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

Want to Buy a Car for Bitcoin in Ukraine? Not a Problem!

Bitcoin owners can easily use their cryptocurrency funds to buy a car. The price for Bitcoin is growing at a crazy speed. If you have this currency and want to buy a car – don’t hesitate to browse through the auto markets for the used car. Some car owners are ready to exchange them for Bitcoins.

08 Dec. 2017

Russia Plans Criminalization of the Cryptocurrency Payments

Aleksey Moiseev, the Deputy Head of the Ministry of Finance of the RF, has reported to the journalists that in 2018, his institution plans to introduce amendments to the law to prosecute individuals for the organization of payments by the cash equivalents on the especially large scale.

07 Dec. 2017

Bitcoin Price Reaches New Maximum Seeing the Futures Trading from CBOE and CME

On December, 6, the price of Bitcoin reached a new record high - around $12780/BTC, growing for almost $1000 during the 24 hours after the previous maximum of $11858/BTC, and soon after that overcoming the mark of $12000/BTC.

06 Dec. 2017