Start-ups and small-medium enterprises (SMEs) who often find it hard to raise capital or get funding, especially at a time when banks are more cautious due to the economic slowdown, now have an alternative in Uber Capital, a micro-financing company working with OMC Group Sdn Bhd (OMC Group).
OMC Group, which recently signed a Memorandum of Understanding with Uber Capital, is using its own patented blockchain technology, the Authorised Proof of Capacity (APoC), to help in the development of a credit-scoring system that can assist in loans approval.
Uber Capital’s immediate plan is assisting businesses that have been affected by the economic downturn stemming from the COVID-19 lockdown earlier in the year by helping them through loans approved through the use of blockchain technology.
The partnership between OMC Group and Uber Capital ties up very well with OMC Group’s plans to build an ecosystem through its Asia Blockchain Centre (ABC), a hub serving as an accelerator, incubator and coworking space for blockchain learning and innovation in the company’s stand-alone office building in Petaling Jaya, Malaysia. The ABC’s aims are to help Malaysian businesses by educating them on blockchain technology and help them discover the potential of this technology in their business transformation plans.
This is where Uber Capital comes in as it will assist start-ups and SMEs through dedicated programmes and initiatives that will help them develop and expand their businesses. These programmes come in the form of financial aid, commercialisation support, and other value-added services to accelerate company growth.
APoC is the consensus algorithm that is used to validate, audit, store and secure data in OMC Group’s consortium blockchain, known as OMChain. The rollout of OMChain 2.0 includes the smart contract feature that can benefit the enterprise or business-to-business market.
The collaboration between OMC Group and Uber Capital will enable crucial information such as borrowers’ personal and financial records to be stored in a structured, secured and trusted manner as part of the process in securing loans. Given the immutable nature of information stored in blockchain, borrowers/customers can be assured that their information cannot be tampered with.
By OMC Group