Innotribe is SWIFT’s fintech innovation initiative that brings together highly qualified financial services experts, angel investors, venture capitalists, and global fintech and financial decision makers. If the startup performs well, they shall secure a place in the finals and show case their products at Sibos in Singapore. The startup has written on their blog that their qualification to the competition validates their business model of bringing financial inclusion to the bottom 2.5 billion people excluded from finance and commerce into the global digital economy; The company uses mobile devices accessible by 70% of the adults in emerging markets instead of cash which it argues is a very inefficient way to transact for both the business receiving cash and the consumer paying with cash. The startup has 3 products which inclue; The company has two clients on board. ALTX which offers an electronic marketplace where securities and derivatives are traded and Xente, a solution that enables customers to send money internationally using mobile phone. Image: innotribe
