Decentralised financial services built on trust

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About Bright

Bright represents a radical change to the way micro, small and medium sized businesses (MSMEs) access financial services.

Using blockchain technology and a decentralised, trust-based marketplace, Bright will reduce friction for MSMEs and the financial services sector, resulting in better credit assessment and smarter lending.

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Bright Vision

Micro, Small & Medium Enterprises (MSMEs) are the foundation of emerging market economies

600 million jobs will need to be created in the next 15 years to absorb the growing global workforce. 4 out of 5 newly created positions are projected to be created by MSMEs

MSME businesses account for more than 60% of employment in emerging countries

Problems

Credit Gap: An estimated 70% of emerging market MSMEs lack access to credit. The problem is particularly acute in fast growing economies of Africa and Asia. The total credit gap for MSMEs is approximately $1.2 Trillion. If you include informal micro-businesses, that goes up to $2.1 Trillion, according to a 2013 World Bank report

Lack of Information: Financial services institutions are unable to make accurate lending decisions due to a lack of information on MSME businesses

Prohibitive Terms: Lenders view MSME businesses as particularly high-risk, raising their borrowing costs and collateral requirements to prohibitive extremes

Bright Solutions...

Affordable Lending: MSME behaviour is assessed in real-time, allowing an accurate and holistic record of credit-worthiness to determine fair interest rates

Trust: Bright develops a verified business data ecosystem using data provided by MSMEs as well as trusted data sources, stored on the blockchain to enhance trust and transparency

Data sovereignty: Control over their data is returned to the MSMEs themselves - ownership rights are transparent and enforceable

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How Bright Works

Through its four technical components, Bright creates an entire business and financial services ecosystem built on trust and reputation.

BrightData

Cryptographically-secured collection of data vaults containing public, private and meta business data contributed by MSMEs and trusted data sources for the purposes of establishing trust and reputation

BrightMarket

Multi-sided marketplace delivered by DApp connecting MSMEs and financial services providers (SPs). The first SP on BrightMarket will be BrightBank, a Bright-managed lending solution for small businesses

BrightModule

Modular service offerings provided to the Bright ecosystem by participants, including data sources, financial services, and data analysis

BrightGateway

System of smart-contracts and oracle services that manage access to BrightData and control flow of tokenised access fee income during interactions between service providers and MSMEs

Bright Use-Cases

BrightMarket allows for a wide range of financial services for MSMEs, including:

Using richer, more transparent data, lenders can assess risk more accurately, and offer borrower-friendly loans on competitive terms that benefit the small business
Collateralized lenders can predict default rates with greater accuracy, offering better collateral-pledging and credit-pricing terms to borrowers
Banks and other financial services organisations can offer banking and saving accounts to MSME businesses, as well as commercial cards
Know Your Customer (KYC) and Anti-Money Laundering (AML) checks can be conducted on businesses that are not easily passed through standard processes due to lack of information
Creditors can build up an accurate picture on the credit worthiness of a businesses that is both more accurate than existing credit check tools through increased data points, and updated in real time
Businesses can vet potential suppliers and partners based on relevant business reputation data and previous transactions
Marketers and researchers can request access to useful data directly from the MSMEs and pay them for their valuable data

Bright API & Tools

The Bright SDK provides Service Provider Modules with the ability to digest information in an easy to consume format. Bright API allows for the simple integration of third-party tools to cater for new integrations, sources of data, and preferred risk modelling methodologies and perspectives

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Bright Team

Pierre Proner
Co-Founder and CEO

Anthony Martin
Co-Founder

Arnold Almeida
VP, Engineering

Jaime van Oers
Head of Blockchain

Jeremy Turiel
Computational Risk Analyst

Douglas Walker
Full Stack Developer

Will Cook
Front End Developer

Alicia Botha
MSME Engagement

Alex Shemchuk
UI/UX Design

Bright Advisors

Professor Tomaso Aste
Scientific Director of the UCL Centre for Blockchain Technologies

Desigan Chinniah
Open Innovation Director at Mozilla Firefox

Denise Dyment
Former Senior Banker at Standard Chartered, Ecobank, HSBC, Bank of China

Oliver Everett
Previously CEO of the Commonwealth Enterprise and Investment Council

Emmanuel Finndoro-Obasi
Director of Business, Trade and Investment for Africa House London. Chairman, Conservative Commonwealth Association

Rory Graham
Senior Partner at Coffey Graham, Fintech Legal Specialist

Professor Joe Haslam
Executive Director of Owners Scale-up at IE Business School

Jonas Karlberg
Co-founder of the Nordic Blockchain Association, and Founder of AmaZix

Robert Scanlon
Former Group Chief Credit Officer and Chief Risk Officer at Standard Chartered Bank, Swiss Bank Plc and UBS

Professor John Struthers
Professor of Economics and Director of the Centre for African Research on Enterprise and Economic Development. Honorary Consul for Ethiopia in Scotland

Roadmap

2014 to present

AMPP Group runs successful FinTech business in partnership with government and private sector, amassing database of over 34,000 emerging market MSMEs

Q2 2017

Concept for Bright conceived and spun out of AMPP Strategy and business plan created Technical research and development begins

Q3 2017

Idea validated through customer development model, gaining extensive feedback from MSMEs

Q4 2017

Go-to-market strategy defined and early adopter cohort of 650 MSMEs identified and approached to secure participation Version 1 of Whitepaper is released

Q1-Q2 2018

Technical architecture built and tested Regulatory approval for micro-financing initiated in Phase 1 markets

Q3 2018

Alpha version Bright app is released Public tech paper series begins Private pre-sale begins

Q4 2018

Beta version Bright app is released Token Generation Event and public crowdsale

Q1 2019

MVPs for BrightData and BrightGateway are released Deployment of first risk model

Q2 2019
Phase 1

Loans made to initial borrower cohort Lending outcomes are analysed and risk model is further refined

Q3 2019

Deployment of loans to extended borrower cohort BrightMarket MVP is built and tested Bright SDK is released & API opened Financial Services organisations in go-to-markets are onboarded

Q4 2019
Phase 2

BrightMarket is launched and goes live with initial Financial Services organisations Prepare for international expansion

Q1+ 2020
Phase 3

BrightMarket expands beyond lending use case Geographic expansion beyond initial go-to-markets commences BrightBank gains full regulatory approval and begins diversifying financial services offering

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