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by Giulio Prisco, Sep 28, 2017

Estonia Partners With Change Bank for Blockchain e-Residency Program


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Change Bank is a global cryptobank offering a wide range of financial services including investment opportunities on a global marketplace, support for cryptocurrencies, insurance and more.

Change Bank is headquartered in Singapore, a global financial and innovation hub, and its partner companies are licensed by the Monetary Authority of Singapore (MAS). The Bank also has a strong presence in Estonia. In October 2014, the Estonian government launched its “e-Residency” program, which offers anyone, anywhere a digital identity issued by the government with the potential to start and operate a business online under Estonian regulations. In the same innovative, digital spirit, Estonia could issue crypto tokens to e-residents, becoming the first country with an initial coin offering (ICO).

The e-Residency program is creating a new borderless, digital nation where many opportunities provided by traditional nations can be offered entirely online, said program manager Kaspar Korjus. Of course, modern digital banking services are an integral part of a borderless digital nation. Change Bank considers Estonia as the most digitally advanced society in the world and has partnered with the e-Residency program to make Change’s banking services available to the projected 10 million e-residents.

In fact, Change Bank wants to be the first decentralized crypto bank for e-residents and leverage the e-Residency program’s digital identities for identification.

"Digital identity is one of the keys to solving financial inclusion so we are delighted that Change is using our secure, government-backed digital identities to help solve this issue and develop their business," said Korjus.

Earlier this week, Change Bank participated in the Estonian Technology Seminar in Singapore, an event with a strong focus on the e-Residency program.

A one-time Know-Your-Customer (KYC) step will quickly onboard users from anywhere in the world, requesting no more than basic background information. A multi-asset, blockchain-based Change wallet, currently in beta, will be created upon signing up and will allow customers to send and receive cryptocurrencies as well as pay for products and services with a mobile app. A Change debit card will allow users to spend cryptocurrencies to buy goods and services and withdraw funds from ATMs all over the world, with the crypto-to-fiat currency conversion performed transparently and on-the-fly through a partnering cryptocurrency exchange.

Another cornerstone of Change Bank’s offering is a Change marketplace, which will allow users to invest in stocks, peer-to-peer loans, real-estate or other investments directly from the Change mobile app, and control their entire portfolio from a single dashboard.

“Change marketplace aggregates the best ways to invest, insure or lend and lets you use these services from a single interface and wallet,” reads the Change website. “Think of Change like an ‘AppStore’ for specialized financial service companies that outperform your bank, while removing the need to sign up or deposit funds to these services individually.”

A tradable Change token will facilitate fund transfers between different investment opportunities and financial services. Change Card users will receive a 0.05 percent rebate in the form of Change tokens and the rebate will double if the user pays using Change tokens. According to Change Bank, this incentive will make the tokens more desirable and valuable, ensuring that the tokens will be traded.

The ongoing Change token sale started on September 16 and has raised more than 47,000 ETH, equivalent to more that $13 million at the current exchange rate. The token sale will continue for two more weeks.

The long term vision of Change Bank, outlined in its white paper, is nothing short of ambitious. Just like Uber, AirBnB and Netflix have been reimagining the sectors of transportation, accommodation and entertainment with new and creative business models, Change Bank wants to disrupt the global financial services sector and offer anyone anywhere, a modern and streamlined banking and investment experience without geographical borders, powered by crypto fintech. The strategic partnership with the Estonian government is seen as a strong validation of Change’s vision.

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