World Mobile Taps SingularityNET to Introduce Blockchain-Based Loans

The UK-based mobile network operator – World Mobile – teamed up with the decentralized artificial intelligence (AI) marketplace – SingularityNET – to develop credit ratings for a lending program that utilizes blockchain technology.

The partnership will also enable World Mobile to scale its network and expand to new regions.

Combining AI and Blockchain Technology

According to a document seen by CryptoPotato, the collaboration with SingularityNET will upgrade World Mobile’s customer service as it will use AI technology to answer clients’ generic questions. The mobile network operator will also integrate the technology to establish a blockchain-based lending solution.

It will introduce the option in phases, with the first involving provisioning credit to observe who will be eligible to use the offering. Second, the entity will check whether it can provide additional loans to loyal customers. Finally, the program will reach global users served by traditional financial institutions. Speaking on the matter was World Mobile’s CEO – Micky Watkins:

“We are proud to partner with SingularityNet on the integration of AI technology for customer support and introducing blockchain-based data loans. This strategic partnership reflects our shared commitment of delivering cutting-edge innovations to solve real world problems. 

With AI-driven assistance, decentralized identifiers, and secure blockchain transactions, we are empowering users with seamless experiences and unlocking new possibilities in the mobile industry.” 

Janet Adams – COO of SingulrityNET – described this partnership as a “key component” of his company’s journey since it will allow it to get “vital funds to those the traditional financial system has previously excluded.”

“We look forward to collaborating more closely with World Mobile to pioneer a fairer, decentralized future,” the exec added.

World Mobile’s Previous Efforts

The entity launched a token buyback program in June to advance the growth of its sharing economy. Specifically, World Mobile’s treasury was set to purchase its native coin WMT from the open market and distribute rewards to some of its users. 

“By repurchasing World Mobile Tokens (WMT) from the open market, we aim to build a sustainable sharing economy for all our participants.

We believe that by executing on our business model and initiating buybacks from real-world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem,” CEO Watkins said at the time.

World Mobile also teamed up with Conflux Network (a blockchain platform developed in China) last month to expand its network access.