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Paycent Basic Review

The project

Name: Paycent

Ticker symbol: PYN

Project type: Fintech

Extend company description: Paycent is an electronic multi-currency mobile wallet that supports fiat and crypto currencies, and their exchange in realtime

Company: Texcent Asia Pte Ltd

Website: https://paycent.com

White paper: https://paycent.com/wp-content/uploads/2017/10/ENGLISH-Whitepaper.pdf

ICO details

Public ICO start: 02.11.2017

Public ICO completion: 30.11.2017

Token sale duration (weeks): 4.0

Token type: ERC-20

Total emission: 450,000,000

Tokens available (PreSale + Public ICO): 270 000 000

Investment goal: Crowdsale revenues will be used as follows:

- 35% (157,500 ETH): Marketing and promotion;

- 20% (90,000 ETH): Opening representative offices in 9 countries;

- 20% (90,000 ETH): Will be directed to the creation of strategic partnerships and expansion of the pool of friendly trade organizations (the base of contractors accepting Paycent payments);

- 10% (45 000 ETH): acquisition of licenses for banking activities;

- 15% (67,500 ETH): development and integration costs. 

1 PYN price: 0.001667 ETH 

Accepted payment: Ethereum, Bitcoin and Litecoin.

Bounty: Program launches on September 13, running until the end of the ICO (November 30).

Token role: Functional Utility Token


Team (number of people) 70

Advisors and partners (number of people) 7

GitHub: https://github.com/PaycentGlobal

Social media

Twitter: Postings: 195, Subscribers: 310

Telegram: Subscribers: 900

Medium: Postings:74, Subscribers: 14

Linkedin: Subscribers: 25

Facebook: Subscribers: 630

Youtube: Postings: 13, Subscribers: 35

Project information

Paycent is a financial platform founded by the Singapore-based company Texcent Asia Pte. Ltd. It aims to become the world leader in mobile and cashless transactions. Paycent operates on a fully virtual channel and consists of two applications: One for users and one for sellers, offering users and sellers a secure platform for digital payments to send and receive funds, make purchases and pay bills without using cash or credit cards. A live working product has secured regulatory licenses in UAE and the Philippines, and in-principle approval in Singapore and Hong Kong. Paycent allows cryptocurrency holders both under- and unbanked, multiple avenues of spend and to straddle the world of fiat and cryptocurrencies. 

Paycent is planning to offer:

- A debit card linked to a wallet, which will make payments in everyday life. Conversion of cryptocurrency into fiat will be conducted online within the Paycent Realtime Framework

- Unsecured micro-crediting for entrepreneurs of small and medium-sized businesses and individuals by engaging with 2 banks in the Philippines for M&A to support a backend for financing.

- Global mobile dual e-wallet that can be funded by cryptocurrencies with high liquidity and fiat currencies within the same mobile application. This allows cryptocurrency holders multiple avenues of spend and to straddle the world of fiat and cryptocurrencies.

- With integrated fiat and crypto mobile wallets, plus the option of having a debit card linked to Paycent, this opens up 200 countries and makes available 36 million points where Paycent is accepted.

- The full ecosystem of Paycent and Paycent mPOS allows payments to be made for daily household spend such as utilities, cable and Telco airtime. All conversions from cryptocurrency to fiat will be done in realtime. - Asian Blockchain Institute of Technology (ABIT)

– This will be the first global institute set in the Philippines that will allow people to become more educated about and create breakthrough advancements in blockchain ecosystems.

- Building and hosting an exchange in Dubai in collaboration with the UAE Central Bank. [1]

Project partners: Infrastructure partners that enable Paycent transactions are listed below:

- Ecpay (http://www.ecpay.com.ph) - provider of electronic payments in the Philippines

- Sabuna Lhuillier (https://www.cebuanalhuillier.com) - non-bank financial services provider in the Philippines specializing in mortgage, transfer and microinsurance

- Red Dot Payment (http://reddotpayment.com) - an online payment service for entrepreneurs in the Asian Pacific region;

- Singapore Post (http://www.singpost.com) - state postal operator of Singapore, leader of the region in the logistics of electronic commerce and communications

- AXS (http://www.axs.com.sg) - electronic payment platform with its own network of terminals and ATMs.

The project also has about a hundred partners (mainly from Singapore and Asian countries), who accept Paycent payments for their services. Project advisors:

- Peter Bergstorm (https://www.linkedin.com/in/peterbergstrom) - CEO at BitBlock Ventures and the Giant Media Group, companies specializing in preparing the release of various applications, including marketing, technical issues, etc.

- Suraj GV (reference to Linkedin is absent) - more than 17 years of experience in the field of maritime and commodity trade

- Aaron Lam (https://www.linkedin.com/in/aaron-lam-7648205/) - Director in Straits Advisors (corporate advisory, fundraising, corporate mergers and acquisitions), executive director at PricewaterhouseCoopers for more than 7 years.

- Susheel Balakrishnan (https://www.linkedin.com/in/susheel-balakrishnan-24417b8/) - Managing Partner at Future Legends Cricket Academy and 720 Transform Consulting in Dubai.

- E. Ahmad Altarawneh (https://www.linkedin.com/in/ahmad-altarawneh-mba-efqm-msp-prince2- 8405619/) - An Excellence & Quality Professional, Certified Design Thinker, Future Forecaster, Trends Analyst, Business Data Scientist, Use Case Expert in IOT & Responsive Smart City.

- Rasool Verjee BA LLB (https://www.linkedin.com/in/rasoolverjee/) - Opportunistic Serial Entrepreneur with a depth of experience in telecommunications, with an interest in emerging technologies and an extensive diverse global network.

- Anupam Ratha (https://www.linkedin.com/in/anupam-ratha-5a9461/) - A domain expert in Security, Anupam has worked extensively in the areas of Digital Identity Authentication, and Online Fraud & Risk Management with over 17 years of experience. 

Attracted investments: N/A Accomplishments include – Live product with 35,000 Android installs ; Secures licenses in PH and UAE; Secured a 2nd position (Silver) in the Florin Asia Award, Global Payments Summit; Agreement with Forest.ae for real-estate rental payments in PYN


According to the results of our study, we recommend buying the ICO tokens of the project. The project has obvious advantages that are detailed in the relevant sections.

Unfortunately, there are legislative risks associated with the global scale of the platform.

Project tokens allow paying commission for transactions.


Experienced professionals from the finance industry are involved in the project. The CEO often gives interviews, talking about the project, the intricacies of the ICO and the experience of his team.

Pros of the project:

- the project is created on the basis of the already-functioning TEXCENT payment platform.

- there is a developed base of partner providers and partners accepting payments.

- the project as a whole is positively accepted by the blockchain industry.

- an already-formed company with a large team that has already entered the markets of the Philippines and Singapore, stands for the project.

Cons of the project:

- Currently, the project’s location is limited: it is planning to deploy its network in further countries of Asia and the Pacific.

- Project entry into markets within different countries requires knowledge of the legislative framework in each region, and there are risks associated with the lack of legalization for cryptocurrencies.

Market and industry

Capitalization of the market is $150.5 billion as of October 2, 2017, according to CryptoCurrency Market Capitalizations. According to Infoholic Research LLP report, the cryptocurrency and clockchain technologies market will increase by 35.2% in the next 5 years. 

Unfortunately, the project does not provide a detailed analysis of the target market in the published white paper. According to this document, the Texcent company launched the Paycent project to enter the market for cryptocurrency transactions.

Comments: In our opinion, the project has chosen an actively advancing niche for the development of Texcent’s services.


BitcoinTalk has identified the following competitor:

- TenX (http://www.tenx.tech/) - a platform that converts cryptocurrencies to fiat and issues debit cards.

The following competitors can also be found:

- Monaco (https://mona.co/company) - issue of debit cards, has the facility for converting currencies.

- SpectroCoin (https://spectrocoin.com) - active crypto exchange platform with the facility to order a debit card. 

Summary: The difference between Paycent and its competitors is the presence of two electronic wallets, both for users and for entrepreneurs. However, in payback comparison Paycent loses to Monaco – 0.75%, other competitors are on an equal footing (TenX – 0.1%, Paycent – 0.1%). The team does not give specific answers on questions about differences with competitors.

Engineering features of the platform

The project is based on the blockchain technology. Paycent is a virtual fiat and crypto currency exchange wallet for users and sellers, with the possibility of transferring, taking micro-credit, payments, etc. 

Technology description

Paycent is a financial platform consisting of two applications: User and commercial.

Paycentos is an electronic wallet that allows the exchanging of cryptocurrency into fiat and vice versa, and the transferring and storing of funds. mPOS allows merchants to accept payment in cryptocurrency using the Paycent Сrypto Wallet or any other wallet. There is also a function for currency conversion.

Paycent Card - a card that allows the storing, spending and withdrawing of funds.

Technical Roadmap

In the future, with development of technology and increased data amounts, it is planned to implement the following:

Q4 2017 - launch of Paycentos

Q1 2018 - launch of Paycent mPOS with double conversion of fiat and cryptocurrency

Q3 2018 - development of API integration with institutions, hotels or retailers

Q3 2018 - development of a single electronic payment network for banking and public services for the Egyptian and Jordanian governments

Comments: The right solution, in our opinion, is the issuance of microcredits using Big Data and KYC processes, which will allow Paycent to accelerate its work with clients. In addition, users will receive a reward of 0.1% for each transaction in PYN.

Unfortunately, there are no open modules in open repository

Repository screenshot https://github.com/PaycentGlobal

Comments: Asked about the repository, the team responded that it was not going to open the code in the near future.

Summary: The technical component of the project is uncontroversial.


We have analyzed the website and the documentation for sufficiency and non-propriety for making an investment decision.

The documentation includes the white paper, the Crowdsale terms and conditions and the Paycent Privacy Policy. The documentation is presented in English, Korean, Spanish, Japanese and Chinese. Submitted documents describe their subject matter in sufficient detail.

The website also provides information about the project, token distribution, public ICO implementation, the team and project partners. An additional advantage of the website is the provision of information on token purchase. The website is in English and Russian (https://ru.paycent.com/)

Resume: The documentation enables the reader to form an idea about the project. The best way to ask the team questions is via Telegram.


Public ICO start: November 02, 2017

Max amount Token emission, % 60%

Token type: ERC-20

Accepted payment: Ethereum, Bitcoin And Litecoin.

Price of 1 PYN: 0.001667 ETH

Crowdsale duration: 4 weeks, until 30 November 2017

PYN - a token that enables payment of commissions within the platform.

Token limitation: 450,000,000

Advantages of token holders: quarterly distribution of a portion of project revenues between PYN owners:

- 33% of total foreign exchange difference.

- 33% of the total amount of interest income on microloans.

For debit card holders, a cashback of 0.1% of the amount of spent PYN tokens is provided.

Max goal: 450,000 ETH

Min goal: 22,500 ETH (PRE ICO CAP)

The sale of tokens is implemented in the following stages:

PRE-ICO: October 12-21, 2017 - 13,500,000 PYN (22500 ETH) – PRE ICO Bonus – 33%;

Bonuses for buying during the PRE-SALE are the following: the first 48 hours - 27%, 3-5 days - 18%, from 6 to 10 day - 12%;

ICO: 2-30 November 2017 - 256 500,000 PYN.

Comments: The release of tokens after the ICO will not take place. 


Bounty link https://paycent.com/bounty-programme/

%% Distribution

The project allocates 1% (4,500,000 PYN) of all tokens to its bounty program; the program is open on the following channels and areas:

Twitter - 20% (900,000 PYN tokens)

Facebook - 10% (450,000 PYN tokens)

Bitcointalk signatures - 20% (900,000 PYN tokens)

Bitcointalk translation and forum moderation - 5% (225,000 PYN tokens)

Youtube - 15% (675,000 PYN tokens)

Blog - 15% (675,000 PYN tokens)

Translation of documentation - 10% (450,000 PYN tokens)

Subscribe to the newsletter - 5% (225,000 PYN tokens)

Summary: The project has an extensive bounty program. All terms and conditions of the program are detailed in the link below https://paycent.com/bounty-programme/)

Token and capital distribution

Tokens and capital are distributed according to the following scheme:

Token and capital distribution scheme

- 60%: Available for purchase.

- 19%: Token reserve.

- 10%: Training and blockchain technology research, Land Grant in Manila for the construction of Asian Blockchain Institute of Technology (ABIT);

- 10%: For project team members;

- 1%: For the bounty program.

Summary: Tokens do not affect the distribution of shares in the company. The incentive system is set up so that it is more profitable to buy tokens earlier.

Development plans

According to the roadmap:

- Q4 2017 a partnership with Forest.ae is planned.

- Q4 2017 second-tier negotiations on the acquisition of two banks and their merger in the Philippines.

- Q1 2018 Paycent expects to attract more than 30 companies.

- Q2 2018 work with Central Bank of the UAE is planned, exchange with Dubai Central Bank.

- Q3-Q4 2018 expand to GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Africa and North America (including the US) is planned.

According to the white paper, currently Texcent Asia inc. is in the process of applying for various licenses for financial transactions.

Resume: Paycent has a balanced strategy for entering the market. According to the developers, they have already concluded an agreement with Forest.ae. Details on the purchase of banks were not disclosed. In response to a question about Central Bank, the developers answered that an agreement has already been signed. Paycent has completed and gone live with AXS and Singapore Post comprising 1500 kiosks in Singapore able to load the Paycent Wallet. By mid-October, channels to load via bank transfers, credit and debit cards will be enabled.


The team consists of 70 people and 7 advisors. Information about the main team members based on LinkedIn:

- Sumedha Goel (https://www.linkedin.com/in/sumedhagoeltexcent/) - President, co-founder. For more than 9 years, Sumedha held the position of CEO for Asian Investments Group UAE.

- Svetlana Umarova (n / a) - Vice-president, co-founder. Information on Linkedin is missing. Links to social networks are not indicated. More than 9 years working for the Asian Investments Group Middle East according to the white paper.

- Brian Tan (https://www.linkedin.com/in/brianjan/) - CEO. Head of business development deportation in OANDA's Asia Pacific; has work experience in leading positions in such companies as Oracle, CA Technologies, Sun Microsystems.

- Arthur Munsayac (https://www.linkedin.com/in/arthur-m-l-munsayac-264775120/) – CIO/ IT Director. Arthur’s previous experience is absent on LinkedIn. The core team indicates their ownership of the project on LinkedIn, except for the Vice President.

Resume: On Linkedin, 42 people indicate their membership of the project (Texcent). The project has a large team, which includes employees mainly from Singapore and the Philippines. The team has a development director, a financial director, a creative director, development managers, a pr manager, analysts and technical specialists in various fields.

A certain specialist in blockchain technologies has not been identified. From the team response, we can draw a conclusion that the implementation of the blockchain technology is the responsibility of the current IT-deportation staff.


Information on the project is available on Twitter, Telegram, Medium, Facebook, Google+, BitcoinTalk and Slack. The team actively communicates with users on social networks and on the forum. The bounty program is open.

The project is active on social networks; the team actively answers questions on Telegram. There are regular updates on other networks, such as Twitter or Facebook. The format of articles about the project shows that they are written by order or are announcements about the next project going to ICO.

Comments: We cannot say that the project is very popular among users. There are not many subscribers on social networks (Facebook - 630, Twitter - 320), and the group on Telegram is small (900 people.)

Traffic analysis of the Paycent website based on Similarweb.com data showed the following:

Comments: 64.52% of traffic is through search, 20.52% is through social networks, 11.95% are referral links.

Search traffic: According to SimilarWeb from 64.52% of search traffic 100% is "organic." i.e. there is no advertising in search systems.

Referral links: 11.95%

Comments: Due to the lack of public data on website traffic, it is impossible to unequivocally say how popular the website is among users. However, it can be noted that 20.52% of traffic is provided by working through Facebook.

Summary: Based on the available project data, it can be concluded that the interest of users in Paycent is not yet strong enough. However, the team is conducting an active advertising campaign on social networks (Twitter, Facebook), is uploading video on Youtube and communicates actively with users on Telegram.

The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.