ASMX chief David Bradley-Ward said the blockchain-based secondary market is aiming for standardisation across peer-to-peer lending platforms to benefit investors.
Bradley-Ward (pictured) said the platform, which is still undergoing testing and is now expected to launch in September, is seeking institutional investment to create professional liquidity.
He said the marketplace, which will be available on both desktop and mobiles, will only charge a 0.25 per cent fee once the benefits start to come to fruition.
“We’re passionate about being able to lead the P2P lending market into something different, something more standardised,” Bradley-Ward said in a video online.
“So, if we’re going to operate to the same standards there’s no reason why loans from different platforms can’t be traded with each other, subject to the regulators being happy with that.
“If you mix that with the professional liquidity that will benefit everyone, allowing the retail lender to get decent rates and liquidity with a good risk and reward and the professional investor to invest in a new asset class with liquidity behind it.
“Part of the reason of working on ASMX is to bring institutional professional lenders to bring liquidity to the book but Ablrate is still a retail platform with sophisticated, high net worth and restricted investors.
“ASMX will bring liquidity to areas that don’t have liquidity, to bring options for investor to invest in different things they may not have considered before, just as the P2P space gave options for lenders to lend to businesses which they may not have considered before.
“Technology should bring more options to people.”
ASMX was originally set to launch in mid-March. This was delayed with the platform undergoing testing and considering adopting a black box model in June.
Last month, Bradley-Ward said the launch was delayed after his team encountered a technological issue that they were fixing.