RemitEx

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Inspiration

We wanted to do something for our country’s top “export”. About 10% of the country’s population works abroad and it’s definitely a significant portion of the Filipino workforce. We want them to maximize their income by giving them the opportunity to send their money to their families or loved ones with the highest exchange rate as possible.

What it does

We have incorporated machine learning with the usual remittance service. There's account transfer, deposit, and lending service.

How we built it

We built an application using fusionfabric.cloud and Machine Learning to predict the market's future exchange rates using historical rates.

Challenges we ran into

Studying machine learning was a challenge but beneficial for us. Since we are in this industry it’s best to continuously study about what’s new and apply it to the issues that people face, for the betterment of our society. Another challenge is learning about currency exchange and how it affects the economy.

Accomplishments that we're proud of

We're proud that we're able to present and develop the application. As well as learn about machine learning, even though we know we're only scratching the surface yet. It's also amazing how diverse our team was but we were able to collaborate and everyone was able to do their part well.

What we learned

We learned that having a diverse group is beneficial because each has an area of competency. We also learned about machine learning and incorporating it with the web application and FFDC.

What's next for RemitEx

We believe that this has the potential to be bigger since it will benefit millions of families due to prediction of the best possible exchange rates. There should be continuous study of machine learning models to see which will generate higher accuracy and reliable results.