The Case: Building a Mobile Banking App for Female Entrepreneurs
Building a banking app tailored for small business owners to help them grow and thrive.
Encouraging Female Financial Inclusion
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.
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.
Our client is an ambitious Fintech startup in Singapore that is fueled by the idea of empowering entrepreneurial women with a user-centric mobile banking solution. The 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 the custom development of the banking application and applicable integrations. While the plans are to launch the solution in many regions across the world, scalability over time is one of the most critical aspects.
It is now a powerful financial services platform that is set to bring financial freedom and flexibility to many unbanked women in Singapore and extend worldwide. The solution is powered by Rapyd which deals with branded card issuing and acquiring worldwide.
Rapyd is also available as a native extension to Velmie Banking Platform, making it possible to launch an operable banking product within days.
Mobile Banking App
- Top up balance via cash (fast cash), bank accounts, international transfers.
- Cash-out via transfers to other systems and bank accounts, cash withdrawal.
- KYC module for better security.
Branded Debit Cards
- Virtual and physical cards for extended payment options via Rapyd.
Payroll and Salary Advance
- Salary set up (amounts and terms) for employees and contractors.
- Salary management by employer and employee.
- Salary advance capability: salary drawdowns before payday.
- Separate accounts for savings.
- Savings goals.
- Set up a loan between employees and employers.
- Choose unique terms: amount, interest, time and repayment amounts.
- Set automated repayments from linked salaries.