About Change Bank
The rapid proliferation, expansion, and adoption of cryptocurrencies is incredibly disruptive to traditional banking, driving forward its evolution even as a myriad of rival solutions emerge (for everything from payments and remittances to investments). Change Bank aims to be one of the more comprehensive, user-centric solutions (along the lines of CoinsBank and Polybius, or Bankera), by building a decentralised cryptocurrency based bank and marketplace that allows users to access financial services from a worldwide network of partners. Change Bank appears to be focused on developing a peer-to-peer services network, rather than on integrating with traditional banking institutions and mechanisms.
The features listed in Change Banks’ whitepaper include:
- Global Onboarding: A mobile app with an electronic Know Your Customer (KYC) platform capable of onboarding users from anywhere in the world and automatically validating user transactions with third-party service providers through tokenized KYC information sharing.
- Universal Crypto Wallet: An intuitive and easy to use in-app crypto wallet that facilitates the storage of all major cryptocurrencies.
- Card Payments: A Change Card that allows users to spend their digital funds online and offline wherever credit/debit cards are accepted.
- Attractive Fee Structure: Users aren’t charged for having an account, transferring funds, or making payments.
- Rewards (Redefining Cash Back): Users are rewarded for using the Change Card and third party services on the platform (online or offline) by receiving part of their transaction back in the form of Change Coins.
- Enhanced Security: The Change Card can be locked from the app at any time.
- Marketplace: Investment in stocks, P2P lending opportunities, real estate, travel, and more.
The Change card is a Mastercard card which allows users to spend cryptocurrencies to buy goods and services and withdraw funds from ATMs all over the world. Users are not required to convert their crypto-assets into fiat; upon payment or cash withdrawal, the system checks whether the user has sufficient cryptocurrency in their wallet and deducts the necessary amount. Exchange rates are displayed in the app in real-time. For every payment made with the Change card, users receive a 0.05% rebate in the form of Change Coin. The rebate will double if the user pays using Change Coin. Merchants will be charged a 2% fee on payment transactions.
Change says that its value lies in re-bundling unbundled financial services, providing users with access to a multitude of financial services such as investments, insurance products, and loans. Moreover, these financial services can be located anywhere in the world, with no geographical restrictions. Change Bank will provide initial screening and approval for service providers, but ultimately plans for the marketplace to be self-regulating, with published ratings and usage statistics. Third-party service providers will share 20% of their revenues generated from Change users with Change, of which 1/6 will go to marketplace investors and 5/6 to Change Coin holders.
Change Bank is based in Singapore and is supported by the Estonian government’s e-Residency project – a strategic partnership that will validate and make Change Bank’s services available to more than 22,000 global e-residents. This will also allow users to access all the third-party services on the platform using a single digital identity. Change Bank will also make it easier for service providers to integrate with the platform by building a library of SDKs and standardized APIs for different services classes based on their requirements.