Shine Bunnag, Chairman (Acting) and Director of AQUA, said Thailand’s first and only P2P lending platform will be available by the fourth quarter of this year.
The platform and its blockchain technology are currently being tested while talks are underway to secure Liberator Securities Plc as the custodian.
“This is a new type of borrowing that will replace traditional borrowing from commercial banks and financial institutions,” Shine said. “Nestify is the first such operator in Thailand to obtain a business license. We want Peer for All to help solve financial problems for Thais in the long term.”
Shine is also CEO of Nation Group.
Kritsada Pruitipat, CEO and Director of NEWS, said he was very satisfied with the collaboration with AQUA.
NEWS is currently undergoing an organizational transformation to enhance long-term stability and expansion.
“NEWS is currently expanding its fintech business to offer investment services, including through brokerage firms and securities firms. Liberator Securities Plc, which is an indirect subsidiary of NEWS, is now in the final steps to meet the legal requirements of the Securities and Exchange Commission (SEC) and related agencies to be able to fully engage in the securities industry and provide investment services to the public,” Krisada said.
Paphon Mangkalathanakun, CEO and co-founder of Nestifly, said individuals and SMEs were underserved by traditional banks. Therefore, the P2P lending platform will be an alternative credit service provider with low-risk collateral.
“Through blockchain technology and smart contracts, the platform can effectively secure every transaction against fraud and default. It will also fully protect personal data, which means users will have confidence in our security,” said Paphon.