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Jun 18, 2015 7:30 AM ET

Archived: ASIEMBRA, INC.: to create a new banking model that caters to underserved markets, particularly the underbanked and unbanked

iCrowdNewswire - Jun 18, 2015



Asiembra Inc’s mission is to create a new banking model that caters to underserved markets, particularly the underbanked and unbanked. Asiembra is a special purpose company established in Delaware in September 2013. Asiembra will acquire a bank and raise capital for the project. Upon completion of the project, Asiembra will become a Bank Holding Company.

Mifi Technologies Inc. is a wholly owned subsidiary of Asiembra established in Delaware in September 2014. Mifi Technologies will develop core banking software and other information technology solutions that will be used by the bank to be created. 

Mifi Bank will be the first bank able to:

  • Effectively serve more than 70 million underbanked people in the U.S. by conducting thorough know your customer (KYC) procedures;
  • Provide a variety of needed services to meet the demand of customers in the U.S.; 
  • Offer immigrant families a package of a comprehensive and easy to use banking account; a custom made reloadable debit card with a micro-loan program attached to it; and worldwide remittance services with instant delivery at the lowest cost in the industry;
  • Become the most competitive and compliant bank in payment transaction processing and funds settlement; 
  • Support various technology-driven payment transactions such as domestic and international mobile to mobile transactions.   



The Problem

There are more than 70 million people in the United States who are not served by mainstream banks. Conventional American banks remain unable to serve many of these new potential customers due to:

  • Lack of understanding of the potential market for small dollar transactions such as money transfer 
  • Absence of the appropriate infrastructure needed to serve their needs, and 
  • Difficulty of complying with regulatory compliance requirements. 

While technology advancement is progressing rapidly, the slower pace and limited capacity of banks is impeding the evolution and growth of small dollars transactions and related economic activities. Banks, which are the central source for fund settlement of payment transactions, are missing innumerable business opportunities as a result of these problems. 

The Solution

Mifi Bank (or “the Bank”), a model integrating many financial innovations, will provide solutions for better banking services in the U.S. Specifically, the Bank will:

  • Create a highly compliant institution by implementing not only an innovative core banking software system with a fully automated compliance verification function, but also well-considered compliance operations;  
  • Establish a capacity to provide basic banking services to everybody at the lowest possible cost;
  • Launch technology-driven new services usable by mobile phone or custom designed card devices to increase the usability and accessibility of services by customers; 
  • Provide business to business, business to consumer, and consumer to consumer services through the Bank’s innovative payment processing and funds settlement system;
  • Introduce new cross-border service programs such as bilateral transnational loans and cross-border small insurance programs by forming strategic alliances with foreign banks, microfinance institutions, and insurance companies.

How the Mifi model changes banking in the United States




Immigrants and unbanked people have many financial service needs that are not provided for by banks. The wide majority of these people are served by non-bank financial service providers, called Money Service Businesses (“MSBs”). MSBs are licensed by each state regulator and the U.S. Department of the Treasury, however they are basically a single service provider and therefore the price they offer to customers is high. MSBs process more than 93% of total outbound small dollar consumer remittance transactions being sent out of the U.S. because the banks do not have an appropriate remittance system and distribution network able to deliver the remittances in cash to beneficiaries. The banking system should take the principal role in such transactions in order to ensure a high level regulatory compliance with such activities. We will normalize current market practices by:  

  • Introducing an innovative core banking system equipped with a fully automated and real-time compliance verification function in all transactions of the bank;
  • Integrating multiple devices and new technologies like mobile phones with the core banking system to connect customers nationwide;
  • Establishing a collective funds settlement environment to settle various transactions instantly;
  • Starting innovative virtual account services combined with mobile devices and specially designed reloadable debit cards;
  • Extending customers’ cash deposit and cash withdrawal facilities working with a nationwide network of ATMs and card charging partners;
  • Offering the most competitive global remittance services at the lowest cost in the industry by using customers’ mobile phones.   
  • Initiating various credit history building loans to accelerate the inclusion of unbanked people into banking services;
  • Launching various cross border services by forming strategic alliances with foreign banks, micro-finance institutions, and other financial service providers worldwide.  

The revenues of the bank shall be generated principally from “transaction fees” of its diversified transaction processing services such as money transfer, payment processing, compliance monitoring service, newly designed account fees, withdrawal/deposit facility fees, ATM fees, in addition to the traditional interest and charges of loan programs.

Contact Information:

Atsumasa Tochisako

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