Photo - iPYGG - Digital Piggybank
49715

iPYGG - Digital Piggybank

bank aggregation, PFM & automated investment for individuals

Market: Financial services, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 21.10.2020
Rating
equalizer from 2000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

iPYGG is an AI-based investment app that manages all your different accounts, makes savings hassle-free & gives you Gold-Standard investment advice based on your unique personal data to help meet your financial goals.

Current Status

Going forward with our self-driven team, we aim to finish product development by the end of November 2020 followed by rigorous beta testing and eventual launch in February 2021. Currently, we have signed more than 12 merchants like Adidas and Klook for the cash-back program. Additionally, we plan on investing resources into social media marketing to extend our reach of potential users. This will be aided by the strong social media presence of Anson who also owns HKJETSO. iPYGG also has tremendous scope for scaling to other geographical regions to expand reach. Taking that into account, there is scope for improvisation from a business model perspective as the iSaving API and open banking capabilities which can help in creating additional B2B revenue streams.

Market

In Jan 2021, As for the initial product launch, iPYGG will be launching in Hong Kong and Singapore given the local expertise of the founding team and geographical proximity. Also, the Financial Technology infrastructure is well-established as the status of the financial hub. The number of potential customers in Hong Kong is 1.65 million, ranking first in the global cost of living; the number of potential customers in Singapore is 1.50 million, ranking third in the global cost of living.

In Dec 2022, iPYGG will be launching in Malaysia, Taiwan and China. Localization would be easily enabled, and the aforementioned markets are more receptive to new technologies. The number of potential customers in Taiwan is 5.00 million, and the global cost of living ranks 35th; the number of potential customers in Mainland China is 72.00 Million people, ranking 6th in the global cost of living; Malaysia has 10.00 million potential customers and ranking 141 in the global cost of living.

In Dec 2022, iPYGG would be available in Thailand, Vietnam and Japan. The founding team would be actively looking for partnership opportunities to launch the service in the form of joint venture within 5 years. The number of potential customers in Thailand is 18.42 million, ranking 40th in the global cost of living; the number of potential customers in Vietnam is 24.80 million , The global cost of living ranks 112; the number of potential customers in Japan is 32.40 million, and the global cost of living ranks second.

1. Young Couples
iPYGG enables young couples to mutually plan their financial goals, especially for millennials from 25 to 35. Key life events like planning for marriage, property investment would require careful financial planning from day one. iPYGG connects their financial goal progress bar together to save money together.

2. Young Professionals
iPYGG enables a wide range of services customised for young professionals. We provide well-rounded personal financial services for them to enhance their financial status and grow their money with Asset evaluation, Debt restructuring, Taxation automation and investing.

3. Students
For students at universities or higher education, iPYGG would better manage their limited income stream, while educating them with short-term money management concepts with customised daily financial targets. It would also be a fit for them to save unconsciously while they spend with their first credit card.

Problem or Opportunity

Most of the Millionaires and Billionaires got a Private bank or wealth manager helping them to grow and manage their wealth.
However, In Hong Kong, 62% of Millennials live from paycheck to paycheck and 30% of the Bankruptcy cases come from Millennial due to overspending habits with their credit cards.

Solution (product or service)

Savings - iPYGG helps millennials to save unconsciously is Round up savings, which is the way users save unconsciously while spending with the linked credit cards. It rounds up the purchase amount to integer and saving the spread in iPYGG. The amount in iPYGG can be transferred into the investment portfolio automatically.

Investing - iPYGG provides robot-advisor for investment purpose, portfolios are classified from Conservative to Aggressive 6 portfolios which invest in the US ETFs, We adopt academic theories to construct our portfolio and iterate the constituents according to the market situations and fluctuations. It maximises the expected return based on a given level of market risk. The expected return is from 3-15% and the minimum investment amount is just HK100. In addition, we also provide a customised portfolio to our users, allowing users to build their own portfolio with Crypto-currency, Tech companies & Biometric companies etc.

Financial Budgeting - iPYGG consolidates bank accounts and takes care all of the financial needs via Open Finance and A.I.
Your financial information will be analysed by AI and users will be advised the best financial moves to improve their financial status, e.g. asset evaluation, debt restructuring and taxation automation. The process will be easily completed by Robot Process Automation (RPA) and disruptive in our lives.

Competitors

In Asia & Hong Kong, no one is doing Round up savings & micro-investing since we own the patent of round up savings in Hong Kong.

In US, Acorns - a Fintech Unicorn, which has over 4.50 Mn users & 1.2 Billion USD. Stash - another Fintech Unicorn, which has over 3.5 Mn users & 1.8 Billion USD.

Advantages or differentiators

We believe our application has a comprehensive set of functionalities that can help in improving the financial situation of our user base. In addition to incorporating machine learning into our services, we also have a patent for the iSavings module along with a patent-pending solution for automating taxation. This puts us in a unique position to gain market share against our competitors that either do not provide the range of services that we do or may not hold the rights to the IP. We aim to make saving a collaborative endeavour by letting users all partake in saving towards a shared experience.
In Asia, iPYGG is the only Bank aggregation like plaid in US and saltenge in Europe, we also aim to provide bank integration services around Asia.

Finance

2021(Expected Return)
Predicted Users Volume: 157500 Potential market size: 3150000
Market Share: 5% Cashback Profit Rate: 30%
Average Revenue Per User: HK$69.53 Asset Under Management: HK$1,211,301,000.00
Investment per users annually: HK$13,260.00 Customer Acquisition Cost: HK$25.40

We take subscription fee, cash back, b2b api, mortgage and balance transfer loan as the main revenue stream

Business model

There are two revenue stream from B2C, subscription fee & cash back income.

Once users open the account and complete all the KYC process that means they are selecting to be paid users as well. HKD 19.99 will be charged monthly and transferred to iPYGG Bank account.
iPYGG provides three different subscription models for their users.

- Basic Plan - No Monthly Subscription Payment
Our Basic Plan covers all basic functions including bank accounts summary from user’s various bank accounts, financial planning & summary, investment simulator & our monthly magazine publication.

- Student Plan - No Monthly Subscription Payment
The Student Plan covers the aforementioned functions and iPYGG also enables the iSave & iWealth upon successful identification of a full-time student.

- Standard Plan - Monthly Subscription of HKD 19.99
The Premium Plan covers all the aforementioned functions and also additionally enables real-time asset evaluation & debt advisory services.

For the asset under iPYGG’s management, 0.8% of the total amount would be taken as management fee if it exceeds HKD 30,000. For accounts with asset over HKD 2 million, the fee would be lowered to 0.5%

We also signed 12 international brands (aiming to launch with 50) for cash back program, they offer 5% in advantage and we would offer 3.8% to users. 1.2% will be taken as the revenue via cash back program.

Money will be spent on

40%: Marketing (Hong Kong: 20%; Singapore: 20%)
45%: R&D (Ai Technology Development + Open Banking Enhancement in Asia)
15%: Legal Compliance; Server Exp. Admin & Operation



Offer for investor

USD 1.00 million for 17%** to hit our Seed+ milestone

Team or Management

Incubation/Acceleration programs accomplishment

Hong Kong Science Park STEP program
Plug & Play Playbook Singapore

Won the competition and other awards

Bank of China Hackathon Finalist
Seed Round fund raising with Standard Perpetual Asset management
Visa Fast Track

Invention/Patent

Round up savings & micro-investing in Asian currencies; HK1237583
Taxation automation; Pending

Photos

Photo 1 - bank aggregation, PFM & automated investment for individuals

Product Video

5,00
1
2
3
4
5
1 voice
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility28
star0
Add to favorites
Delete from favorites
share
close
thumb_up1
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video