If things with Russia escalate and the already threatened sanction of being removed from the SWIFT network becomes reality, does Mintos have resilience plans in place / alternative routes to its LO's to have Russian loans repaid to its investors?
I'm just wondering about the resiliency of Mintos. First the Wowwo FX issue with all in recovery and now all my KZ payments have been in pending state since the unrests there, while leading P2P lending competitors (e.g. Peerberry) seemed to have better resillience and alternative routes in place and kept repaying loans without any delay.
Hello 3v03, lecheik and Folkert,
thank you for sharing your comments!
We are aware of the current tensions, political environment, and possibility of conflict escalation in the Russia-Ukraine crisis. As a business entity with work relations in both countries, like many other companies from all over the world, we are following the topic and its developments.
With multiple stakeholders involved, there is an unpredictable amount of directions in which this situation might develop. Because of the great number of unknowns, we can’t predict possible outcomes with any certainty and share precisely defined reaction measures. Proactively, due to inherently higher sanctions risk, Mintos kept away from working with Russian lending companies that issue loans to businesses dealing extensively with state-owned entities, this way limiting exposure to cases that can be impacted by potential future sanctions. We are currently monitoring the situation, and we are ready to comply with the regulation in case the European Union or the United States impose new sanctions on Russia.
As of 26 January 2022, all information systems with lending companies from Russia and Ukraine that have activity on Mintos are functioning, information is processed on time. As of this moment, we don’t see any direct impact of the Russia-Ukraine crisis on the lending companies on the Mintos platform, our business, or our investors.
In the meantime, we invite investors to proactively assess the market risks, stay informed, and make sound decisions when choosing markets and loans to invest in.
We will keep you informed in case of any changes in our approach to this topic.
If this situation goes badly, it will also affect Ukraine but in a different way, so it'd be worth to hear from @... on that too.0
On the same topic, why are risk scores not adjusted?0
I just see the percent of Kviku loans in my Conservative strategy being heavily increased in the past two weeks, which surprises me. I understand ofcourse that emerging markets have risks, and current situation has many directions it can develop towards. I'm just asking for Mintos to reavaluate their automated strategies labelled "Conservative" accordingly. Also te evaluate their resillience plans like alternative payment routes in case things escalate. Because like I said; apparently you did not have those in Kazachstan, as you were the only of the major P2P platforms I use who faced severe delays in KZ payments....0
Agree with 3v03. 1/6th of my conservative portfolio consist of Russian loans. That doesn't make any sense.
I appreciate the official comment from Mintos but it would be nice to see a more proactive approach. "we can’t predict possible outcomes with any certainty". This is called risk and this is precisely why risk scores and/or strategies should be adjusted + inform investors on mitigating measures if possible. Surely we can all agree on that the risk increased even when we don't know exactly with how much.0
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