Frequently Asked Questions
Here you can find answers to some commonly asked questions pertaining to SMBEx
What does a SMBEx community look like?
A typical SMBEx community refers to a place-based community. It is a size of an average school district( in the United States). It could be a neighborhood from 4 to 8 square miles. Occasionally, SMBEx can be a social unit with some commonality, members not in physical proximity with one another.
What are the SMBEx customer segments?
SMBEx communities can be implemented in any part of the world. The early adopters are 1)impoverished and underserved communities that are spread globally 2)communities recovering from natural/political calamities 3)Local farmers/organic communities that make significant contribution to the local economy.
How secure is the SMBEx system?
SMBEx engages highest level bank-level security for all transactions within the system. We understand the need for high security environment to prevent intruders, DDoS attacks and internal tampering
What is the implementation process for a single SMBEx community?
SMBEx consultants and volunteers will be working along with the local community leaders throughout the planning, implementation and after-implementation phases for successful deployment in each community. The different phases of SMBEx Implementation in a community can take anywhere from 3 to 15 months.
Does SMBEx transact in the local national currency in every country?
SMBEx uses a voucher system which can be exchanged with the respective local currencies. They can be exchanged with the local currency as and when needed. SMBEx also uses Artificial Intelligence and collective learning to find workaround most obstacles in each community.
How adaptable is the system in different regions?
SMBEx system is designed for low bandwidth geographic regions and locations as well. It facilitates transactions both online and offline and can work on private networks.
Do you use blockchain technology?
SMBEx is not developed on blockchain. However, when the distributed ledger technology matures our system would be adaptable to newer technologies. Also in the future SMBEx will have the ability to integrate with internet-of-things and other cross-border payments available in the market.
Do you pose a threat to the existing monetary system?
SMBEx is not an existential threat to current financial or banking systems. It rather augments to national economy by recreating self-sustainable micro communities and can work in parallel with the current economic system.
How is SMBEx implemented locally?
It is implemented through Micro Finance Institutions, Non-profits and NGO(non-governmental organizations) that are stationed locally in such communities. Initially SMBEx communities will be launched through our partner banks and affiliates in Kenya, Tanzania, Indonesia, India and Dominican Republic to name a few.
How does SMBEx optimize local economic production?
SMBEx identifies the goods and services that are needed within a community. Then compares with the availability both locally and abroad. Then creates an economy around mostly-used transactions for building healthy self-sustainable communities.