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African fintech company set for global real estate market

By , ITWeb
Africa , 20 Oct 2016

African fintech company set for global real estate market

One of Africa's 100 most promising and innovative fintech companies, according to African FinTech, has become the first to launch an online marketplace with integrated blockchain that enables global real estate investment and enhanced security for cross border investors.

 Wealth Migrate, which operates in South Africa and is headquartered in Hong Kong, recently came in second place at the first annual African FinTech Award, is a real estate investment platform that launched its presence in China in April.

While many financial services providers are experimenting with the blockchain technology, Wealth Migrate has emerged as one of the few to have integrated the technology to benefit global investors looking for enhanced security and assurance when investing across borders or locally.

The idea of the blockchain-based marketplace is to ultimately democratise investing says CEO Scott Picken.

Picken says the marketplace will benefit everyone worldwide including Africans. "Africans are no different from anywhere else in the world," he says. "Our platform helps people, primarily in the emerging world, like Africa, invest in the first world in quality assets. We now make assets, which were previously only affordable to the super wealthy, affordable for all. Our minimum investment is US$10k, and we are beta testing US$100."

He believes the digital platform offers an opportunity to people in emerging markets who want to invest in first world assets, earn a first world income and preserve wealth, but who do not know where to start or lack the knowledge, partners or capital.

Picken suggests the adoption of cryptocurrencies will reduce costs, increase returns and increase efficiency and accessibility for local and international investors - specifically providing features like greater protection of personal information, enhanced compliance, the inclusion of smart contracts and decentralised confirmation of their transactions.

He adds that secure encryption capability provides users with an unprecedented level of privacy and cybersecurity protection and their investment transactions are stored on the blockchain via a secure public Bitcoin library that can be queried by investors with the right hash code to validate investments.

The technology, Picken says, "allows us to deliver great returns (8% to 12% cash on cash returns) and IRR of 13% + due to removing all the middle men and inefficient costs."

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