Can you imagine being able to quickly apply for financing when you cross country borders while not being a resident in that country?
Currently, it is very hard, if not impossible to be able to apply for credit lines in a country which is not your country of domicile, and here are two real life examples:
- Dennis is a Singaporean who was posted to work in the United States on an indefinite contract basis. When he tried to lease a car personally, his application was rejected as he did not have a credit history in the US. In the end, his employer had to help him arrange it.
- Henry is a Singaporean who travelled to the United Kingdom with his daughter who was accepted to a university there. When he tried to open a deposit account together with his daughter, the application was rejected outright. In the end, the university which accepted his daughter had to apply for the bank account on behalf of them.
The above two examples show how difficult and slow it is for consumers to apply for credit lines outside of their domicile counties for legitimate reasons. There are many examples of how difficult it is to get financing outside of your country of domicile due to basic distrust of non-residents and lack of a trusted source of verification for a global travellers’ credit history, and this is creating a huge financial roadblock and opportunity cost for global consumers and businesses.
CashDab’s blockchain based credit rating and KYC decentralised application solves this problem by creating a “Global Financial Passport”for everyone, which can be accessed anywhere as it will be stored in the indelible and highly secure blockchain.
Social media applications allowed your personal self to be uploaded to the internet, CashDab’s blockchain technology will change the way global financing is done by allow your financial self to be uploaded to the internet, so it follows you everywhere you go.
CashDab will therefore be the global blockchain powered intermediary which decentralises the credit rating and KYC role of existing financial institutions. No longer will you or your business be restricted by your country of domicile or lack of credit history amongst different financial institutions.
CashDab’s credit rating and KYC on-boarding process for new users and users with existing credit history in other financial institutions will be covered in the upcoming white paper.
This blog post is part of a series of articles leading up to CashDab’s white paper.