FINOM has created a blockchain based crypto technology to support global financial problems. As per FINOM whitepaper:
Access to financial instruments is generally limited to wealthy sophisticated investors due to their complexity, diversity and high-dollar entry threshold. We believe that this situation has created high demand for simple, accessible integrated financial instruments for users with low financial and computer literacy.
The Underbanked: 2 billion people are excluded from the global economy. Finance industry professionals have access to a variety of financial instruments to them. Availability of a bank card is taken for granted by citizens of advanced economies. At the same time, over 2 billion people in the global workforce do not have access to financial services (according to the World Bank: Washington D.C.). Another figure presented by the World Bank is even more staggering: 73% of the world's population does not have a bank account.
The reason for this problem lies in the fact that many banks do not want to do business with low-income segments of the population. On the other hand, the poor themselves do not seek to participate in formal financial relationships, as they do not understand the benefits they can bring.
The problem concerns not only individuals. There are regions where companies do not participate in formal relationships with financial institutions. A total of more than 200 million micro, small and medium-sized enterprises in developing countries do not have access to the volume of capital they need.
Data confirms our hypothesis that access to financial instruments significantly improves people's living standards. For example, in Nigeria, families with a savings account in a bank or mobile money enjoyed a more balanced diet and planned their food expenditure better.
The FINOM Solution:
We use Blockchain technology to create reliable, convenient financial services integrated into the financial ecosystem with a single entry point and an intelligent assistant based on artificial intelligence (AI).
In the Finom ecosystem:
• Any user, regardless of level of experience or size of savings, can easily and conveniently use digital currencies and assets;
• Paying with cryptocurrency anywhere in stores is as easy as with a bank card;
• All transactions are transparent and the legitimate origin of funds is instantly verifiable;
• Capital moves freely around the world.