KinerjaPay Corp (fka KPAY)

[John23V]

My guess at FRS Lending.

Going back to earlier this year, the name FRS Lending, Inc. appeared in the 10Q as a company registered in Delaware that KPAY had acquired with Series D stock for $2,086,000. I posted on here wanting to know who the hell they were and why we paid that much money for them. I looked into "financial recovery systems" and a few other things. Got no where.

From the 10Q: "On January 15, 2019, the 200,000 Series D Preferred Shares (Note 8) were issued to the shareholders of FRS Lending, Inc., a Delaware corporation (“FRS”) in consideration for the acquisition by the Company of 100% of the capital stock of FRS, which shall operate on behalf of and provide the Company with services related to the Company’s lending and micro-lending activities and related lending services in the U.S., Indonesia and internationally, which is a newly developing division that the Corporation is planning to devote resources to grow its operations. The fair value of the consideration will be determined based on 10% of the fully diluted common shares of the Company as of the date of issuance."

Then in the last PR, there was this: "The Company already has stringent due diligence protocols as well as KYC software to limit defaults."

KYC = Know Your Customer

Today I tried something new. Googling "FRS Fintech" brought me to this company : https://www.frslabs.com/

Now by no means is that the company KPAY acquired. But now it makes sense. I think they bought a Facial Recognition Software or "Biometric" company. Maybe Edwin didn't want to tip his hand as to what would be in the app. It's being used by some of the p2p companies for their KYC already.

https://www.asliri.id/p2p-biometric-verification/

You can dig around on that site to get a feel for the way lending companies are using it.

Time will tell if I'm right.