UDIA Global, a Dubai Silicon Oasis based blockchain technology firm also miners of UDIA-COIN cryptocurrency, has floated business model platforms that simplifies remittance, loan and payment solutions using cryptocurrency.
“Unlike the general financial institutions which attract a lot of charges in several items when you remit foreign exchange to other countries’ bank accounts, remittance charges of UDIA coins are inexpensive since there are no additional charges,” said President of UDIA GLOBAL, Hamed Khalfan Humaid Al Mahrouqi.
On loans, he said, UDIA coins “enable higher rates of return than the interest of bank deposits by supporting loan systems like crowdfunding with peer-to-peer lending.
“In the existing system, people deposit money in banks and other people borrow the deposits from them. Large shares of profits made due to this are given to the banks.
“UDIA coins support peer-to-peer lending by using a P2P platform. The profits made at this moment are distributed to individuals’ shares so that they can make high levels of profits which cannot be compared to those from the financial institutions.”
Al Mahrouqi said UDIA’s payment “can be done in your real life as actual exchange rates are applied on a real-time basis because UDIA cards are interlocked with cards such as VISA and Master.
He added, “UDIA cards are always treated as local currency cards and receive perfect exchange rates among banks anywhere and the charges are about eight times lower than those of the banks yet our coins provide refunds (cashback) of 1 to 2% to you.”