Points (PTS), a blockchain data collaboration protocol for better credit scoring and inclusive finance, has announced $8 million in funding from traditional and blockchain venture capital including DHVC, Cherubic Ventures, Ce Yuan, Ontology Foundation, Nest.Bio Ventures, and Zhong Cheng Xin Credit Technology.
Inspired by the vision to make credit accessible to the world’s unbanked population of 1.7 billion people, Points uses blockchain technology and AI to develop a groundbreaking, secure and configurable protocol that encourages trustless entities, including banks, institutions, tech companies and consumers to participate in sharing their proprietary data.
The first use case of Points’ infrastructure will be as a credit collaboration network, which enables the world’s most accurate credit scores and opens the doors to a fairer financial services market that makes credit more readily accessible.
As a result of minimizing the risk to banks or other credit institutions that otherwise may not offer loans for high-risk clients, the unbanked or underserved population can gain access to credit or more favorable interest rates on loans or other financial products.
“With the support of our VCs and partners, we’re excited to be able to launch the first and most accurate market-ready blockchain-based credit network,” said Sarah Zhang, Founder of Points. “Our vision is to serve the underrepresented community, and with blockchain as a core technology for Points, we’re able to incentivize partners to participate in risk-free data sharing, which combined with AI, means truly accurate credit scores”.
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Built on the blockchain, Points is enhanced by AI that is trained on data from 500 million credit profiles, contributed by partners including Zhong Cheng Xin Credit Technology Ltd. and Teleinfo, a subsidiary of the Ministry of Industry and Information Technology (MIIT).
Points is based in Singapore with offices in Beijing and San Francisco.
“Among the few practical use cases for blockchain technology, Points has demonstrated a groundbreaking solution with its data collaboration protocol that can contribute to a solution for the world’s credit problems for the unbanked, but this is just the beginning,” said Bin Zhang, CEO and Chairman of the Board at Zhong Cheng Xin Credit Technology Ltd. and advisor of Points. “We’re excited to be partnered with and invested in this cause.”