1. The Problem: Bank account "light" for SMEs
SMEs are unable to open bank accounts quickly to get their business off the ground by allowing them to start receiving and making payments.
The Ask: Create a streamlined and efficient digital solution for banks to collect the required account-opening information from SMEs, to enable banks to quickly open "light" bank accounts for SMEs that provide SMEs with basic banking services sufficient for SMEs to get their businesses up and running. The solution should also enable the bank to collect further information from the SME in the interim to allow a full bank account to be opened for the SME.
2. The Problem: SME debt financing platform
SMEs often encounter difficulties obtaining financing (whether working capital, documentary or trade finance) and have to approach multiple funding sources which can be very time-consuming and costly for SMEs.
The Ask: Create a digital platform that allows SMEs to seek debt financing easily and quickly from lenders such as banks or corporate factors in a one-stop shop, without the need to individually reach out to multiple potential lenders separately.
3. The Problem: Advanced credit analytics
Banks are currently not taking advantage of the latest advances in technology with regard to data analytics for credit scoring. There is immense potential in being able to use these technologies to enhance efficiency in the credit scoring process.
The Ask: Create a digital solution which allows banks to process large quantities of diverse data to create more reliable credit scoring and credit profiles of borrowers, with the specific aim of increasing financing to corporates, in particular the SME sector.
4. The Problem: Financial services for un(der)banked migrant workers
Banking, remittance, investment and insurance services are often out of reach of low income migrant workers. Having access to financial services will improve employee welfare and the lives of such migrant workers, while reducing risks associated with the informal sector (shadow banking).
The Ask: Develop a practical KYC-enabled digital / mobile solution to offer banking, investment, insurance and/or other financial services to low income migrant workers in a cost effective and a convenient way.