The CEO of a fintech company has a vision and mission of helping to build regulated crypto, and bridging fiat solutions with DeFi concepts.A fintech company says it is determined to offer decentralized finance services that are “regulated, responsible, trustworthy and innovative.”Nexxo’s focus is to offer commercial banking services and to support under-serviced small businesses that are not big enough to secure finance from traditional banks.Research cited by the company also suggests that more than 260 million small businesses are struggling to access commercial banking services and financial support that can help their ventures flourish and grow.
According to the network, 44% of small businesses are denied credit because they don’t have any collateral assets. A further 19% are turned down on the basis that their ventures represent too much risk for too little return. A lack of credit history is the challenge that 17% of entrepreneurs face, illustrating a “chicken and egg” situation where they can’t build a reputation until a banker gives them a chance. Other common scenarios include firms having a lack of significant deposits that they can save with a bank (12%) or audited financials (7%).
Helping small businesses and entrepreneurs
Nexxo’s mission is to deliver community-powered financial services that small businesses around the world can benefit from. This is achieved through partnering with local and central banks in order to serve the sub-markets that traditional financial institutions are unable or unwilling to help.The group consists of brands across some of the world’s biggest and most vibrant economies — including India, Qatar, the United Arab Emirates, Pakistan and Vietnam.
Nebil Ben Aissa, the CEO and founder of Nexxo, said: “As long as there’s police, public education, public roads, water and electricity, then trying to operate financial services without a license or compliance with the rules and regulations of local governments is most likely infringing on such government sovereignty. I believe in full transparency and cooperation with local central banks. We want to be the trustworthy, responsible and accountable guys in the decentralized finance space.”
Giving regulated financial services to small businesses via DeFi
Nexxo has launched a utility token that it says follows the rules and regulations of the Monetary Authority of Singapore.According to the team, the Nexxo token will be used to offer “regulated, compliant and transparent financial service solutions,” targeting small businesses via DeFi solutions implemented on the Ethereum platform. Consumers will also be able to use the Nexxo platform to access financial products and services while ensuring “full compliance with the guidelines set by central banks.” Nexxo adds that its users also have the assurance that they will be following strict Know Your Customer and Anti-Money Laundering measures.
Assia says he is using decades of experience in fintech and launching startups to forge a new path, adding: “We believe that regulated decentralized finance projects, such as those addressing international remittances, demonstrate that regulation and crypto can co-exist and that regulated crypto can deliver social value and success stories.”According to the executive, Nexxo has managed to build multiple partnerships beyond central banks, including major payment processing companies such as Visa, Mastercard, American Express, and other local and international regulated financial schemes.
Nexxo says it currently offers a full suite of fiat solutions that help underserviced small businesses grow. Meanwhile, the company is in the process of bridging and converting all its services to DeFi onto the Ethereum blockchain. Distinctive elements of Nexxo’s planned DeFi projects include salary cards, point of sale devices for merchants, mobile top-ups, insurance, e-commerce, QR payments and bank accounts.
The company has offices around the world and is now operational in nine countries. According to the Nexxo website, it has more than 312,000 consumers and now supports over 24,000 businesses.