<article>Singapore-based <a href="https://www.dealstreetasia.com/?s=Points">Points</a>, which seeks to build a credit scoring protocol integrating AI with blockchain, has raised $8 million in seed funding from a number of traditional and blockchain venture capital firms.</article>

Singapore-based <a href="https://www.dealstreetasia.com/?s=Points">Points</a>, which seeks to build a credit scoring protocol integrating AI with blockchain, has raised $8 million in seed funding from a number of traditional and blockchain venture capital firms.
The seed round was joined by DHVC, Cherubic Ventures, Ce Yuan, Ontology Foundation, <a href="https://www.dealstreetasia.com/?s=Nest.Bio%20Ventures">Nest.Bio Ventures</a>, and Zhong Cheng Xin Credit Technology, according to a press statement issued by Points.
Points, co-founded in 2017 by Sarah Zhang and Kate Shen, intends to use the fresh funds to expand its engineering team in order to accelerate the development of blockchain-based know-your-customer (KYC) and credit scoring applications.
The company said it uses blockchain technology and AI to develop a secure and configurable protocol that encourages trustless entities, including banks, institutions, tech companies and consumers to participate in sharing their proprietary data.
The Points protocol seeks to enable multiple institutions to share sensitive data with each other without the risk of having their data exposed to their competitors, even if they are all using the same protocol.
When data sharing is bundled with AI capabilities, credit scoring becomes more accurate, the company says. The startup compensates institutions with PTS tokens in exchange for sharing sensitive data, Points said.
“Our vision is to serve the underrepresented community, and with blockchain as a core technology for Points, we&#8217;re able to incentivize partners to participate in risk-free data sharing, which combined with AI, means truly accurate credit scores,” Zhang said.
On its website, Points said its credit scoring protocol has already processed at least 500 million credit profiles and supports 10,000 transactions per second.
Credit scoring challenges have stopped 77 per cent of banks in Asia Pacific from growth, according to a survey conducted by <a href="https://www.dealstreetasia.com/?s=KPMG">KPMG</a> in 2017.
With more than a billion potential customers in the region, the survey found that two in five banks said they could grow their customer base by 11 per cent to 25 per cent if they could accurately score unbanked customers.
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The seed round was joined by DHVC, Cherubic Ventures, Ce Yuan, Ontology Foundation, Nest.Bio Ventures, and Zhong Cheng Xin Credit Technology.

Singapore's blockchain credit rating protocol Points raises $8m

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Singapore's blockchain credit rating protocol Points raises $8m

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