RISE

Together we will rise ! Efficient matching connects those in need with those who can help. Accurate risk analysis empowers decision-making.

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Inspiration

COVID-19 has led to structural imbalances in the economy, especially in small and medium-sized enterprises, individuals, seasonal industries, tourism, etc. It takes too long for individuals to access short-term financial assistance, businesses lose customers, their financial and supply chains break down. Information asymmetry, lack of communication is the biggest problem, those in need are unable to find a provider while those who can help not knowing how to get started.

What it does

-> We have 5 types of user profile:

  1. Individuals provider (digital service, volunteer or loan)
  2. Individual demander (digital service, volunteer or loan)
  3. SMEs (business cooperation, service or loan)
  4. Big companies (investment)
  5. Association (receive financial or physical support from individual or companies)

-> Service Type:
We are able to cover all sorts of service demand in our platform, P2P loans, business consulting, business cooperation, digital service, even volunteer works, like buying food, or take care of the elderly.

-> We match profiles and predict risk:

  1. Efficient Matching: we match service providers and demanders, whether they are large or small companies, individuals or organizations, whether it's for financial support, financial solutions, digital service or volunteering.
  2. Risk Expectation: we ask each user how much risk they can take using a level from 0 to 5.
  3. Risk Prediction: we evaluate the risk of investing/helping an individual or a SME by different criteria, visualize it with a score from 0 to 10. For example, current liquidity, solvency, ROA, Indebtedness, Increased turnover, etc.

-> Smart contract and tokens:
We use smart contracts to ensure everyone's gain. In addition, we apply badge and token system such as superhero badges, token reductions and promotions to motivate users to keep contributing to the crisis.

-> Benefit:

  1. Accelerate and balance financial support and resource distribution
  2. Help individuals and companies quickly rebuild new business and activities, thereby solve some funding issues
  3. Connect individuals, organizations, SMEs, big companies and associations to empower each other, as a result revive economy, especially for large companies to provide financial assistance to SMEs
  4. Protect isolated and vulnerable populations by volunteer distribution

How I built it

1. Web Platform:
We built a web platform for users to enter their basic information, what they need, and what they can provide. For companies, they need to provide SIREN code, balance sheets for risk evaluation.

2. Matching Algorithm:
We train our algorithm with different criteria like service type, business field, geographic location, performance history, and impact level by COVID-19.

3. Risk Prediction Algorithm:
We developed a risk prediction system using the following criteria:
For SMEs: quantitative factors like current liquidity, current assets, solvency, equity, ROA, indebtedness, interest coverage, increased turnover. Qualitative factors like reputation, market position, etc.
For individuals:
For big companies(shareholders):

4. Legal:
We are willing to be partners with neo banks in EU area like N26, follow European Union agreements, and we believe that we are able to solve the license and legalization problem.

For further details: https://drive.google.com/file/d/1ZqVwGEYX6NGawsbdhe6qzzSYANUiAO1b/view?usp=sharing

Challenges I ran into

We started with a set of innovative ideas in response to Covid19. In 48 Hours. we have reflected, studied, consolidated the team and collaborated with experts in different fields.

What's next for RISE

RISE aims at building a united ecosystem, we encourage every sector of the society to join us and fight this together. We want to develop RISE into a long-term solution for reviving economy, enhance company cooperation and most importantly a platform about helping each other to overcome all the financial difficulties.

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