Monk

Mobile bank focused on saving/borrowing in groups

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Would love to get @_dannybin to jump in and answer some questions on the launch of their new ios app.
Thanks Tom! Hi Everyone, I am Danny. I'll be around all day to answer any questions you may have. Monk is a mobile bank that enables users to save and borrow in groups among friends and family! Let us know what you think!
This is a great concept that already happens offline in many ethnic communities. Totally makes sense to bring it into the light and let people benefit from their offline credit
@bmajz Indeed Bilal! Thanks for pointing this out!
@_dannybin @bmajz As Bilal mentioned, many ethnic/recent immigrant communities already have this informal "family lending club." Monk can be a great tool for these communities — maybe you could localize it into Chinese, Vietnamese, Spanish and other languages.
@chubert Yes Albert! I couldn't agree more. They are in the works :) Both my co-founder and I are long time participants in these offline groups within the Chinese and Nigerian communities. We will definitely localize our services into all of the languages you just mentioned and more. Thanks for the great comment!
Hey - loving the concept. Curious into your considerations around the legal implications of peer-to-peer lending? Are there any legal limits? Also, not checked - which countries are supported?
@rossbeale Hi Ross, thanks for the question! We are currently only live in the US, due to the legal limits you mentioned ;) But we are working on with our legal team to expand to other international markets. As for the legal implications, certainly! We have worked hard and continue to working closely with our legal counsel on obtaining all the appropriate licenses. Unlike the traditional P2P lending marketplaces, the saving groups on our platform are private and are mostly consisted of friends and family, so when a member borrows money from his/her saving groups, he/she is borrowing money from friends/family, therefore, we have a much much lower default rate, hence much easier for one to underwrite the loan. Hope this answers your question, let me know if you have further questions. Thanks!
Nice job Danny!
@allany888 Thanks Allan!