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Micromoney Rating Review


Investment Rating

Expiry date : Expired 15 Feb 2018


We have reviewed the project's progress as of January 2019 and would like to note that contact information and whitepaper have been removed from the website. Project blog does not contain any updates and has not been updated since November 2018. The team is also behind it's initial roadmap from 2017. Therefore, the project's rating has been decreased to Risky-.

MicroMoney intends to create a blockchain-based credit history bureau whose data
might be of use to other organizations working in microfinance and related fields.
The idea of the project is simple, interesting and seems attractive to us. The market
in which the company will operate offers many possibilities for growth and
development while the project itself is run by experienced managers with all
necessary knowledge for successful realization of the idea.

However, we identified several risks which prevent us from assigning a higher rating
to the project. Firstly, while MicroMoney has a working business, the proposed
product does not have an MVP in the white paper, nor does it have a technical
description. Secondly, successful realization of the project requires investing a
significant amount of ICO-raised funds into real business, and we cannot assess its
effectiveness since the company does not provide any audited accounts. Thirdly, the
number of the project’s subscribers on social media does not give real insight into
the popularity of the project’s ICO. While the company’s page on Facebook has
more than 500,000 likes, this level of popularity is mostly the result of the company’s
year-long work on their main activity – microloans. MicroMoney’s Twitter account
was created long before the company was founded and from the look of things it was
acquired with an already existing follower base. According to twitteraudit.com, the
percentage of bots on it is a little less than 50%, which can be easily proven just by
looking at the list of followers.

General information about the Project and ICO

MicroMoney is an existing working business dealing with short-term microloans to
individuals and self-employed businessmen in the developing countries of the
Asia-Pacific region. The primary mission of the project is creating the conditions for
involving more than 2 billion people without any access to banking services in the
world economy. The company intends to realize this plan through creating a finance
platform offering loans for different needs. However, the main factor preventing the
successful realization of this idea is the lack of credit histories of such people, which
leads to great difficulties when evaluating credit risks.

With regards to this the company is conducting an ICO in order to speed up the
geographical scaling of the business and develop a new product – an open source
credit bureau on blockchain, whose implementation will allow prediction of credit
status of potential loan recipients with minimal errors using risk scoring algorithms
developed by MicroMoney and based on AI. Moreover, such a database might also
be of interest to other financial and trading organizations which can use it when
making decisions about further development of their businesses. AMM tokens can
be acquired during the token sale and will serve as a “fuel” for the whole ecosystem,
providing different functions to their holders.

Bitcointalk: https://bitcointalk.org/index.php?topic=2199477.msg22113023#msg22113023
YouTube: https://www.youtube.com/channel/UCKVXG3WEYPyxmsnwClF5vPg/videos

ICO​​Start:​18th October 2017
ICO​​Duration:​1 month
Target cap on crowdsale: ​min - $1 million, max - $30 million. If the crowdsale
campaign does not reach its minimal capital goal of $1 million, all funds will be
returned automatically to AMM holders by the Ethereum smart contract.
ICO​​Price:​1 AMM = $1

Minimum/Maximum​​buying​​transaction:​no limits

  • Private presale – 43%;
  • Day 1 – 25%;
  • Day 2-7 – 20%;
  • Day 8-14 – 10%;
  • Day 15-21 – 5%.

Accepted​​cryptocurrencies:​BTC, ETH
Total​​amount​​of​​issued​​tokens​: 60,000,000 tokens:

  • 84% - for sale;
  • 8% - for team (freezing for 1 year);
  • 4% - advisors, mentors;
  • 4% - bounties.

Distribution​​ of​​ funds​:



Total serving market size


Scoring and Product

Customers Acquisition



Decentralised credit bureau on blockchain is launched. Start of global expansion.

AI Neural Network scoring improvements.

New financial products.

Connection to crypto-cash ewallets.


unique customers additionally acquired.



Risk management and scoring systems are ready for local partners and as a White Label.

Start of use of decentralised AI Neural Networks.


unique customers additionally acquired.




Crypto economy integration: all loans and payments are moved to Smart Contracts

on Blockchain.

Savings Deposits Services.

P2P lending platform development.


unique customers additionally acquired.



Online financial





platform is ready





for local partners

and crowdfunding




and as a White

platform are










to help










with growing their





business on



















Financial DAO.

"Online Crypto





Bank &










franchise is ready





for local partners





and as a white




marketplace, credit





histories & Big





Data bureau, risk





management and





scoring based on





artificial neural









Token Issue Date: after the end of ICO


Project services and their usage

MicroMoney allows people to receive their first loans without the need to use any
banking services and start creating their credit history, allowing them to become fully
integrated into the financial structure of the global economy. The ecosystem
developed by Micromoney centers around the simple interaction between client and
company for receiving small loans, where the company in turn gathers information
on the client and develops a database with credit histories and other parameters
which it can provide given certain conditions, to other interested parties.

During the first stage of the company’s work, Micromoney clients applied for loans
through the site, but since March 2017 a mobile application has been launched to
simplify the process of gathering information about the potential customer and
provide new opportunities to assess credit risk. So, according to the founders, the
application collects more than 10,000 parameters from a vuser's mobile phone,
based on which the borrower's credit status is analyzed using artificial intelligence
and machine learning tools. With each new client, the algorithm's performance
increases and the customer database is increased. As a result, MicroMoney creates
a detailed user profile and generates a credit risk rating that meets the requirements
of the global FICO[1] system.


Obtaining a short-term loan from MicroMoney occurs in the following manner. The
client installs the mobile application, confirms the application's right to access
personal information, and fills in a loan application. Within 15 minutes after
submitting the application a decision is made and the client receives their loan within
one hour via courier. In case of a repeated application there is provision for the issue
of money through local payment services. MicroMoney states that mobile phone data
make it possible to draw all the necessary conclusions about its owner to decide
whether to give a loan. For example, the algorithm uses information about how long
it takes to fill in a field, how much time it takes to fill in the home address, how often
the pay field changes, during which part of the day was the application submitted,
how long is the person using this smartphone, how often does their family call, does
he have any MicroMoney customers in his contacts and even what music the
potential customer is listening to.

According to white paper statistics, 90% of its customers took the first loan of their
lifetime, 73% applied for it at least once again, and 4% of users received more than
15 loans via MicroMoney:

The key objective for the project is to translate all the information obtained this way
into the database based on the blockchain technology, which will eventually allow
offering loans through the smart contract mechanism. In addition, access to the
information accumulated by MicroMoney will enable banks, financial companies and
even the internet to use the data efficiently to expand their business. Thus, banks will
have access to a database with customers and significantly reduce the current costs
of attracting new customers. Companies that want to explore new markets will
reduce risks by obtaining information of interest. Online retailers will be able to
predict customer needs with more accuracy. For example, information about a client
looking for a stroller also says that the client might like to be offered some diapers in
the next store.

Among other things, the barter exchange of databases between MicroMoney and
other entities could be mutually beneficial.
The AMM tokens that will be sold during the ICO will be a functional feature of the
platform. In essence, the possession of AMM will give you the right to use the
system, as well as access some of its functions, depending on the number of tokens
in the user's wallet. For example, the more tokens a potential borrower has, the
higher their credit rating. Each MicroMoney client will also be rewarded with AMM
tokens after a loan is returned, and the amount of compensation will depend on
whether the loan is paid on time or not. In addition, AMM can be used as collateral
for receiving a loan on the platform.

To become a project partner, you will need to purchase AMM tokens for a specific


Engineering solutions

There is no detailed technical description of the products being developed in the
white paper, since it appears that the work on the credit bureau on blockchain has
not yet started. The documentation only provides a general diagram of the future
architecture of the system:


Development strategy and Roadmap

The company was founded in Cambodia in 2015 with seed capital of US$30
thousand, and then advanced to the Myanmar and Thailand markets, where the
back office was subsequently located thanks to relatively low levels of expenditure
required there. Before the end of 2017, MicroMoney plans to open branches in
Indonesia, Sri Lanka and the Philippines.

During its two years of operation, the company has gained more than 95,000
registered users and by the end of 2017 this number is expected to increase to
150,000; the company's value will rise to US $1.85 million, according to the
estimates of MicroMoney representatives.

The current company development strategy is intended for the period until 2020. By
that time, it is planned to increase the company's value to US $1 billion and its client
base to more than 25 million.

With regard to geographical expansion, following the launch of the project in the
markets of Indonesia, Sri Lanka and the Philippines, the next target markets will be
Hong Kong, Vietnam, China, Nigeria, Malaysia and Singapore.

The ability to take on new markets in a relatively short period of time is enabled by
standardization of provided services. The company's business processes are also
unified and set up as a franchise. In this regard, the search for new partners and the
opening of new branches is as simple as possible. When analyzing the prospects of a new market, the company-designed checklist is used to identify the weak and
strong points of the market.
Whether MicroMoney will be able to develop according to their plan in the next 1-2
years will be to a large extent determined by the results of the planned ICO.


Market Review

Developing countries present interesting statistics. On one hand, in these countries,
a high percentage of the population does not have access to financial instruments
wholly or partly, but on the other hand the level of distribution of internet and mobile
services is very high. It is so high that more than half of the world's internet users live
in the region. This circumstance allows MicroMoney to interact with their clients
through an Android-based mobile app.

Microfinancing plays a significant role in the development of the economy and the
improvement of the quality of life, mainly in developing countries. Microfinancing
Organizations fund small (less often medium) business, individual businessmen and
individuals. With the operational activities of small companies, jobs are maintained,
goods or services are produced. Microfinancing is associated with high credit risks,
as the services of such organizations are used by companies and individuals who,
for some reason, are not able to use banking services. However, this does not
prevent the market from remaining high-margin and growing. Here are statistics
published in MICROFINANCE BAROMETER 2017 [1]

According to MIX Market studies, in 2016 microfinance loans were estimated at US
$102 billion. Number of service users was 132 million people; and the number of
registered organizations was more than 1000.

There has been an increase in microfinance in Latin America, Africa, South and East
Asia. A decrease is observed only in Eastern Europe and Central Asia.
The leading countries in terms of numbers of borrowers and amount of loans
(GLP-Gross loan Portfolio) are India, Vietnam, Bangladesh, Peru, Mexico,
Cambodia, Colombia, Bolivia, Brazil, Ecuador.

Over 2015-2016, the highest growth rate in the number of borrowers and loans has
been found in South Asia. In 2016, the increase in microfinance user numbers was
13.4% up to 78.3 million people (59% of all participants); the increase in borrowing
amounted to 23.5%, up to US$23.5 million. (17.8% of the global amount.)
Latin America remains the leader in financing levels (32.2% of global total.)

In 2016, the average return on microfinancing amounted to 26.5%, with the industry
remaining low-cost: Expenditure accounts for an average of 13.1 per cent of the

Thus, it can be argued that the market provides a great opportunity for the
MicroMoney company to grow and develop.


MicroMoney is a company with a two-year business history within developing
countries (EM) and an established team of managers with experience in investment
companies, venture funds and banks.

The business model of the company involves geographical diversification, which
affects both the specifics of the introduction of the business and the professional
skills of its team. The company is registered in Singapore, but its services are
currently provided in three countries: in Thailand (Bangkok), where the back office is
located, in Myanmar and in Cambodia. The number of employees in the company
exceeds 200.

The founders of Micromoney are:

1. Sai Hnin Aung (LinkedIn) – COO

  •  Professional experience: Over 18 years in microloans and finance, 2 years in the development of blockchain technologies, experience with working on international projects;
  • Education: Master’s degree from Asian Institute of Technology (Thailand, Bangkok) and Master’s degree from the Earth Institute, Columbia University (USA).

 Assessment: Relevant experience, high level of competence, risk factors are not identified.

2. Anton Dzyatkovskiy (LinkedIn) – CIO, IT & Scoring

  • Professional experience: More than 13 years in the fields of fintech, e-commerce. Specializes in launching projects into new markets, advanced negotiating skills.
  •  Education: Obninsk Institute of Atomic Energy, branch of the National Research Nuclear University "Mephi".
  •  Assessment: Relevant experience, non-major education, risk factors are not identified.

The shareholders also consist of:

1. Oknha Sorn Sokna (Cambodia) - Adviser for Cambodia financial sector of
Prime Minister of Cambodia Mr. Hun Sen. Oknha Sorn Sokna has the highest
social rank called "Oknha" among Cambodian citizens. He is one of the
founders of SOKIMEX GROUP, a large conglomerate company that focuses
on the oil industry as well as a vice president of Cambodia Chambers of
Commerce. In 2010, he launched the Sonatra Group, operating a variety of
services such as banking, securities, investment, construction, auditing, and
accounting: http://sonatrafinance.com.kh/ He is also the main shareholder of
Sokha Hotel Co., Ltd of the SOKIMEX GROUP.

2. Tetsuji Nagata (LinkedIn) has over 30 years of professional experience in the
financial sector, and he is also the founder of several successful financial
companies. In particular, he has launched a venture fund, the East Wing ASA
Capital Venture Fund, which manages US $100 million.

3. Mr. Yoshiyuki Taira (Japan) — director of the Grand Corporation Osaka, a
well-known company in Japan with US $500 million, it offers a wide range of
services (real estate, restaurants, beauty salons, etc.).

4. Mr Yojiro Tsutsumi — Grand Corporation Osaka.
The project management team consists of 12 highly qualified employees with all the
skills and experience necessary for developing a microfinance business on EM.
The advisors' team consists of 25 experts. And while members of the management
team have more knowledge and experience in microfinance, the specializations of
advisors are mostly in the area of blockchain.

Thus, the startup is under the control of an established team of professionals, with
many years of expertise and the necessary knowledge of microfinance. We believe
that the MicroMoney team's competence is sufficient for implementation of the
proposed development plans.


Marketing strategy

The target market of the company is an adult population with no access to banking
services. These are people who pay for all their transactions in cash, do not have
any credit history or debts, and actively use smartphones and Facebook. They are
so-called “blue collars” and “white collars” whose monthly income is around US
$200-500. The authors refer to the McKinsley Report of 2010, according to which
approximately 2.5 billion people did not have any formal banking services available
to them. Based on this fact a supposition is made that at least 2 billion adult people
still do not have bank accounts.

Unfortunately, the authors of the project did not provide any information on the costs
of attracting one client.

The company is actively developing partner relationships. One of the key partners of
MicroMoney is the Everex project which has successfully concluded an ICO at the
beginning of September 2017 and has collected more than 1,500 BTC and almost
50,000 ETH. The collaboration between these companies looks promising since
Everex intends to obtain a share of the microfinance market, and MicroMoney will be
using its partner’s infrastructure for delivering money to their clients[1].
The ICO marketing campaign is conducted using standard methods – a bounty
program on Facebook, Twitter, Bitcointalk and other social media. 4% of the tokens
are allocated toward these goals. Moreover, there are publications in leading news
and information portals. Judging by the company pages in the aforementioned social
media, one might think that the project is very popular among users. However, we
believe that the number followers on Twitter and Facebook does not represent the
real picture.

Firstly, analysis of the MicroMoney Twitter account on the twitteraudit.com site gives
the following results:

It is obvious that at least 47% of the followers are more likely bots than live people. It
is also noticeable when looking at the list of the followers in more detail:

These suspicions are borne out by the date of the creation of the account, which was
long before the company began its work giving out microloans. So MicroMoney
acquired an account with an already existing follower base, which gives us an insight
into actual interest in the project’s ICO.

500,000 followers of the MicroMoney page on Facebook are also unlikely to be a
sign of high interest of the community to participate in the ICO. The high number of
subscribers is rather the result of the company's core business. In addition, their
activity is rather low — the number of views of the videos published on the
company's page is significantly lower than that in other groups with similar themes
and number of members. In the case of MicroMoney, videos were viewed from 800 to 19,000 times, which is 0.16%-3.8% of the total number of participants. In the
groups of other companies, with the same or even smaller amount of participants,
the video viewing figures reach several tens and hundreds of thousands. The same
is also the case with the number of likes under each post.

As a result, we find it difficult to make objective conclusions about the project's
popularity among potential investors based on social media data. However, on its
blog on Medium, MicroMoney reports[2] on the US $1.7 million already raised in the
pre-sale, which is an excellent result.

Competitive Advantages of the Project

Currently there are a large number of credit history bureaus worldwide, the largest
being Equifax, Experian and TransUnion. However, the main drawback of such
companies is their centralized structure, which potentially allows for various data
manipulations and vulnerability to hacking attacks. A good example is the recent
hacking of Equifax servers, which has resulted in hackers accessing the personal
data of over 143 million Americans[1].

In this regard, MicroMoney offers a great solution - the creation of a register of credit
histories stored on blockchain. This technology will significantly increase the security
of private data storage and will allow owners of these data to control their use by
third parties.

Other benefits of the project include the company's own credit risk assessment
algorithm, based on the processing of data from a client's smartphone by artificial
intelligence and machine learning techniques. However, judging by the date[2] of the
announcement of the implementation of this technology into MicroMoney business
processes, the technology is at an early stage of development and has yet to prove
its reliability, which can pose a significant risk to its effective use. However, the
application of neural networks to traditional business models has a great market
potential, so if the idea is successful, the company can reap the following benefits:

  • A significant decrease in financial risks.
  • The costs of using this risk model are much lower than with a traditional approach.
  •  One can have a reasonable degree of confidence when working with smartphone users without credit history.
  •  When expanding to new markets, the risks are significantly lower from the first day the project is launched.
  • The collected information can be useful for other companies.


Risks of the Project

In addition to the identified benefits, we discovered several potential risks that are
inherent to both the company's main business and its future plans.

One of the key risks in our opinion is the absence of the credit history bureau
blockchain MVP. The project documentation does not describe which blockchain will
run the product and how much time it will take to develop it. AMM tokens will be
released on the basis of Ethereum, but there is a chance that this will not work with
the credit history registry — storing such a large amount of data can be too
expensive. As a result, there is a high probability that the migration of AMM tokens
to another blockchain might be required later on, which can in turn cause a number
of problems.

The second risk is related to the unknown financial performance of the company. As
it can be seen from the roadmap, US$1 million is sufficient for the technical
development of the credit history bureau on blockchain, therefore, all the excess
collected funds would be invested mainly in real business, which will only expedite
the completion of the distributed registry with the required data. As the company
does not provide audited financial statements, we cannot conclude whether such
investments are advisable.

From a legal point of view, MicroMoney is now in an advantageous position. In many
countries, the procedure for obtaining a license to issue microloans is very simple or
non-existent for such companies when there are no dealings with deposits. Only time
will tell how long the situation remains unchanged; the experience within developed
countries suggests that the law does not leave such companies unregulated.

Economy of the Project

Despite the fact that the project documentation describes in some detail the
application of tokens on the platform, the white paper does not provide any data on
specific dependencies between the actions of participants and the number of tokens
they can obtain for these actions. The only exception is the conditions for obtaining
the status of a project partner where in order to do so one has to buy tokens for the
specific sum which is indicated in the third chapter of this review.

Moreover, from our correspondence with Anton Dzjatkovsky, we have learned that
the revenue from the payment for services providing data from the credit history
registry will go fifty-fifty to the users of the system that provided the data and to the
project administration.

The project documentation also does not explain how the support of the Credit
Bureau on Blockchain will be funded — whether it will be funded by the money
received from MicroMoney’s principal activities or by the profits from providing
information services to third parties.

In general, the economic viability of the project will depend on the number of
participants on the platform who are willing to share their personal data with third
parties, as well as the demand for this data from third-party users.

Investment highlights of the token

The AMM token will have an exclusively infrastructural role on the platform being
developed, so the increase in value will be directly dependent on the demand-supply

In the long run, there are two factors that can affect the growth of the AMM token
value. The first is the number of partners that will want to purchase the MicroMoney
franchise. In view of the fact that they will have to buy out of the market and keep
AMM tokens in their wallet, the number of tokens in free circulation will decrease,
and, with stable or increasing demand, their value will grow. According to company
representatives, four new offices are currently being prepared for franchising in Sri
Lanka, Indonesia, the Philippines and Nigeria, which is a positive development.
The second factor that can push the price of the token up will be the number of
parties that want to access the project's functionality. The idea of the Credit Bureau
on blockchain sounds promising, but the key to its being in demand is a large client
database. As a result, this factor will affect the increase in the value of the token only
if the project is successfully launched and filled with the required amount of data. It is
obvious that the speed of realization of such a plan will largely depend on the
amount of money raised during the ICO.

With regard to the attractiveness of the AMM token in short-term perspective, the
main prerequisite for obtaining speculative profits is the demand for tokens
significantly exceeding their supply. Given the facts described in section 10 of this
review, we have difficulty in objectively assessing the potential for short-term
increase in the cost of AMM tokens.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $12500 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.