Bank4YOU Group Introduces a System of Mobile Money Remittance on the Finovate Asia 2017

Published on 10 Nov. 2017
Mobile money remittance system mmrs

One of the main events in the world of fintech, a conference Finovate Asia 2017, took place in Hong Kong on the 7th of November. Such events are always accompanied by many innovative presentations in the sphere of banking and digital commerce. Not strange that the system of mobile money transferring Mobile Money Remittance System (MMRS) was introduced to the public at the conference mentioned above. CEO of Bank4YOU Group David Agar demonstrated a demo-version of the application with the integrated MMRS. The innovative method of cooperation, based on the combined functioning of cryptocurrencies and accounts of mobile operators was shown to the world.

Bank4YOU Group is a group of financial and technical companies, working in the sphere of mobile banking services. Contrary to its competitors, a Group insists on evolution rather than revolution. A decision on carrying out an ICO was made to expand the business to the new regions. Through the crowdfunding, the company will have the possibility to provide its services to the citizens of Asia, Africa, Latin America, and Europe more effectively and quickly. Crowdfunding in the form of initial coin offering (ICO) will attract investments in exchange for newly created BFY tokens.

Cryptocurrencies have become a new method of regular payments, and now they will be available on your phone. Every user of Bank4YOU mobile app (search in AppStore & PlayMarket), after the final release of MMRS functionality, will be able to convert inner MMR tokens to various local currencies or investment BFY tokens.

What Is MMRS?

Mobile Money RemittanceSystem (MMRS) is a system of digital payments. It allows carrying out the international money transferring to any country, and the withdrawal of funds in the form of local currency, using the products of the local mobile operator (in particular, traffic and mobile money). The essential innovation is a chance to make remittances in cryptocurrencies from the user’s account to the mobile account. To learn more about the MMRS business model, look through the project’s White Paper.

Paul Scott, a vice-president on Business Development in Africa, explains the benefits of BFY Token:

The owners of BFY tokens will be ahead of the game since they will be able to use the benefits of the markets, where the ingression of mobile money becomes a widespread phenomenon.

Long-Term Plans

Project’s CTO Marcello Ferreira adds: “The question arises, how the buyer of BFY token can benefit from the participation in ICO. It is clear that during the ICO you can purchase BFY for a lower price than on the exchanges afterward. Investors can significantly win on the course difference. Besides these obvious benefits, BFY owners have additional perks inside the system: the tokens provide significant discounts on mobile remittances and conversion of inner MMR tokens.”

The raised funds will be allocated for the project development. The group of companies Bank4OU plans to use costs for the final development of the mobile money system, the conclusion of the contracts with the mobile operators, the development of the new software and financial services on the blockchain, and the implementation of microcredit system. For more details, have a look at the project’s roadmap on their website.


ICO started on October 6, 2017. The overall amount of tokens on sale is 240 million. One can still join the pre-sale, the price of 1 BFY is $0,21. Bank payments in GBP, USD, EUR, and payments in BTC, ETH are accepted. ICO will last until January 31, 2018. To join ICO, register at the investor’s cabinet.

Disclaimer: this is a sponsored story; it does not provide any recommendations on investments.

More news

Japan Will Call G20 to Actions Against Money Laundering via Cryptocurrencies

Japan plans to use the summit of the Group of 20 (G20) that will take place next week, to call upon the common regulatory measures on the fighting the use of cryptocurrencies in money laundering.

13 Mar. 2018

President of Venezuela Claims That Petro Has Gathered 5 Billion During Pre-Sale

Venezuelan news website TeleSUR has published the statement of the president, Nicolás Maduro, that the pre-sale of the oil cryptocurrency Petro (PTR) gathered 5 billion US dollars.

12 Mar. 2018

New Virus Tried to Make 300 Thousand Russian Computers Mine Cryptocurrency

Yesterday, March 8, Microsoft stopped the functioning of the new malicious software Dofoil, also known as Smoke Loader, which tried to infect computers with cryptocurrency miner. Around 400 thousand users, mainly in Russia, could have gotten under the virus attack.

09 Mar. 2018