The future of blockchain in FinTech – Colendi’s perspective | NOAH Success Story

By 20th November 2019 April 13th, 2020 News

Colendi is a cross-border decentralized credit scoring platform based on blockchain technology. Colendi is also known as a winner of NOAH Berlin 19 Startup Stage competition after that the company had a chance to present at the Main Stage of NOAH London 19. 

We’ve talked to Bulent Tekmen, Co-Founder and CEO of  Colendi, about  the company’s goals, the future of blockchain and their experience at NOAH London and Berlin Startup and Main Stages.

How did you come up with the idea of starting up Colendi and what was your main driving factor?

With the intervention of game-changing technologies into financial markets in the past decade, new concepts, ideas and products replace the conventional / traditional ones. 

In the new financial landscape, the most crucial thing a business should take into consideration is to create innovative ways to satisfy the needs and expectations of its customers, as I mentioned in my last article published on Hackernoon.

Although this sounds somewhat straightforward, this issue may be overlooked, when considering the business oriented goals of companies rather than customer oriented perspective. In that point, I can say that our team has seen the crucial need for many people in today’s financial ecosystem. That is an alternative credibility system.

As a credit scoring and micro-credit platform, Colendi offer customers an alternative way to get access a fairly measured credit scores with the help of big data and machine learning mechanisms of the company, which in turn can enable previously un / underbanked people that never had credit score to get access to financial services, and thus, contribute to the aim of “financial inclusion” globally.

How do you envision the future of blockchain  — do you believe a complete switch to it will happen? If yes, when and how?

Blockchain has been one of the buzzwords in both technology and finance sector for a long time. Considering the applications and promises of this technology in providing unprecedented security, reliability and transparency which enable financial institutions to extend their financial options, it is not so likely to deny Blockchain’s potential to transform both businesses and governments in the future. 

However, blockchain-led transformation seems still many years away. Despite the revolutionary impact of technology in many aspects of our lives, it will take decades for blockchain to be completely integrated into our economic and social systems.

What steps need to be completed for the global economy to become possible?

As we all know, it is almost impossible for us to create a global economy by overcoming the global income inequalities which is required to be handled by governments and international community agents.

Therefore, in the current situation, I can say that one of the most urgent requirements for creating a global economy is to provide “financial inclusion”, the right for as much as possible people to get access to financial services such as opening a bank account, transferring money e.g., and thereby, to take place in the financial markets. For that reason, the most appropriate way is to create global “digital” economy in today’s world.

That economy refers to the collaboration between governments, civil society, businesses and companies in finance and technology industries to improve the economic and social outcomes all around the world through the usage of digital technologies such as big data, artificial intelligence, machine learning, etc. 

While the global digital economy can contribute to advanced customer experiences than offered by traditional financial institutions, it can foster the production of higher quality goods and services at reduced costs from the business perspective.

From the startup competition till NOAH London 19 what has changed in your company? 

I can say that at the end of the conferences, Colendi has gotten valuable gains such as media exposure, possible investments opportunities, a chance to establish credible networks and potential strategic partnerships.

Would you recommend NOAH startup speakers to participate in the competition and why?

I believe NOAH startup competition is an important process for startups to improve their experiences, and to bring their businesses to the next level, while learning from each other and to work together for the global problems such as financial exclusion e.g. 

As another issue, a startup may have a product or idea, but it takes a long time to bring them to the market because of many obstacles, such as restricted assets, and sources, lack of cash flow and exposure, etc. In that point, participating in this kind of events as competitions can enable startups to advertise their businesses in a more practical and easier way. Therefore, I would recommend NOAH startup speakers to participate in competition. 

You have been presenting on both NOAH stages – what are your impressions from each?

Collaboration as well as competition environment constitute the reality of NOAH conferences. Friendly collaboration between the participants in the conferences is something I really like. At the same time, the audience quality is very impressive  – all the participants – investors, partners, and team members are very high-profile.

What differences have you noticed between London and Berlin NOAHs? 

In Berlin, it was a real pleasure to get together with future-shaping CEOs and founders to exchange opinions. Similarly, in London, there was a great marketplace for companies that wanted to establish investment partnerships with capital providers and service providers trying to find relevant customers.

Apply now to present at the next NOAH Conference Startup Stage!