CashOn launches digital currency lending matching platform in Hong Kong

CashOn connects customers to licensed financial institutions.

Fintech CashOn has launched a digital currency lending matching platform in Hong Kong.

The platform helps customers access cash liquidity by using digital currencies; finding and comparing quotes from multiple financial companies; and providing suitable lending solutions, enhancing the fluidity between digital currencies and fiat currencies, according to CashOn.

CashOn is banking on the rise of digital asset lending in Asia, with an estimated 200 million people in the region holding digital currencies. In the ASEAN region, the digital asset lending loan book is reportedly growing annually by over 20%, according to a separate report by Triple-A.

CashOn’s platform utilizes smart contracts, including core contracts for escrow, repayment, and margin. These contractual terms will be executed without the need for intermediaries, the fintech said.

For security, CashOn’s platform adopts encryption technology and multi-layer authentication, and collaborates with security institutions to protect the financial transaction security of its customers. 

In the future, CashOn said that it plans to expand to the wider ASEAN region and offer Web3 e-payment solutions.