QashBack Pte Ltd, a Singapore technology firm, is looking to transform the retail and services industries by developing an incentivised reputation management platform that connects consumers, merchants and advertisers for transparent interactions and ease of mind on data privacy issues.
With plans to release in Q2 2019, the QashBack platform is set to revolutionise the online reviews market as it leverages on the characteristics of blockchain technology.
Creating a Win-Win Ecosystem for Everyone
Users on the QashBack platform are rewarded with QBK tokens, the ecosystem’s own cryptographic token, for writing reviews, regardless of their views. According to QashBack, this change alone significantly reduces polarisation bias that is inherent in existing online review sites.
With permission from the consumer, merchants can offer QBK tokens as an incentive to encourage customers to participate in contests, view advertisements or take up a marketing promotion.
Blockchain technology enables the QashBack platform to acquire real and factual reviews for consumers through its immutability and authenticity. All transactions on the
Key Player in Asia Pacific’s Online Reviews Market
QashBack has identified several target markets including Wellness/Beauty, Healthcare, Transit, Shopping, Food and Beverage, Travel, Entertainment and Education within the Asia Pacific region.
Earlier this year, the tech startup signed an exclusive partnership with Oriental Mace Group Berhad to tap on its mobile application, MyBeauty, which is supported by the Malaysian government as part of their national tourism strategy. The portal encompasses over 1,000 beauty service providers and thousands of product suppliers to the beauty tourism industry in Malaysia.
QashBack’s platform will be integrated with Oriental Mace’s application such that merchants and users transact in QBK tokens, and users are rewarded for viewing advertisements and submitting reviews.
Essentially, QashBack will ride on Oriental Mace’s efforts to grow beauty tourism in Malaysia to generate a critical mass of users and reviews.
According to QashBack, the estimated receipts of US$18 billion per year will generate sustainable and rapid demand for QBK tokens.
Qashback Tokens Available For Sale to the Public in December
Qashback will mint one billion QBK tokens, of which 10% (one hundred million tokens) was made available for public sale on 10 December 2018.
With an opening value of US$0.40 per token, Qashback estimates gross proceeds from the public Token Generation Event will amount to US$36 million.
Over US$10 million had been raised during the private sales launch in July, with investors consisting of high net-worth individuals and institutional investors.
The funds raised will be used to support the growth of QashBack’s ecosystem. These include furthering research and development, facilitating market penetration and business expansion, and financing operational expenses.
Investors who are looking to trade QBK tokens on various crypto exchanges will get the opportunity to do so from 5 January 2019 as the QBK token will be listed on UDAX Hong Kong at 8pm of that day. The technology firm also has plans to list in other top exchanges such as Coinsuper, Dobi Trade, Upbit and LAToken during Q2 and Q3 of 2019.