Inspiration
SME space was always neglected by the big firms because quite simply, they didn’t generate sufficient fees. On Contradiction it is really crucial to GDP and was starved of the top advisory capability. Over 65 percent of the country’s entrepreneurs cited banking as the biggest challenge according to a 2018 study by Dubai Chamber of Commerce
What it does
Smartprenuer App can act as BAAS(Banking as Service)/BAAP(Banking as Platform) which has the following capabilities -> Automated Credit-decisioning Models that can tap new data sources like Credit bureau/Behavioural/Transaction/Social Data and understand customer behaviours more precisely, open up new segments using sub models and aggregation to determine the final credit score -> Faster Issuance of Letter of Credits based on modular credit score -> Crowd Funding of SME's business Model by Retail Customers with Bank as Platform -> Platforms for SME's to synergize their businesses by collaboration and co-ordination -> Monetize SMEs Data so that they can get good deals for their businesses to prosper
How we built it
We have designed this APP (no prototype) based on the Open Source Technologies like Ethereum Blockchain as the platform along with API3 as Oracle for integrating Open Banking API's with Ethereum
Challenges we ran into
Understanding of how to integrate Web 2.0 API's with Ethereum Blockchain along with the technical architecture for API3 (Web 3 API Economy) along with the modular Credit Score Modelling and existing models
Accomplishments that we're proud of
Having no prior knowledge of Fintech domain or SME economy and impact and Web 3.0 technologies and thinking/talking about the functional aspects of Fintech with SME along with the relevant technologies is something which we as a team is proud of. Also, coming up with novel use cases and novel technical implementation is something to look back and feel proud and a starting step to delve more into the domain as well as relevant technologies
What we learned
Answered above
What's next for Smartprenuer
We are excited that Smartprenuer can be a part of solving the SME's finance crunch and how banks can explore the untapped potential of SME's business requirements which will not only help the business to prosper but the economy as a whole since SME's contribute major share to the Country's GDP. Looking forward to make this application a reality to make some of the SME's unveil their true potential and make Smartprenuer as their one stop business Advisor to take their business to next level along with creating more Smartprenuers.
