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      The Startups of HatchX Building an Inclusive Financial System

      Arteculate Arteculate
      February 11, 2021
      · 4 mins read
      The Startups of HatchX Building an Inclusive Financial System
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      Launched at the height of the COVID-19 lockdowns, the HatchX programme was Sri Lanka’s 1st virtual fintech accelerator. An initiative that was launched by Hatch in partnership with the Lankan Angel Network and funded by the Ford Foundation, it had a simple mission. Its focus was to identify the most promising Sri Lankan fintech startups and offer them the support needed for them to grow regionally. The 1st cohort of the HatchX programme consisted of 7 startups that leveraged technology with the aim of improving the financial system. Here’s your detailed guide to how they’re doing so. 

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      Urmila Chandrasekaram, Co-Founder of Algoredge

      Assessing risk is an integral part of how financial institutions operate. Daily, much money saved lent out and invested. Hence, they need to accurately predict how their credit decisions will pan out. A necessity if they want to remain sustainable. But this isn’t an easy process. Assessing risk is no easy task in any economy. The current pandemic has only made it harder. In the wake of spiking job losses, how can banks minimise the risk of default when giving out loans? By leveraging the power of big data analytics and artificial intelligence, Algoredge aims to tackle this issue. Click here to learn more about Algoredge.

      Fipbox

      HatchX | Fintech

      Sri Lanka, although having a high adult literacy rate of 91.7% (in 2018), is not as well off when it comes to financial literacy. The attitude towards investment is either to invest without any research or with just a little research (speaking to friends or relatives). Towards its mission of improving financial literacy in Sri Lanka, Fipbox.com and GoCredit aim to give you the information you need before investing your hard-earned money. Click here to learn more about Fipbox.

      Helios P2P 

      HatchX | Fintech

      Your car suddenly breaks down. The doctor says you need to undergo surgery. Christmas is around the corner and you need to get presents. At some point in your life, you’ve found yourself in need of money. If you’re lucky then your friends will be able to lend you the amount you need. Alas, if this isn’t the case, you’re left with a limited set of options. It’s here that Helios P2P wants to step in to help you and others by democratizing access to finance. Click here to learn more about Helios P2P.

      iLoan

      HatchX | Fintech

      According to estimates, Sri Lanka’s FMCG market has great potential for growth, adding around $250 million to the economy. However, this requires small retailers having access to sufficient liquidity and working capital. Sri Lanka has a challenging environment where financial institutions suffer from high non-performing loans (NPLs). Additionally, a large section of the populace lacks access to banking services. Working to bridge this gap is iLoan: a blockchain-based, AI-powered FinTech platform.  Click here to learn more about iLoan.

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      The mobile revolution of the past decade gave birth to the gig economy, which has introduced a luxurious level of convenience to our lives. Yet, the legions of silent workers that make this possible struggle with low access to financial services. Forced to rely on informal sources of credit in times of need, many often fall victim to predatory lending rates and fall into debt traps. Recognizing this challenge, OGO Pay aims to solve it by utilizing technology and offering greater levels of financial inclusion to gig economy workers.  Click here to learn more about OGO Pay.

      Direct Pay

      HatchX | Fintech

      In recent times, Sri Lanka has made great progress in the realm of fintech. Yet we still have room for improvement. According to the Central Bank of Sri Lanka’s latest payment bulletin, cash remains the popular mode of payment for retail payments. The coronavirus pandemic has seen a surge in options for customers to make digital payments. Yet, this wasn’t always the case and for merchants, the challenges remain to accept such payments. Tackling both sides of this problem is the mission of DirectPay, which has set its sights on simplifying digital payments. Click here to learn more about Direct Pay.

      Tags: FintechHatchXSponsored
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