"We are going to do KYC on 100% of our customers. We are building a real alternative to banks and the focus from business standpoint is on customers who already have a bank account. We are not going to be present in US & India in the beginning, but our vision is to make Monaco a global brand. It will require time, effort and capital, as in many cases it means setting up local operations, getting local e-money licenses and finding additional Visa or MasterCard issuing partners.
Kris"
"The card is just a way to get users in.. and allow the your funds to be easily accessible anywhere in the world on existing banking/visa rails.
If you want to understand the true potential of the project, you have to focus on what our APP will be able to do.
One example:
We are integrating with a well funded startup in online lending space - they disrupted a lot of traditional bank business by having proprietary algorithms that judge credit risk based on thousands of data points. They provide instant loan decisions online. So by integrating with them, we will enable a new account top-up option: Instant Credit. You will be assigned a limit, from which you can top-up your account. You will receive a monthly statement for Instant Credit and if you repay on time, there is no interest.
This effectively turns Monaco Debit Card into a Credit Card -> you will not have to pre-fund your purchases!
We have similar things on the roadmap for:
- travel insurance
- wealth management / investment funds
Eventually, by integrating a lot of disruptive products into the app, we will become a platform that banks will have extremely hard time competing with.
Last, but not least - blockchain & crypto are such powerful building blocks for innovation. We could not be more excited about the potential to disrupt finance industry with it.... But coming from traditional business world / finance background, we understand that in order to take marketshare from them, we need to play by the rules. Compliance. Compliance. Compliance.
Kris"
Kris"
"The card is just a way to get users in.. and allow the your funds to be easily accessible anywhere in the world on existing banking/visa rails.
If you want to understand the true potential of the project, you have to focus on what our APP will be able to do.
One example:
We are integrating with a well funded startup in online lending space - they disrupted a lot of traditional bank business by having proprietary algorithms that judge credit risk based on thousands of data points. They provide instant loan decisions online. So by integrating with them, we will enable a new account top-up option: Instant Credit. You will be assigned a limit, from which you can top-up your account. You will receive a monthly statement for Instant Credit and if you repay on time, there is no interest.
This effectively turns Monaco Debit Card into a Credit Card -> you will not have to pre-fund your purchases!
We have similar things on the roadmap for:
- travel insurance
- wealth management / investment funds
Eventually, by integrating a lot of disruptive products into the app, we will become a platform that banks will have extremely hard time competing with.
Last, but not least - blockchain & crypto are such powerful building blocks for innovation. We could not be more excited about the potential to disrupt finance industry with it.... But coming from traditional business world / finance background, we understand that in order to take marketshare from them, we need to play by the rules. Compliance. Compliance. Compliance.
Kris"
That is awesome! where is this quote from?
Damn, if that's true, I need get more capital into this. This will be fucking HUGE biz!
I found it on the Phillipino language Monaco thread... on here!...
https://bitcointalksearch.org/topic/filann-mco-monaco-1-cryptocurrency-payments-card-moderating-1942414
? 
Like a school project gone wrong. 