Fund platform 'Moneytreme' refutes scam allegations
Moneytreme says they are a registered service with legally binding agreements
Mohamed Aslam, Moneytreme founder
Local funding platform, Moneytreme, has on Friday refuted reports that their service may be a scam.
Mohamed Aslam, founder of the service, told the press that Moneytreme is a registered service that facilitates a legally binding agreement between users.
Moneytreme claims to be the a ‘peer-to-peer’ lending service that connects potential borrowers to lenders, and facilitate funding.
A user on Twitter had asked the Maldives Police Service to ‘verify’ Moneytreme’s service, to which the police responded by asking people to refrain from using the platform.
Aslam said at Friday’s conference that the police posting such a statement without going over the ‘considerable documentation’ behind the platform’s service, is ‘saddening’.
Moneytreme's concerns have been supported by other users as well, who described the police's statement as irreponsible.
According to their advertising, Moneytreme allows borrowers to acquire a total of MVR 50,000 from borrowers, who in turn receive MVR 100,000 within a span of 20 months.
The platform, which claims to be the first ‘fintech’ service in the country, is open to users from around the world and one can register either as a ‘borrower’ or ‘lender’.
