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.
We are looking into this matter. In the meantime, we advice you to not get involved in this.
— Maldives Police (@PoliceMv) January 10, 2019
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.
Dear @PoliceMv, on the Ad you see phone numbers, a website and a legally registered business. On what basis u said @moneytreme is a scam last night. On what intelligence. Thee meehun hayyaru kuran dhey intel report kahala ehchihi dho https://t.co/uF4BwPGDpU
— Sir DEP4®TED™ (@jophoskie) January 11, 2019
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’.
