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New app scans individuals burdened with debt

by | Feature, Technology

Jan. 23, 19 | 3:17 pm

One of the most common struggles of OFWs is how to manage their finances, with several resorting to loans from banks, financial institutions, and from people.

For those who loan money from their fellow OFWs, it seems like it’s a struggle not for the one who asked the money, but for the one who lent it as there are instances when the borrower will start to move away from the lender, or worse, just disappear into thin air.

This problem isn’t just happening to Filipinos, but on a global scale. As a matter of fact, in China – their authorities have recently developed a first-of-its-kind mobile application that informs the user if they are nearby those who are in debt.

The app, named “map of deadbeat debtors” was launched by the officials from Hebei, a province within China which is accessible through their social media app WeChat, making it an app within an app – as per a report from their state-run newspaper, China Daily.

How does it work

After opening the WeChat app, the user has to select the feature which then alerts with a flash whenever they’re within 500 meters of someone who has debt. The app reveals the location of the person, though it has yet to be seen if any details show up regarding just how much debt the person is under.

China Daily said that the app will serve as a ‘whistle blower’ for those debtors who are already capable to pay off their debts.

As of press time, there’s no available information on exactly how much debt a person should be under for them to be under the app’s radar and be revealed in it.

In addition, there’s no word yet if the app will be available outside China, as the system currently only works depending the person’s credit score.

However, demand for such an app will rise not just in the Philippines and the UAE, but towards the entire globe as it will help track those people who are currently in hiding from their debtors through their credit score and their financial information.

More updates will be available in the coming months as the new system will come to full use aiming for 2020 as China continues its crack down on lending, with its continuous reforms on its social credit system, as per the Daily Mail.

 

 

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It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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