{"signature": "0x1134de5d33709351c23c15e7d8c574657edf9e7059bcb84e52bae2d9bbf35f1b24f5cb9f4b6f8c4d57f5b99dd51e693746a1a0858e0f7b0bab194dd1c5d7a2fd1c", "application": {"round": "0x523d76f39f6e6c7dd6a6707ed3b4490a386434a2", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "vXymb8QC9vPnpryDkYAQQYFaFaXoaZQz2/Xsxj4BSlw=", "encryptedSymmetricKey": "4bed6c211d2fafa36ded7829471215a39495bae8683b4d628c243a7db1d3b0db48f4922603577762a3de1676474b9414f72a88eda2b37b9ed977898642485237c2ae9c3e4cae0506814c74f28700289b185501a9fcfceab518d05d7424b77c8bd5bd62c8a18d859070b23a36e08a361d36291a4770d4889c8277ec4c7a07c24100000000000000201ec8d47ba16ac8142c661c906745e6ac0a8ba5a09ba8246ed587eb79af240fdc8d35e44e4b48496318b341d0968233b7"}}, {"type": "multiple-choice", "answer": "Building - Deployment of RWAs", "hidden": false, "question": "Which of the following RWAIG funding categories does your project fall under? ", "questionId": 1}, {"type": "number", "answer": "40000", "hidden": false, "question": "Funding Request ($USD) ", "questionId": 2}, {"type": "paragraph", "answer": "We\u2019re Jia, a decentralized lending protocol that connects capital from all over the world to businesses that need it the most. Currently, there is a $5T unmet financing gap among micro, small, and medium-sized enterprises (MSMEs) in emerging markets. While traditional fintech companies have tried to bridge this gap, they suffer from high cost of capital, low customer loyalty (due to the transactional nature of the product), and weak underwriting (due to limited data availability). \n\nJia solves these issues by sourcing decentralized capital, using rewards tokens to incentivize pro-ecosystem behavior, and leveraging AI-powered risk assessment tools to underwrite borrowers.\n\nSince launch, we\u2019ve made significant strides in building an ecosystem that supports the financial needs of businesses in emerging markets. With Jia\u2019s lending businesses in Kenya and the Philippines, we\u2019ve validated product-market fit as shown by:\n\n1) Originating >$5M+ to >2,000 borrowers with 100% repayment rate for invoice financing products, generating a 26% realized return for investors\n\n2) Achieving credit margin profitability on portfolio in <12 months from launch \n\n3) Growing originations at 31% month-on-month on track to hit $15M cumulative originations by EOY 2024 and $70M by EOY 2025\n\nAlthough Jia has sourced >$700k+ from on-chain liquidity, we have not been able to keep up with the growing financing demand from our customers. We believe that RWAs is the solution and next major milestone in our roadmap. \n\nBy tokenizing our customer\u2019s receivables (e.g. invoice), Jia aims to create a liquid asset class that can be traded on the global financial market by international investors. We have seen their appetite and interest in emerging markets, as demonstrated in our oversubscribed inaugural lending pool of $300K with Huma Finance, and we are excited to continue to offer sustainable ways to invest using RWAs. ", "hidden": false, "question": "What problem is your project solving in the RWA space?", "questionId": 3}, {"type": "paragraph", "answer": "Unlike other projects, Jia balances both sustainable returns to our investors along with real world impact to our customers in emerging markets. While our Huma Finance liquidity pool yielded strong returns of 10-12% APY USD, we are proud to have also contributed to the growth and success of small spice vendors in Kenya. This dual focus on financial returns and social impact sets Jia apart in the RWA space.\n\nIn addition, we believe that we can provide value to Arbitrum's RWA Ecosystem in the following ways:\n\n1) Expansion and Diversification: Jia expands and diversifies Arbitrum\u2019s portfolio by introducing a new asset class from emerging markets. By tokenizing receivables from MSMEs, we empower investors with access to high-yield, low-risk investments that were previously inaccessible. This diversification not only enhances the risk-return profile of the Arbitrum ecosystem but also aligns with the growing demand for sustainable investment opportunities.\n\n2) Blueprint for Mission-Focused Projects: Jia\u2019s comprehensive approach to RWA tokenization will serve as a blueprint for similar mission-focused projects on Arbitrum. Our extensive experience in emerging markets, combined with our proprietary invoice validation technology, allows us to navigate the complexities of this space effectively. By demonstrating a successful model, we pave the way for future projects that aim to leverage RWAs for both financial and social gains.\n\n3) Proven Track Record: Our successful deployment of $700k+ in on-chain liquidity and origination of $5M+ to over 2,000 borrowers with near-perfect repayment rates showcases our ability to deliver consistent results. This proven track record instills confidence in investors and other stakeholders, underscoring our capability to manage and scale RWA projects effectively.\n\n4) Regulatory and Operational Expertise: Jia\u2019s deep engagement with regulators in Kenya and the Philippines ensures that our operations are compliant and sustainable. Our close collaboration with local authorities not only facilitates smoother project execution but also sets a precedent for regulatory best practices in the RWA space. This expertise is crucial for developing a robust framework that other projects can adopt.\n\n5) Ecosystem Development: By bringing real-world assets on-chain, Jia significantly contributes to the development of the RWA ecosystem on Arbitrum. We democratize access to global investors, enabling them to participate in the economic growth of emerging markets. This inclusion fosters a more vibrant and diverse ecosystem, attracting a broader range of participants and investments.\n\n6) Innovation and Future Growth: The STEP committee\u2019s recent investment into six RWA projects indicates that we are at an inflection point in the adoption of tokenized assets on Arbitrum. Jia is excited to be at the forefront of this innovation, shaping the future of the platform. By continuously refining our technology and expanding our reach, we aim to drive future growth and create long-term value for our ecosystem partners, investors, and most importantly, end-users.\n\n7) Alignment with Arbitrum\u2019s Capabilities: Jia\u2019s project leverages Arbitrum\u2019s Layer 2 (L2) optimistic rollup chain to enhance the efficiency and scalability of our decentralized lending platform. By utilizing the Arbitrum Rollup protocol, Jia benefits from low transaction costs and high throughput, enabling us to process numerous transactions quickly and affordably. This is particularly crucial for handling the volume of receivables in emerging markets.\n\n8) Ethereum-Grade Security: Arbitrum\u2019s rollup technology ensures that all transactions settle to Ethereum\u2019s Layer 1 (L1) chain, providing Ethereum-grade security guarantees. This means that our tokenized receivables are secured by the robust security framework of Ethereum, instilling trust and confidence in our investors and users. There are no additional trust assumptions, aligning perfectly with our commitment to transparency and reliability.\n\n9) Seamless Integration: Arbitrum allows us to build high-performance Ethereum dApps with ease. Jia can seamlessly integrate with other DeFi protocols and dApps within the Ethereum ecosystem, enhancing our liquidity and reach. This interoperability is vital for creating a comprehensive financial ecosystem that supports MSMEs in emerging markets.\n\nJia\u2019s unique approach to RWA tokenization, combining sustainable financial returns with meaningful social impact, positions us as a transformative force within the Arbitrum ecosystem. By expanding investment opportunities into emerging markets, creating a blueprint for future projects, leveraging Arbitrum\u2019s capabilities for scalability and security, and contributing to the broader DeFi ecosystem, Jia provides unparalleled value. We are excited to shape the future of tokenized assets on Arbitrum, delivering benefits to all stakeholders involved.", "hidden": false, "question": "Explain how your project is different from others and will bring value to the RWA ecosystem on Arbitrum. ", "questionId": 4}, {"type": "paragraph", "answer": "Jia has been operating for two years across the Philippines and Kenya. We\u2019ve established a strong network of trusted borrowers with nearly 100% repayment rate. We\u2019ve also launched 2 Huma Finance liquidity pools that deployed >$700K USDC and originated >$5M+ to >2K borrowers.\n\nOver the years, we have laid the groundwork and fostered the relationships that will help enable us to implement invoice tokenization. Our next goal is to carry out our RWA go-to-market plan in two phases. The first will focus on planning (3 months) while the second will be on implementation. \n\nJia has already kicked off the planning process by meeting with our customers, subject matter experts, and potential partners. We will then 1) conduct market research and validation, 2) gather functional requirements, 3) establish vision and strategy, and 4) build out a detailed roadmap for implementation. Following the planning phase, Jia will initiate the implementation phase, which is estimated to last 3-6 months.\n\nWe are excited about the momentum in our project, and hope to leverage RWAIG\u2019s expert network at Chainlink, Securitize, and RWA.xyz to help us successfully achieve the next milestone in our business. ", "hidden": true, "question": "[Answer this if you have chosen Building - Deployment of RWAs, otherwise type N/A] What stage of development is your project currently in?", "questionId": 5}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - Strengthening Analytics, otherwise type N/A] How many Arbitrum users or projects (rough estimate) would benefit from the analytics you are providing?", "questionId": 6}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - RWA Token Standards, otherwise type N/A] How will the standard make it smoother to deploy RWAs onto Arbitrum?", "questionId": 7}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Research, otherwise type N/A] Describe how your research will lead to reduced costs for projects aiming to deploy RWAs on Arbitrum.", "questionId": 8}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Awareness, otherwise type N/A] Describe your awareness content piece and outline its structure in detail.", "questionId": 9}, {"type": "short-answer", "answer": "Our target audience for this project are investors seeking sustainable yields and looking to diversify their portfolio into emerging markets. These investors are crypto native, familiar with RWAs and funding pools, and interested in paving the way for a new asset class. Ultimately, we believe that the network effects from these investors will help us raise more capital to best serve our end-users, which are our borrowers in the Philippines and Kenya. ", "hidden": true, "question": "What is the target audience for this project? ", "questionId": 10}, {"type": "paragraph", "answer": "Zach Marks, CEO of Jia, is an accomplished financial services professional with over 10 years of experience in scaling financial technology companies and delivering financial services in emerging markets. Prior to Jia, he served as Director of Business Development at Tala,  a leading fintech lender in emerging markets, where he led the India credit business as General Manager, developed partnerships to launch new finance products across Africa, Asia and Latin America. He worked on microfinance initiatives in South Sudan and across East Africa as a management consultant with McKinsey & Co.  Zach began his career as an English teacher in India, Brazil and Ethiopia, and has been a Fulbright fellow, a journalist and a prep cook. He holds a Bachelors in Ethics, Politics and Economics from Yale University.\n\nCheng Cheng, Jia\u2019s Chief Product Officer, has deep experience building financial technology and credit products for emerging markets. Prior to Jia, she served as Senior Director of Product at Tala, developing a new line of affordable, flexible credit products for borrowers across Africa, Asia and Latin America. She holds global finance experience with institutions such as WorldVision, where she led the provision of wholesale financing to village community banks in Tanzania. She holds a Masters of Public Administration from Columbia University and a Bachelors in Law and International Relations from Renmin University of China.\n\nMichael Dettmar, Jia\u2019s Head of Credit Risk and Data, previously managed a $1B small business lending portfolio at Stripe Capital, and oversaw emerging markets credit portfolios at Tala. He holds a BA from the University of Virginia.\n\nJia\u2019s Kenya business is led by Mark Mwaniki, who has led digital financial services and credit companies including Mono, Lipa Later, Platinum Credit and Samchi Credit.\n\nIn the Philippines, Jia is led by Krizanne Ty, who previously led digital financial services product, partnerships and operations for Tonik, a leading digital bank in the Philippines. She previously worked in investment banking and currencies trading at DeutscheBank and Metropolitan Bank, and in treasury management at PDAX, the Philippines\u2019 leading digital asset exchange.\n", "hidden": true, "question": "What are the roles and experiences of project team members?", "questionId": 11}, {"type": "paragraph", "answer": "Jia has raised $6.6M in capital. We\u2019ve raised $5.5M through equity from top crypto funds like TCG and Blocktower, and the additional $1.1M was through debt via credit funds and Huma Finance pool. ", "hidden": true, "question": "How much funding has your project raised already?", "questionId": 12}, {"type": "short-answer", "answer": "No, we have not been funded by other grant programs. ", "hidden": true, "question": "Is this project already funded by other grant programs? If funded by any Arbitrum-related programs, please specify.", "questionId": 13}], "project": {"id": "0x27fd2a4307d26dcb00ccded473def11e4cc99e4f3d635360f1774415641d829e", "title": "Jia", "logoImg": "bafkreibgul4m673sgv7hzofr6sac42usbbf2uazenbbg6apmykmh4ebveq", "metaPtr": {"pointer": "bafkreic4fczrndp3s7etx6l5rkmohautcmtfmqr6jlq2zmvbuh77nuf6si", "protocol": "undefined"}, "website": "https://jia.xyz", "bannerImg": "bafkreibi7sghzk5ksiooxa7fo2wn6bl2lu4chykkkkbgvbbiqiv4jo2wae", "createdAt": 1719460936614, "credentials": {}, "description": "Jia is on a mission to ensure everyone has control of their financial destiny. Today, millions of hard-working entrepreneurs are locked out of the financial system, resulting in a $5 trillion unmet need for financing among micro, small, and medium-sized enterprises (MSMEs) in emerging markets. When banks do provide financing, high interest rates eat most of the value created by entrepreneurs.\n\nJia uses blockchain technology to solve this, sourcing on-chain liquidity, providing entrepreneurs with fair, affordable financing to grow their businesses, and rewarding them with something they truly value \u2014 actual ownership to build wealth in the long run.", "lastUpdated": 0, "projectTwitter": "jia_DeFi"}, "recipient": "0xF5876F8F411d8C0Bfe8d91040628D7c29B31d18E"}}