitigate the risk of default payments.

In reality, the interest rate should reflect individual risk, which means borrowers with a good payment history should get a lower interest rate than borrowers with an irresponsible record. This is fair for potential borrowers who will pay back the debts on time according to the terms.

Modern technologies like AI and Blockchain can be leveraged to analyze debt payment capabilities and evaluate borrowers’ risks then combined with good marketing strategies to provide more opportunities and benefits to social economic development, as well as profits for both investors and borrowers.

Comparing Return On Investment (ROI) between depositing with the bank and investing with the lending platform, investors who deposit money to banks can only make a return of 0.75% — 1.5% per annum. Then those banks use deposited money to lend others with up to 36% per annum return rate — a huge gap. Wouldn’t it be better if we have the opportunity to manage our money, have a better return and help the community and society at the same time?

At Transwiz, we are committed to develop the financial digital platform for all. This platform will be an innovative way of investing and acquiring debt through the platform powered by Blockchain technology which features credit history and scoring, marketplace, incentive scheme and loyalty program. It will be a new way of lending for this over 450 million unbanked population in Southeast Asia. This opportunity will also bring investors from all over the world who are ready to help potential local entrepreneurs in all areas.

4. Regulations and Governances

Transwiz is operating under the commercial code of Thailand and is working closely with the Bank of Thailand and Securities Exchange Commission (SEC) towards licensing.

5. Key Advantages

(1) Easy to Invest

Transwiz provides effective investment opportunity for investors from all over the world and allows to invest and receive returns via fiat currency from the general bank account or cryptocurrency which is more convenient, faster, cheaper and can be tracked.

(2) High Yield

Compared to other existing lending platforms in the market, Transwiz stands as a unique platform which provides the highest interest rates over 20% on average per year.

(3) Quick Return

Short-term loan agreement, period of 60 to 120 days will help investors make a quick return on investment while also reduce the risk of unreliable debt issues.

(4) Flexible Pay Back Plan

Investors can select to receive the principal and interest from the borrower on a daily, weekly or monthly basis which is highly flexible and can be customized depending on both party’s convenience and agreement.

(5) Smart Contact

Terms and conditions which agreed by borrowers and investors will be recorded in smart contract which is basically a transaction encoder. Every transaction will be recorded in the blockchain system to create secured and transparent financial records which benefit both borrowers and lenders.

With smart contract, each loan will be fractionalized into small investment units which will reduce risk for investors instead of relying only on one borrower.

(6) Market Place

With Transwiz Marketplace, borrowers can make their loan requests and investors can shop around to find borrowers that match with their requirements.

(7) Debts Collection and Legal Actions

The debt collection department of Transwiz will track, collect and follow up the debts for investors in order to minimize and prevent losses. In case of a default, our legal team will take all necessary legal actions to follow up on the outstanding debt for you.

Payment Platform Update

For the payment platform, we are working with exchange partners to provide a better payment experience for our users. However, we anticipate a bit of additional time as we are preparing to comply with government regulations with regards to fiat money.

Unlike traditional payment platforms, blockchain-based payment systems require working with cryptocurrency exchanges. Bezant was supposed to build a payment platform using BXA’s exchange alliance infrastructure, but due to a number of recent partner issues, the payment platform business, including Jehmi Wallet, is moving slower than we anticipated.

We will update and share the payment platform business news with Bezant community as soon as it becomes available.

Crypto Exchange Listing

Bezant applied and was listed on Binance Dex in July 2019. Although the program changed due to Binance’s circumstances and it is up to Binance for Bezant to be listed in its CEX, we are still committed to listing on Binance CEX.

In order to revitalize the token business in Southeast Asia, we are planning to get listed on a Southeast Asian exchange. We are in the process of getting listed on a Thai exchange and we will focus on having a real use case via Transwiz.

In addition, we plan to proceed with the delisting from those exchanges with low trading volume. We believe that it will help avoid a negative impact on the liquidity and promote the use of Bezant tokens.

Bezant has the principle of cooperating with exchanges that have no artificially inflated trading volume (liquidity) and have ethical business practices. Furthermore, we adhere to the policy of avoiding listing on exchanges that require excessive listing fees, excessive indirect marketing fees, and unreasonable listing fees.

Bezant puts great effort into maintaining and securing the liquidity and value of BZNT tokens. From the same point of view, listing on the exchange is an area where we are carefully evaluating to secure the liquidity of BZNT tokens. We can’t disclose the specific exchanges, but we are in the process of applying to a number of exchanges, and will share the news as soon as available with the community. Thank you for your support!

Collaboration, news, and events

1. Gift Certificate Business Partnership with Happy Money

In order to launch global payment methods and expand its footholds, Bezant has entered into a partnership with HappyMoney, Inc. (HappyMoney), who issues and processes online / offline gift certificates in Korea. Bezant will launch a gift certificate service by leveraging Happy Money’s existing online / offline sales channels and payment and settlement system management know-how.

2. Securing investment from Korea Prepaid Card

Bezant has secured strategic investment from Korea Prepaid Card in order to innovate the global payment market. Through this investment, Bezant will start to introduce various prepaid card products and services using blockchain technology. It would be an opportunity to preemptively penetrate the global prepaid card market using cryptocurrencies such as Bezant and Bitcoin.

3. D.VIP Season 2

Bezant has completed a private meetup program with a blockchain marketing company D-Street in South Korea, who has been running a number of innovative campaigns. D.VIP is a meeting program for connecting people interested in blockchain / cryptocurrency and promising blockchain projects. Selected applicants will meet with Bezant team members once a month for four months to learn more about the project.

4. Bezant wins Binance Info ‘V Label’

Bezant officially joined Binance Info’s “transparency obtaining strategy”. Bezant will endeavor to keep the community informed by sharing project-related news and progress reports with Binance Info. Binance Info aims to provide users with the most reliable information about cryptocurrency projects.

Summary

In the third quarter of 2019 there have been a lot of updates and progress — notably the temporary suspension of BaaS business, reinforcement of token business, establishment of real-life token use case through Southeast Asian fintech business, collaboration with traditional payment companies, and decision to get listed on Southeast Asian cryptocurrency exchange. Bezant will continue to work harder on real business cases that increase the value of Bezant tokens.

Thank you!

Bezant Team

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