In this short video Donatas reveals the team’s success so far with regards to on-boarding new service provider partners.
James: Hello Debitum followers. Thanks for joining us for another video interview. Today I’m joined by Donatas, one of the co-founders from Debitum Network. Today what I want to do is let Donatas share with the community, you guys, exactly what he’s been up to over the last few weeks, and probably much longer as well with the grand scheme of things. With his conversations with partners who would actually join the Debitum eco-system, a huge part of whether or not the project will be successful. I want him to share his insights and what he’s been up to with you today. Donatas, why don’t you start by telling us a little bit about what you’ve been up to?
Donatas: First of all, hello to everyone. Once again, yeah, I want to correct you that this was not like two-weeks.
James: Yeah, I realized when I said that.
Donatas: We are working I would say very intense for seven months, for the last seven months. Yeah, it’s going great. We have great partnerships, preliminary agreements. Some of them will be announced, some of them will not be announced.
James: I think it’s important why you say why they can’t be announced as well.
Donatas: Yeah. Because some of them are really, really big names. Sometimes corporation rules-
Donatas: Yeah, restrict that. Do not allow to announce. To be honest, a lot of counter-parties will be not from fiat space. They’re just looking what will happen.
James: With that being said, last week or last Friday we announced credit info.
Donatas: Talking about the risk assessors in the platform, we have a preliminary agreement with Creditinfo. This is one of the biggest or the biggest credit bureau in Lithuania. Yeah. They are very innovative. They are looking for new solutions. Blockchain is an interesting space for them. I think that they’re happy to have partners like us because we also show new tendencies in the market for them. Yeah, we have this partnership. They will provide data, risk assessment for other risk assessors. Maybe they will be like a risk assessor in the platform. Yeah, we have a very, very strong and serious partner in risk assessment.
James: That’s a great achievement, really great achievement. They’re first of many to come, right?
Donatas: Yeah. I can even run through all the counter-parties and just to give you an indication of what’s happening. We’re talking with several investment firms who will be providing capital in the platform. As I mentioned, we are talking to several institutional investors. They are definitely interested in that. Because what we are doing at Debitum Network, is we are creating a new asset class investment in SME loans. Investment firms are very motivated to diversify their portfolios. Yeah. We will not be able to announce all of them, because some of them are really big names. This is again, corporation rules. It’s not so easy to announce them. We mentioned investors. Debt collection, a very important part in the platform. We have a preliminary agreement with a local debt collector. They launched a debt collection platform. They’re very innovative. They have self-service. You can buy their services or even sell a loan without even meeting them.
James: Just all online, right?
Donatas: Yeah, everything is online. We will definitely look for solutions with them. We have approval that they are interested in collaborating, a lot of loan originators who will put assets to the platform. There before, our current alternative finance company. We have, for example, lender-wise, they work in the niche of financing telecoms. Very interesting niche. Even more, it’s impossible to announce all of them, because there are bigger, smaller loan originators who will participate also.
James: Saying that, it’s important that you are working with Lithuanian based first, looking at the roadmap. Your plan is just to start local, because of the cost incentive, and then obviously expand out of that.
Donatas: Yeah. We already show that we have local partners, international partners. We will get even more partners in the future.
James: Fantastic. Go on.
Donatas: Yeah. Loan originators, what else? Credit insurance. We are talking directly to some global credit insurers. Also, we are talking with local credit insurance brokers, who are closely working with all the global credit insurance companies. I think that we will onboard them soon also. This gap is also filled. Actually, there are only three credit insurance companies worldwide.
James: If you had one of them, that’s a pretty big deal.
Donatas: I think that we will get a credit insurance broker which is working closely with all of them, all three credit insurers. Actually, we talk with everyone I would say in this space. I think it’s important to mention that we received a letter of support from the Ministry of Economy of Lithuania. They are very interested. I think they want us to succeed because this is small and medium businesses, is very important for any economy to grow. We are talking to other Blockchain projects who are developing, planning to develop fantastic things. It’s connected with token liquidity, other things. Bancor, Specter, these are fantastic projects we are talking to. Possibly, we will use their solutions also in Debitum Network.
James: Fantastic. This week coming up, are there any announcements do you think that we could be making on the partnership side?
Donatas: Sure, sure. I think that we will have at least two announcements.
James: Okay, fantastic. Keep an eye on your email. We’ll be putting that information out to the community first, to be the first to hear of any new partnership deals that get announced this week. Donatas, thanks so much for your time again.
Donatas: Thank you.
James: Guys, if you haven’t done already, make sure to subscribe to Telegram, or should already be on the newsletter. If you’re not, get on that. Obviously follow us on Facebook, Twitter, and LinkedIn. See you in the next video.
Donatas: See you.