FinancED: 2G Banking

Filipinos are unbanked and lacks internet access. Micro to Small Enterprises Fintech is minimal.Thus, we will have “FinancED" that will educate and fintech that is accessible thru the dumb phone.

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Inspiration

The Micro to Small Enterprises are 99% of the 1 million total enterprises in Philippines.As per data, 86% of the adult population are unbanked and we only have 36% internet coverage across the archipelago with average speed of 3.7 mbps only. The low financial literacy and the lack of access to online services impedes the financial tech initiatives and processes in the country that affects our economic growth and global competitiveness.

What it does

We propose, FincED: a fintech mobile app targetting Micro to Small Enterprises. The front-end will be designed to appeal to the masses and will be user-friendly as much as possible. On top of that, in the back-end, a platform using the Rest API will be developed to enable Smartphones and Dumb Phones to access the system using SMS. This will extendcoverage to areas that has no internet but has mobile network signal. The process is to get them onboard by sending info text blasts, enable them to register, send payments, and more. With this, we take a step back to leapfrog few steps forward to the future by getting everyone onboard.

How we built it

The “FinancED” mobile app will utilize the Rest API and GSM Gateway to bridge the 2G (SMS) technology with the 5G (online) technology. The Rest API is a powerful back-end platform that opens to limitless possibilities. This could connect to other solutions like bills payment, online marketplace, and more. However, for the project, the focus is to get the Micro to Small Enterprises onboard by educating, awareness, inquiries, registration, and transition to online platforms using SMS legacy technology and online platforms combined.

Challenges we ran into

We ran into financial challenges to acquire the tools and access that we need.

Accomplishments that we're proud of

We worked as a team and has past results that will somehow successful creation of the proposed project.

What we learned

There will be a lot of challenges along the way but a creative and innovative thinking as a team helps a lot to get us thru.

What's next for FincED: 2GBanking

We are looking at the integration with the Blockchain Technology for higher level security thru smart contracts and also crypto currencies.

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