JCF Application to Global Open Finance Challenge
JCF’s Communication Advisor Andrew Bacchus has passed the Global Open Finance Challenge that’ll take place Oct. 18–25, 2021 to us. It’s essentially a joint effort from the banking industry to find great teams and ideas that could be integrated with current banking systems.
APIs will be opened in a sandbox for the teams to experiment with their innovations in possibly a week-long hackathon.
We thought we’d applied as learning and using about banking API could provide better user experience to JCF’s clients, and may possibly make crypto investment more main stream.
In the spirit of transparency (part of our core values), we’re sharing part of our application materials, as for a record and perhaps inspirations for other social entrepreneurs in the space.
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What is the problem you are aiming to solve?*
Wealth is poorly distributed, resulting in increasingly high poverty for people from all walks of life; affordable housing, medical expenses, and diminishing pensions are resulting in poverty rates never before seen.
In 100 words or less, what is your proposed solution?*
Joint Commonwealth Fund (JCF) is a social impact fund that invests in crypto assets to make basic income truly universal. Our vision is to support over 1B+ people with basic income by 2040.
With an index fund that invests in cryptos and runs on blockchain, we put capital to work to both create and distribute wealth effectively, for everyone.
How is your idea/solution innovative?*
* we put profits from crypto/tokenized investment funds into a "dividend pool" that not only reduces risks in crypto investment, but also provides regular social dividends for all participants
* we've developed an MVP that shows that it's possible to recruit social investors and SMB owners intested to invest in crypto/blockchain trend (but too afraid of the risk), to put small amounts to invest, while using the profit for social good.
Why is your team interested in participating in the Global Open Finance Challenge?*
We're addressing UN SDG #1 "No Poverty", it's a huge challenge that requires the best talents/investors to join force together. We cannot do this alone, and we're here to find the right support to scale our fund to the next levels.
How does your team plan to integrate one (or more) of the Sandbox APIs into your solution?*
We're interested to adopt banking integration so that social investors may invest into our crypto funds via fiat currencies automatically. KYC/AML can also be applied effectively. So the following APIs will be relevant:
Payment Initiation
Variable Recurring Payments
Bill Pay
Wealth Offering
Screening API
What makes your team well-suited to develop your proposed solution?
We're one of the few crypto UBI teams that has launched a working product and with operational experience close to 3 years.
Our commitment to our vision of 1B+ people with UBI by 2040 allows us to continue to create and discover new collaboration models within the fintech space.
In short, we're on a long-term social mission, so short-term gains that may distract us won't apply.
Describe the skill and experience makeup of your team:*
Shun-Yun (CEO):
* agile project management
* founder of software company since 2011
Robert Van Patten (CIO):
* investment strategy
* crypto/options trading since 2019
Andrew Bacchus (Communications):
* eco-system development
* economic development since 2016
