HKDecoman Further Revolutionizes The Home Renovation Industry By Integrating Technology, Online Renovation Services and Smart Lending
Hong Kong, January 30th 2019 – HKDecoman, Hong Kong’s leading online renovation platform and FinTech platform MoneySQ have teamed up to launch a “Renovation Upgrade Plan”. The plan aims to allow homeowners to monitor the progress of their home renovation projects at a glance, through the use of smart contracts and blockchain technology, thereby giving them peace of mind when making payments to renovation companies. In addition, users can also utilize MoneySQ’s loan service, allowing them to have adequate financial liquidity to be able to select better and more durable materials for their renovation and remodelling, without having to opt for substandard choices as they worry about the lack of financial resources.
Home renovation is an extremely complex and cumbersome process that most people experience at least once in their life, and HKDecoman launched an integrated online renovation platform service in 2015 to address the pain points of this market. To date, the platform generates 200,000 visits per month and is very well received by the market. To further improve their customer’s renovation experience, HKDecoman is teaming up with MoneySQ to launch a “Renovation Upgrade Plan” this year to provide renovation loans integrated with technology.
The Renovation Upgrade Plan
Customers are able to access renovation funding conveniently through MoneySQ while using the services from the HKDecoman platform, allowing them to minimize the financial stress during the renovation process. Customers of the Upgrade Plan will be able to track the progress of their renovation project through a mobile app, where they can communicate directly with the renovation company, overseeing all the details of the project, and monitor the payment process via smart contracts. As all transactions are on blockchain, they are essentially tamper-proof, which greatly improves the efficiency and reduces the likelihood of a dispute arising. HKDecoman and MoneySQ’s collaboration integrates technology, an online platform and smart lending to further revolutionize the home renovation industry so that in the near future, the process could become as effortless as a few clicks.
As Benny Liu, the co-founder of HKDecoman, pointed out, “We typically experience one to several renovations in our lifetime, and even though it is not a major life event, it is not something to be neglected. This is because the process can be very arduous, it is time-consuming, and there is even a risk of fraud. We have witnessed too many renovation projects with loose ends, and the clients are not necessarily always the victim, as a small portion of victims are renovation companies. When clients are scammed, they could lodge a complaint with the Consumer Council, or post negative reviews on the internet, but more often than not, the renovation company has no such recourse. Such a “Renovation Upgrade Plan” greatly improves the transparency of the entire project – for both parties. Not only does it allow clients to understand the progress of their project clearly, but it also allows them to raise their concerns and dissatisfaction immediately. This is a safeguard for both parties, as it helps the renovation company avoid incurring bad debts.”
Steven Lee, founder and chief executive officer of MoneySQ and trustMe adds; “Earlier on, we have collaborated successfully with real estate developers in launching an electronic version of the Estate Agency Agreement for Sale of Residential Properties, using smartME’s smart contract and blockchain technology. Today, we are once again working with a leader in the renovation sector, HKDecoman. This is a ground-breaking collaboration, to refine and improve the delivery of renovation loans. Since day one of our research and development in blockchain technologies, our aim has been to improve everyone’s day-to-day life in every aspect from food, clothing, housing and transportation through the latest technology. After all, no matter whether it is a renovation for a new home or remodelling of an old home, the ultimate goal is to build a home sweet home. The best home investment is when you have better cash flow today, so you can live in a better environment in the future.”