A COVID loans app for Filipinos is one of the major winners in the Finastra Hack to the Future in the United Kingdom.
The COVID: FinFlo, an app that allows Filipinos to acquire fast loans digitally, was announced by Finastra on January 27, 2021, as one of the winners of the annual hackathon, selected among 4,500 global registrations from schools, universities, startups, and fintechs from around the world.
The winning app enables Filipinos impacted by the coronavirus disease pandemic to apply for micro-loans with minimum requirements and no collateral and without the hassle and risk of going outside and applying in person at banks.
At the same time, FINFLO provides a sustainable and efficient platform for non-governmental organizations (NGOs) and individual investors to offer financial assistance to those affected by the pandemic.
The COVID: FinFlo developers shared that they wanted to help the members of the labor force who have lost their jobs by creating FINFLO.
How COVID: FinFlo works:
1. Using the system’s client profile, an application form is filled out and identification cards are submitted.
2. Once the loan is approved, the loanee would then receive a QR code instead of cash. The QR code is used to pay for items (ie. pay for groceries) and is also used to monitor that the money loaned is indeed used for the applied need and not just for any vague reason.
3. The system also has an investor profile wherein individual people with investing power can grow their money and at the same time help those in need. The investor profile is also used by NGOs whose impact investments would be used as collateral for the micro-loans.
4. Their investment is posted in Fusion Equation under a single FINFLO deposit account. This FINFLO deposit account will be used as a collateral deposit. The FINFLO collateral deposit will then be assigned to a loan.
5. All the transactions of investors’ deposits, clients’ loans, and the actual assignment of FINFLO deposit as collateral to the loans are saved in Blockchain. This technology plays a vital role in customer background checks since the information is immutable
COVID: FinFlo and the 10 other hackathon winners were chosen from among the shortlisted teams who presented their ideas to a panel of expert judges from banks, fintechs, universities, and industry experts.
Judging was based on a submission’s ability to solve a real and pressing need, its feasibility and use of technology, and its commercial potential. Winning ideas and POCs benefiting from a range of prizes offered by Finastra and hackathon supporters, such as cash, incubation opportunities, and coaching.
Finastra made its open developer platform – FusionFabric.cloud, underpinned by Microsoft Azure – along with over 130 APIs and several open datasets available for the hackathon.
SEND CONGRATULATIONS in the comments below to the developers of the COVID: FinFlo loans app for Filipinos for winning the Finastra Hack to the Future in UK!
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