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HOME > PRESS RELEASE > MetaAsset Capital to launch lending product on BNPL Pay
PRESS RELEASE

MetaAsset Capital to launch lending product on BNPL Pay

PR.Dept
PR.Dept March 11, 2022 141 Views 6 Min Read
Updated 2022/03/28 at 6:04 AM
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6 Min Read
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Highlights:

  1. MetaAsset Capital Inc., founded by the former co-head of the Standard Chartered Bank Wholesale Banking Division in Singapore is set to launch its first lending protocol.
  2. MetaAsset founder Jay Leong decided to launch exclusively on the BNPL Pay protocol after an extensive due diligence period.
  3. With more than 25 years of traditional banking experience at the highest executive level, Jay Leong has previously managed corporate loan books worth billions of dollars.
  4. MetaAsset brings together respected names from traditional banking who have identified the unique opportunity the BNPL Pay protocol presents.
  5. MetaAsset joins other institutions and publicly listed companies in expressing interest to commit up to $200 million during the upcoming 12 months, commencing with an initial $20-million first tranche to establish nodes on the BNPL Pay protocol.

About MetaAsset

MetaAsset was founded by Jay Leong, a former senior executive with more than 25 years of experience working at global institutions such as Citibank, Deutsche Bank, Crédit Agricole and Standard Chartered Bank. In his previous banking roles, Jay was appointed as global head of commodities structuring, head of financial markets and co-head of the Standard Chartered Bank Wholesale Banking Division in Singapore.

MetaAsset to offer lending services to corporate borrowers

MetaAsset announced this week that they will be offering lending services to corporate borrowers by crowdsourcing lenders who provide digital assets in the form of stablecoins.

The company intends to leverage BNPL Pay’s innovative decentralized finance (DeFi) lending platform, DeFi being an umbrella term for financial services built on top of public blockchains such as Ethereum.MetaAsset states on its website that it was formed as a result of recognizing some inherent weaknesses in the traditional centralized capital markets.

Its platform aims to remove fees from banks and lower the cost of transactions to fulfill the funding needs of a wide range of borrowers, all using the DeFi protocol. BNPL Pay is the first tech product to enable third-party credit facilities to match digital-asset lenders to real-world borrowers.

Jay Leong, CEO of MetaAsset, said, “Being a traditional banker for more than two decades, I am thrilled to move into the world of crypto and DeFi, the frontier of financial solutions for this millennium. I have learned many lessons in the past from running a global structured products business and managing a major wholesales bank. I have taken these valuable experiences to launch MetaAsset Capital and create a robust, secured and transparent financial solution.”

DeFi solutions are proving to be better alternatives to the conventional financial system. MetaAsset Capital utilizes the BNPL Pay open blockchain protocol to develop a powerful DeFi solution for our lenders, borrowers and stakers. Our platform provides an opportunity for users to diversify investments, and receive higher interest rates plus lower transaction fees than the standard brick-and-mortar financial institutions.

MetaAsset Capital will build a connection between the traditional financial infrastructure and the latest blockchain technology for an efficient and optimized solution that all its users can take full advantage of. The objective of the platform is to empower all our users to have access and benefit from the new digital economy. I invite you to join us in this dynamic journey and grow along with us in the exciting crypto universe.”

MetaAsset decides to work with BNPL Pay specifically and exclusively

BNPL Pay is one of the first protocols in DeFi to facilitate uncollateralized lending. Since uncollateralized lending has been a major goal for DeFi since its inception, the recent launch of BNPL Pay could launch this niche industry into the traditional capital markets if more companies such as MetaAsset see this opportunity as well.

Through clever use of blockchain architecture, game theory and smart contracts, BNPL Pay is creating the world’s first truly decentralized, peer-to-peer network of lenders and borrowers. The vision enables a lower cost of capital and aligned incentives for all ecosystem participants.

This novel approach to credit could reduce the gap between DeFi and traditional finance, providing an easy on-ramp for users to participate in the DeFi revolution. BNPL Pay, being a lending protocol, also facilitates bigger and better yield-farming opportunities for lenders. These higher yields, facilitated by emissions of its BNPL token and underlying interest paid in stablecoins, combined with the decentralization and global accessibility of DeFi, could become the perfect recipe for DeFi’s mainstream entry.

About BNPL Pay

BNPL Pay is a decentralized lending protocol that puts credit in the hands of those who need it the most: users without capital. It tackles the problems presented by uncollateralized borrowing through a unique design where a decentralized network of banking nodes services industry needs. With this protocol, anyone can become a lender, and anyone can apply for a loan.

  • Website – https://bnplpay.io
  • Contact – marketing@bnplpay.io
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PR.Dept March 11, 2022
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