Instamo

To provide a fintech as a service platform to help users streamline the global payment process with the most cost effective and time saving

About

Applicant name: Hawking Joint Stock Company
Innovation Name: Instamo
Innovation Type: Product
Website: Instamo.io
Mission: To provide a fintech as a service platform to help users streamline the global payment process with the most cost effective and time saving.
Innovation Description: An Application that help Automate savings and investments, Access to market intelligence and investments in emerging economies, traditionally big ticket size investments via fractional ownership

• Instamo Operates Open APIs to improve liquidity and FX, system to streamline and automate transfer and payment processes to lower cost and increase speed. 
• Instamo connects API between local banks, local payment intermediary services and foreign fintech companies, foreign banks to alert the FX, transaction among all parties in real time
• We provide cost efficiency from 4% to 0.5% cross border batch payment transaction fee including FX and manual processing costs.
• We provide an end user interface for users’ KYC process and initiate FX transactions when needed.
• Partnering up with different banks to maintain consistent liquidity.
• A single API that provides our clients to streamline the B2B, C2C process in and out of Vietnam and globally.
• Aggregate payment for global payment aggregators.

Innovation Inspiration:

How did we spot the need? 

• Cash is still a main payment method to people live or are originated in Emerging Economies. 
• A digital remittance / global payment settlement is increasing tremendously due to Ncovid-19 As people are afraid of operating their daily activities with Cash. 

Why did you decide to act? 

• In the present, More available Open banking API network on the rise. It helps expedite the process of banking network integration to help bring this idea to the reality. 
• A great increasing amount of worldwide businesses are curious and active to join Fintech ecosystem
• We are located in Emerging SEA economies area where there is a significant amount of growth in cross border payment with $880b market.
• Central banks of Emerging Economies are open to partner up with Fintech with rising number of fintech sandbox

What problem(s) does your innovation solve? 

• High cost of cross border funds transfer out of Vietnam.
• Inconvenient and time consuming, manual process when submitting documents to transfer funds out of Vietnam.
• Manual process of B2B funds settlement globally that may potentially takes days for clearance.
• Lack of liquidity when it comes to purchase the USD for outward funds transfer from certain particular banks
• Complex KYC/AML process

Who do you aim to solve this problem for? 

• Fintech enterprise, global payment aggregators, banks, B2B2C customers. 

How does your innovation solve this problem? 

• An interoperable API payment system with aggregated arrangement with global banking network to provide a consistent liquidity and timely settlement. 

What are the advantages?

• Pioneer market leader in Vietnam – global payment infrastructure
• Pioneer in global payment aggregator in outward funds transfer from Vietnam.
• Micro-FDI channel to attract micro-investment globally in Emerging Economies

Who benefits from the innovation most?

• Remitters, senders, MTOs, Regulators, Technologies companies. 
• Customers are money senders
• Possible partners are all MTOs. 
• US/Canada and Vietnam.

What are you most proud of about your innovation?

• Win a ministry of science & tech Vietnam award interconnected with banking hubs in Vietnam- Fintech Award 2019.  
• Be one of the 1st open banking API hubs for US and the rest of emerging economies in South East Asia such as Vietnam. 
• We overcame the hurdles in regulation by partnering up with different banks, fintech regionally. We solve the problems by expanding the market exponentially. 
• We’re the only ones with: Automated payment process from A to Z with Open APIs to improve liquidity and FX, system to streamline and automate transfer and payment processes to lower cost and increase speed, automated the saving and investment, access to market intelligence and investment in emerging economies, and access to traditionally big ticket size investments via fractional ownership

Status of Innovation: In-market
Innovation Active Since: 06/01/2020
Applicant Type: Private Company
Headquarter City: Ho Chi Minh City
Headquarter Country: Vietnam
Year Founded: 2018

Main Category

Main Category Choice: Remittance Synergies
Why do you think you should win this category?: As a fintech as a service, we help traditional MTOs to digitalise their fund process and partner up with Instamo to expand their market. We automate the fund flow out of Vietnam with unlimited FX liquidity. $400b market outward fund transfer of Vietnam with $9b bill payment. We have tens of years with experience with the VN market. We are, also, different by the followings: automate the process, unlimited FX liquidity, access to market intelligence and investments in emerging economies, and access to traditionally big ticket size investments via fractional ownership.

Secondary Category

Secondary Category Choice: B2B Solutions
Why do you think you should win this category?

Why is your innovation relevant to this category? 

• Open APIs to improve liquidity and FX, a system to streamline and automate transfer and payment processes to lower cost and increase speed for B2B clients. 

What problems do you solve in this category? 

• Inconvenient and time consuming, manual process when submitting documents to transfer funds out of Vietnam. 
• Manual process of B2B funds settlement globally that may potentially takes days for clearance
• Lack of liquidity when it comes to purchase the USD for outward funds transfer from certain particular banks
• Complex KYC/AML process. 

What is the market size or impact of your innovation? 

• $400 b outward funds transfer out of Vietnam. 
• Ease of micro/macro outward payment for end users and businesses to make business more efficient by shortening the time of cross border payment settlement and reducing costs and faster.

Team Members

Full Name: Ronald Le
Role: CEO and Co-Founder
Linkedin: https://www.linkedin.com/in/ronaldle/

Full Name: Kelsie Nguyen
Role: COO
Linkedin: https://www.linkedin.com/in/kelsienguyen/

Full Name: David True
Role: Head of Business in US/North America Market
Link: https://www.linkedin.com/in/dptrue/

Full Name: Ramon Tisaire
Role: Co-Chief Busines in US/North America Market
Link: https://www.linkedin.com/in/ramontisaire/

 

Supporting Links

Instamo Business Deck: https://docs.google.com/presentation/d/1VGndrkMIrofNvBfFyeuyAKS9ahAEo7jM-EccOuhSjgA/edit?usp=sharing
State Bank of Vietnam (Central Bank) article: https://sbv.gov.vn/webcenter/portal/vi/menu/rm/apph/tbnh/tbnh_chitiet?leftWidth=20%25&showFooter=false&showHeader=false&dDocName=SBV401697&rightWidth=0%25&centerWidth=80%25&_afrLoop=2031172145617151#%40%3F_afrLoop%3D2031172145617151%26centerWidth%3D80%2525%26dDocName%3DSBV401697%26leftWidth%3D20%2525%26rightWidth%3D0%2525%26showFooter%3Dfalse%26showHeader%3Dfalse%26_adf.ctrl-state%3Dxtsjulbw2_9