Mobile Banking Solution
for Female Entrepreneurs
Building a banking app tailored for small business owners to help them grow and thrive.
Introduction
Today about 980 million women still have no access to financial services - which makes 56% of all unbanked adults globally. This means that their money is not protected, they have no access to savings or checking accounts, and they are unable to receive loans, get insurance or life assurance. What is more, those without an account, tend to be concentrated among poorer households.
Bringing more women into the financial system historically leads to financially stronger families, communities, and business sectors — which together catalyze and sustain a stronger overall economy. With modern technology solutions it’s possible to give women products that make financial services easier, safer and simpler.
The Story
Our client is an ambitious Fintech startup in Singapore that is fueled by the idea to empower entrepreneurial women with a user-centric mobile banking solution. Their mission is to support underbanked women worldwide by giving them access to financial services. With this solution, women will receive the ability to open accounts, receive loans, launch impactful, enterprising ideas and grow their businesses.
The client was looking for a provider to handle custom development of the banking application and applicable integrations. While the plans are to launch the solution in many regions across the world, the scalability over time is a one of the most critical aspects.
The Solution
The client partnered with Velmie to build an end-to-end product for the specific markets and audience. Velmie provided a team of developers with the related background in banking and finance to build the mobile app following the idea and product concept of our client.
It is now a mobile wallet app that is set to bring financial freedom and flexibility to many unbanked women in Singapore and extend worldwide. The solution is powered by Rapyd Platform which is a reasonable fit for further global expansion. Rapyd makes it simple to integrate local payment and fintech capabilities into the app.
Mobile Banking App
Users are now able to create accounts in minutes. They also gain flexibility in managing personal finance that no other bank in the region can ensure.
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Top up balance via cash (fast cash), bank accounts, online transfers.
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Cash out via transfers to other systems and bank accounts, cash withdrawal.
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Salary advance capability: salary drawdowns before payday
Branded Debit Cards
Virtual and physical cards for extended payment options via Rapyd
Velmie has a wide network of integration partners for white-label card issuing and acquiring across globally. Contact us to see the full list of options available for your product.
Payroll and Salary Advance
Salary management module is important for growing healthy working relationships and removing the pain and costs of illegal money lenders.
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Salary set up (amounts and terms) for employees and contractors
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Salary management by employer and employee
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Salary advance capability: salary drawdowns before payday
Savings Accounts
Encouraging users to save their money with savings accounts is the way to take their finance under control and build personal financial resilience.
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Separate accounts for savings
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Savings goals
Instant Loans
Salary-connected loans that allow users to set unique terms that fit specific requirements. Full flexibility and all the benefits of a formal agreement in one solution.
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Set up a loan between employees and employers
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Choose unique terms: amount, interest, time and repayment amounts.
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Set automated repayments from linked salaries.
International transfers
Traditional bank transfers are the most expensive option for international remittance with the avg fee of 7%. However, there are alternative channels available for cross-border transfers, helping to decrease fees a lot. One of them was implemented in this project as well so customers can enjoy international transfers at affordable fees.
Tech Stack
Rapyd
Amazon
Dynamodb
Aws Stream
Lambda
Graphql
Appsync
React Native
Velmie Encourages Financial Inclusion
At Velmie, we are passionate about contributing to the financial inclusion of the many unbanked or underbanked individuals globally. Our technology and professional services offer banks and fintechs the ability to provide services to a far wider group of potential clients.
About Velmie
Scalability. Our banking platform comes with core features you need to launch a digital bank or mobile wallet.
Integrations. We provide access to a wide network of payments processing and card issuing partners across the globe.
Customizations. Unlike many other banking technology providers, we deliver end-to-end products and handle customizations for you.
Security and Compliance. We develop ISO 27001 and PCI-DSS-compliant software solutions coming with an extensive set of security and privacy features.
Lifetime Support. Our clients can stay safe with us handling the support and maintenance of their IT systems under SLA terms.