ShuttleOne — July & August Updates
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As we go into the final sprint of the product and platform to enrich the lives of users in South East Asia, we traveled into the heart of the rural regions in Indonesia with our rural banking partners to visit the communities that our earlier loans made in $DAI/$IDR has impacted and find out more about what else can be done in these regions.
Who are We & What Drives Us?
At ShuttleOne, our mission is to reduce the friction between digital assets and everyday lives. While at the same time, provide for access to innovative products that would furnish positive impacts to communities in the form of lending, savings and convenience to the daily function of everyday lives.
In a world where interest rates are decreasing and growth stagnant, it is prudent that growth comes from areas with increasingly large population where digital solutions that are mobile first can seep in without being intrusive to the lives of users.
ShuttleOne has enabled migrant city workers to send monies home in a bid that reduces the time spent for inter-city remittances in our pilot program over the past few months:
To increase the impact of usage and reduce the risk of defaults of these activities that we are doing in these areas, we’ve partnered with financial institutions that has been serving these regions for the past 50 years. These rural banks, take deposit, provide startup loans and run a whole host of social programs that impacts the communities living in these areas. They have seen simple wet markets that are just mats by the roadside to the erection of small huts which houses these businesses and merchants today.
The Opportunity
Where digital solutions and our partnership aligns and impacts is these financial institutions were very reliant manpower and local grounds man to conduct the due diligence and activities for the operations of the banks. In addition, they are pretty technologically starve and while city counterparts have largely gone digital, due to the lack of education and access, they are generally slow in adoption.
ShuttleOne is changing this by plugging into the core banking activities and digitizing and tokenizing savings, lending and value transfer in our partnerships.
The Lives We Impact
As we go towards the final release of our platform, we’ve been testing and enabling the communities of people who are account holders with these financial institutions. These are merchants who have been with the bank since the 90s and depend on liquidity from the bank for their small businesses which serves their immediate local communities.
An entrepreneur like this who runs a provision shop in the village has several needs which goes beyond just lending to cover for the order of goods. She has the same needs as anyone who reside in urban areas such as value remittance, savings and payments. Merchants like these needs to make salary on a daily basis where money in cold hard cash is not giving a strong return per year on its savings. ShuttleOne is changing this by providing a simple digital savings account that would accrue interest from the get go when she credits salaries for her workers.
Some of these merchants where our loans are disbursed now in $DAI/$IDR goes to merchants like these who acts as local wholesale agents for the products they procure in neighboring provinces which could be 300km to 500km away in manufacturing regions of the country. Money transfer has always been more troublesome and dependent on trust. Digital solutions can provide for simple credit scoring and convenient money transfer to their suppliers promptly.
ShuttleOne does this where we provide liquidity for local currencies immediately when the transaction is settled and final digitally on the blockchain.
Bigger Plans
As we sprint towards completing our 2nd iteration in our front facing wallet and the bank end smart contracts. ShuttleOne is looking forwards to develop core banking technologies that would completely transform and digitize these financial institutions in the very near future.
For more information on what we do and who we are here are the avenues to chat with us:
Telegram: https://t.me/shuttleone
Facebook: https://www.facebook.com/shuttleoneasia
