Freedom Cash – a free digital wallet

Bangladesh still has a lack of full digitization in the banking sector. Country’s overall development is still underway because of our financial institution's insufficient services to the rural areas.

Our FreedomPay digital payment mobile application will fill the existing gap of the financial services. Our system will build a digital wallet equivalent to our local currency. It will allow inter-banking transactions which will not only allow the users to transact money from their own bank accounts but also facilitates the transaction between different banks and multiple users too. This system can be accessed from any parts of the country using a smartphone.

Our free of charge user application will introduce a revolution to the digital payment system. It will allow users to transact and spend their money from different sources through a centralized application. This will introduce a new digital currency revolution in every small corner of the country.

According to the World Bank’s report, Bangladesh’s current GDP growth is at 7.9% in 2019. This astonishing growth is possible because of multiple factors like political stability, education and the growth of financial institutions.  

We do have a mobile financial transaction system like BKash or similar products but with expensive fees and need cash deposit and withdrawal risks at their agent locations. Though it has allowed a large number of people to send and receive cash money from one location to another but it has a limitation to connect their bank accounts and become a centralized financial platform.  

We have a total number of 62 registered banks with numerous branches and some of their agent locations. According to Bangladesh Bank, as of January 2017, there were more than 16.5 million active MFS accounts and approxmately 42 million registered mobile financial services accounts. 

Our solution will help to replace the expensive third party Mobile financial services like BKash and allow the people to use our free peer-to-peer application for money transactions from their personal bank accounts and even cash deposits. This will also help to use it as a digital currency to shop and pay any bills.

Our free peer-to-peer application will be available for the general population. Anyone having a smart device will be able to load our application to withdraw and deposit money from different sources and turn them into a digital currency. Our paid enterprise customers will be able to generate invoices and clear their bills using the application using their own bank accounts deposit.  

This solution will help the general people to omit the excessive cost of using any third-party solutions and will give them the freedom to utilize their money from a single digital platform.  

Our application will have 2 parts, one for general users and the other one for enterprise users.

Our core backend programming will use Python and React Native for a cross platform mobile application development.

We are still using multiple mobile App from different Banks and using multiple third party mobile financial platforms to send and receive money.

Our solution will create a centralized Digital wallet. It would be equivalent to the local currency value like if they have deposited or transferred 100 Taka from either cash deposit or any bank transfer they will have 100 digital coins in their wallet.

We will create an inter-bank transaction system for digitally withdraw and deposit money from a user account. A verified user can only make a transaction to another verified user. A verified user will be able to spend their digital coins to purchase any goods from a physical store or any online retailer.

We don’t have a similar product in the market who can centrally manage user’s financial transaction from sources. Our application will also help to eliminate physical bank accounts if the verified user wants to load their money by cash deposit and then can use it to purchase their regular daily life items and can also send money to another verified user.

Our solution will gradually impact the mass people when they start using our application. Our solution can also be used by a merchant or enterprise to process a financial transaction from either a verified user or another enterprise.

Our project is in a concept stage and we have been working on its prototype for the last 2 months.

We have a plan to deliver this application with a year. We have a goal to enroll approximately a hundred thousand subscribers within the first year.

We have a target to enroll a million subscribers in the next five years.

Our future goal is to release the software as a beta version with in the next 6-8 months. We want to release our official version within a year. We will then start marketing our products to the mass people. We will keep working on improving our application in following years.

Within the next 5 years, we have a plan to add a few more values added service into our application.

We have only 3 engineers working on the prototype right now. We don't see ourselves to complete the core application within next year due to lack of technical and financial resources. Even after releasing a beta version we would require a marketing team to introduce our products in the market. We will surely face technical and financial barriers to meet our deadlines in the next one year.

We would need at least 20-30 employees to meet our technical, marketing and administrative requirement to enroll a hundred thousand customers in the following year.

To enroll approximately a million customers in next 5 years we need to increase our employee up to 50-60 people to cover all technical, marketing and administrative need.

We will require more investments either from personal sources or taking seed money or bank loans. We already started investing to open a new and big office in Khulna City. We are planning to accommodate at least 20-30 employees there by the end of this year. We will also seek private and bank loans to meet our financial requirements to cover our costs for the next 5 years.

We have a very strong technical team. We have a technical architect who completed his MSc. from a reputed university in the USA. He will drive the entire technical team. We have a business analyst who completed his MBA from a reputed university in Bangladesh. If we get adequate investment then we would be able to achieve our goals in the next 5 years to serve more than a million people.

Project Manager and Lead: Mohammad Tabriz

Technical Architect: S M Mansurul Haque

Software Developer: Chamon Haque and Parvez Mannan Bhiyan

We have a very strong technical team. We have a technical architect who completed his MSc. from a reputed university in USA. He will drive the entire technical team. He has more than 15 years of technical background in fortune 100 companies in USA. We have a business analyst who completed his MBA from a reputed university in Bangladesh. All our software developers completed their bachelors in computer science from reputed universities in Bangladesh and abroad and has more than 5 years of experiences in software development

We are currently operated under a private organization named as "Expert Consortium Ltd", registered in Khulna City, Khulna, Bangladesh.

We have a remote office in Dhaka too for administrative purpose.

Our business model includes both B2C and B2B.

Initially, we are funding from our personal sources. We will seek private and
government donations and also apply for commercial bank loans.

Tiger IT is a prominent IT company in Bangladesh. The Tiger IT foundation can help us financially and technical level as well. This foundation could become a great mentor to achieve our goals. We would also get a free publicity about our product to win this challenge.

In future we would like to partner different financial institutions and a value added technology organization to offer new services. We would also like to partner with a marketing and distributor company to maximize our product and service coverage.