Hong Kong DeFi company CashOn launched an innovative lending platform that helps customers access cash liquidity by using digital currencies.

The Web3 startup introduced the first cryptocurrency financing matching platform for cash to enable customers to find and compare quotes from multiple financial companies and access suitable lending solutions while enhancing the fluidity between digital and fiat currencies.

Furthermore, CashOn adjusts its diverse suite of crypto lending services to address the varying financial requirements of its customers throughout their life changes. To achieve this goal, the lending and matching platform uses big data analysis and AI technology. It helps customers find and compare the most suitable loan solutions from multiple financial companies.

Currently, the firm offers a wide choice of lending services, including credit card bill clearing loans, digital asset mortgage loans, cash flow loans, emergency loans, renovation loans, wedding loans, secured and unsecured motor loans, and more.

The platform is designed to facilitate the development of the cross-border digital economy, providing secure, transparent, and efficient financial services through blockchain and smart contract technology.

“The transaction characteristics of digital currencies, which are fast and without geographic restrictions, are particularly suitable for collateralized lending and significantly reduce the application time for traditional lending.”

Jacky Tang, Head of Web3 and artificial intelligence (AI) of CashOn

CashOn leverages multiple smart contracts, e.g. core contracts for escrow, repayment, and margin, to manage collateralized assets, monitor repayment progress, and collect and liquidate margins.

The escrow smart contract technology in blockchain enables the company to ensure the best protection for customer data and virtual assets. It also employs a Know Your Customer (KYC) module and a chain analysis module. The firm uses AI and blockchain big data technologies to encrypt and store customer data.

Besides, the innovative technologies help the firm assess potential borrowers’ digital wallets and check virtual asset authenticity as well as anti-money laundering (AML) compliance. At the same time, they securely connect potential borrowers with multiple licensed financial institutions, gathering crypto-secured loan offers.

CashOn claims that it has conducted preliminary discussions with 100 licensed lending companies and signed a memorandum of understanding (MoU) with over 50 companies to accept virtual assets as loan collateral. Establishing strategic partnerships with accredited financial institutions is an important part of the firm’s market growth strategy. “By actively collaborating with more financial institutions, we are jointly driving the innovation for the credit industry,” said Johnnie Wong, Co-founder and Chief Operating Officer of CashOn.

In the future, CashOn plans to expand into the ASEAN with innovative Web3 e-payment solutions. The startup plans to offer more financial service options for merchants and virtual asset holders.

“I believe CashOn will establish a foothold in the ASEAN and Hong Kong markets within the next three years, solidifying its unique market position.”

Marvis Wong, Co-founder and Chief Executive Officer of CashOn