Fintech Innovation
Our goal is to blend technology into traditional banking and make the entire banking system more convenient. Imagine a world with unlimited opportunities of commerce as there would be no scarcity of accessibility. That would be great, wouldn't it? We hope for a world where there will remain no geographical barrier for banking, and every day we are coming closer to that dream. We are working in two of Asia's most financially promising countries, Singapore and Bangladesh, and the USA.
Our Motive
Throughout our research, we have observed a group of people who cannot avail any financial services for themselves. The prime reason behind their inaccessibility was banking amount limitations. One cannot open a bank account either deposit if the amount is lower than a specific limit. As a result, there remains a deficit of equality, one of the most significant socio-economic problems. That is where we tapped in with our concept of financially innovative and technologically advanced yet simple to use products.
For us, banking and banks are different. So we built the idea that banking is possible without banks and worked with the concept. Our target was to create something for the people who cannot avail of banking. These people are generally with low income and have little technological know-how. So we tried to make something easy, fast, smart, and reliable. We focused on building an application that is user-friendly at the same time, safe. One of our most tremendous success is our work in Bangladesh. Together with the government, we assisted with their first state-led Digital Financial Service (DFS) – Nagad.
Our ideas in action
We worked on making' Wallet Interoperability' a popular concept in the country. It means when you can transfer funds from one e-wallet to another e-wallet. At first, people were reluctant and scared as the money wasn't visible. But, later on, when people started to realize the flexibility of e-wallets, they leaned more towards it. All anyone has to do is click and send money anywhere at any time. Soon people of all social classes started to count towards the e-wallet transactions.
At this point, we had another idea of collaboration. That is to bring the banks together with the e-wallet. So we introduced the option where people can get money in their e-wallets from their bank accounts and even credit cards. With this innovation, both banks and fintech companies can bring people the actual convenience of banking. Banking is not anymore a time-consuming action; it takes place in the blink of an eye. Another prime and visible benefits that we were able to bring apart from convenient banking was the rise of e-commerce. Before the availability of e-wallet, the whole paying and buying over the online platform was a sceptical idea to many. However, with the knowledge and access to Digital Financial Services, e-commerce in Bangladesh has boomed and made significant economic contributions.
Just like that, our assistance, consultation, and concepts have created considerable changes in the Fintech industries around the world.