On Monday, 11 November 2019, a beta version of the HaveFund Mortgage Loan Trading Platform was launched in Hong Kong by developer Meng & Yume Innovate Pte Ltd and its local subsidiary, MY Innovate (HK) Ltd.
The soft launch involved four non-bank lenders who have agreed to test-drive the platform using real-world transaction data to fine-tune the product in preparation for General Availability in early 2020.
HaveFund is a secure loan trading platform based on distributed ledger and secure enclave technologies. It enables the efficient buying and selling of loans without revealing sensitive borrower information or confidential lender credit policies. Each participating lender joins the platform as an alliance member running their own node on the distributed ledger. This, along with the various cutting edge components in HaveFund, ensure that the system is Secure, Honest, Immediate, Fair and Trusted, as envisioned in MY Innovate’s SHIFT initiative.
“Even as loan trading activities have been happening in the HK market,” said MY Innovate HK president Stanley Zheng, “the protection of data privacy and the insufficiency of data processes have lead to strong demand for a secure and effective trading platform. With the great support of our alliance partners, we are happy to announce the highly successful launch of the trial run of the HaveFund loan trading in Hong Kong on Nov 11th.”
The platform is slated for General Availability to all Hong Kong based non-bank lenders in February 2020.