Photo - Svire
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Svire

UAE
Market: Financial services, Blockchain, Crypto currency
Stage of the project: Prototype or product is ready

Date of last change: 15.06.2022
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Idea

Svire is a cross-technology (fintech/web3) application that enables people in digitally developing areas to manage their finances and access a wide range of financial products in a simplified way

Current Status

Currently product is under development. Clickable prototype is being built. Further funding is required for MVP development.

Problem or Opportunity

1. Slow digitization in developing regions: access to mobile internet is rapidly growing due to smartphone affordability and expanding mobile internet coverage, yet there is shortage of mobile financial instruments.
2. High banking costs: Payments in Africa are still the most expensive in the world - average 7.87% cost per transaction.
3. Nominal currency depreciation: EIU forecasts, that 41 out of 56 African countries are expected to experience nominal depreciation of their currencies against US dollar. Saving money may lead to loss of savings value.

Solution (product or service)

Svire is in a process to build a unique application, based on platform banking principle, aggregating most innovative technologies from Fintech and Web3. Svire will provide unbanked and underbanked people with free personal accounts, frictionless KYC procedure, digital wallets, several cash-in/cash-out solutions based on each market, virtual prepaid cards for daily operations AND a licenced high interest bearing stress-tested stablecoin (USDC) secure wallet, providing possibility not only to protect assets from currency depreciation, but as well generate additional income on savings.

Business model

Business model is to have 2 segregated groups of legal entities.
Group 1: fintech part, which initially will partner with BaaS providers. This group will generate revenues on daily transactions, profits generated from payments, interchanges and subscription fees.
Group 2: Web3 part, which will operate under VASP licence. This groups target is to attract customers assets into USDC saving wallets. Assets will be invested in low-risk financial products (marginal lending, liquidity provision). Interest will be shared between customers and the company.
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