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Kinerjapay Preparing to Launch Peer to Peer Lending ServiceJAKARTA, Indonesia, November 6, 2017 /PRNewswire/ -- KinerjaPay Corp., (OTCQB: KPAY), a digital payment and ecommerce platform ("KinerjaPay" or the "Company"), announced today that it is preparing to launch a peer-to-peer lending application to provide Indonesia's largely underserved consumer sector with access to credit. Indonesia's Financial Services Authority estimates the country's demand for consumer and small business financing at approximately US$125 billion. Domestic financial institutions are able to address an estimated US$50 billion, leaving a financing gap of about US$75 billion which is not being served by financial institutions. Peer-to-peer (P2P) lending is a community-driven method of debt financing that allows people to borrow and lend money without a financial institution. By harnessing technology and big data, P2P platforms are able to connect borrowers and investors faster than conventional banks can. Further, by eliminating the overhead associated with traditional lending institutions, borrowers can secure loans at lower rates, while and lenders can earn higher returns than customarily available through savings accounts. The Company's platform will enable KinerjaPay customers to secure loans with individual investors lending their own money at mutually agreed upon interest rates. Consumers interested in borrowing money submit their funding needs and a profile for display on the platform, which investors can then evaluate to determine if an applicant meets their specific lending criteria. Lenders can choose to lend the full amount requested or only a portion, as they see fit. Depending on the amount requested and availability of matching funds, some loans may be funded by several investors. KinerjaPay's P2P application will offer loans in the range of $100 to $10,000 to individuals, and $5,000 to $500,000 to businesses over fixed periods of 12 to 60 months. The interest rate charged for borrowed funds falls between 8% and 18%, depending on the loan grade or creditworthiness of the borrowing entity. The Company ill receive a fee of 1% of the amount of borrower payments received within 15 days of the due date of the loan. Edwin Ng, Chief Executive Officer KinerjaPay Corp. stated, "Our primary mission is to provide consumers with a safe and convenient way to conduct financial transactions. Like our other services, the P2P application provides an alternative to traditional banking institutions, offering customers greater flexibility, making credit more affordable and investing more rewarding. I believe our technical abilities and early entry in the P2P lending sector will provide KinerjaPay with a distinct competitive advantage, and result in a significant contribution to our revenue growth going forward." About KinerjaPay Notice Regarding Forward-Looking Statements For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this letter. Media Contact: SOURCE KinerjaPay Corp. |