One struggle a lot of consumers know all too well is finding the best places to exchange money and get the best bang for the buck. Curren$eek is a mobile application focusing their attention on making this search a lot more convenient, and they won the Asean Fintech Challenge in the process.
Players active in the financial technology industry are exploring all kinds of different options. A lot of consumers – and businesses – are always on the lookout for more convenient ways to
exchange one currency into another. However, that process can be quite stressful, and the average rates are not all that great either.Curren$eek was designed to alleviate all of these problems with their mobile app, which allows users to find the best money-changer rates anywhere in the world. The potential of this application has not gone by unnoticed, as the team won the Asean Fintech Challenge award last week.
According to Curren$eek CEO Hakim Karim, money-changer rates can fluctuate by as much as 20% at any given time. This makes the process of finding the best place to exchange funds quite a hassle, but with the mobile app, users will get an overview of all rates in their particular location. Future plans for this mobile app include a feature to let money-changers bid for the business of users who are looking to exchange a particular currency.
But there is more, as Curren$eek holds the potential to remove the need for carrying cash when dealing with money-changers. By letting users pay from their bank account directly, the process becomes a lot safer for all parties involved, while adding an extra level of convenience for the user. However, this feature hinges on bank participation across various countries, which is a lot easier said than done.
So far, Curren$eek has secured US$150,000 in government grant, and they took home US$3,000 in prize money for winning the Asean Fintech Challenge.Interested parties can download the Curren$eek application from their operating system’s respective App Store, and the app has been downloaded over 7,000 times so far.
Source: Finextra
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