A Fintech startup project initiated to encourage a cashless world in Thailand.
"1% of people own 55% of wealth distribution in Thailand"
Back in 2017, I was in London and just graduated with my master degree. Sitting in my flat and watching the news about the inequality of wealth distribution in Thailand. This sparked me immediately. I need to do something. I learned that people would be better to take care of their own financial lives if they have more financial literacy. And that is the lack in most Thai people (of course, especially middle to low social class).
The problem is obvious. Therefore, an opportunity to change. I teamed up with my younger classmate, Tida and seek a developer, Arm. I develop a pitch and the prototype to send to the Youth Co-Innovation Lab by the UNDP program to receive initial funding. We were selected to join the program in Bangkok. Although I was in London, Tida and Arm participated and they represented our idea very well.
We receive initial funding and social enterprise award! That was the first successful step. However, reading through the deal and legal matters as conditions of receiving the fund, I felt that it was not quite fair for us. With all my knowledge at the time. So, I decided to drop the deal.
Next year, I came back to Bangkok and keep on seeking the opportunity. However, there are barriers in getting to the big banks' partnership as according to Thai legal, you need some kind of big banks back up to do money related fintech. Also, with the data regulations and open banking topic in Thailand wasn't boom as today. So, I went on pause and waiting for the right time.
I still believe in this idea and innovation opportunity although the idea pivot and other stuff need to be revamped. If anyone interested, I am very happy to talk :)
Thanks, Tida and Arm for joining this journey with me.
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GROW [later I changed the name to MUSE]
Enjoy budgeting and control your money
We are one of the billion people struggling to survive in the capitalist world. We know it is not easy to live a good life when you avoid relying on social welfares and think about the price you would rather pay for “better”. We know how tough it is when your life is limited by living costs and household debt that your parents are struggling with. Also, we know how your dream trip and ideal home is hardly become true...
It is our challenge to fight inequality of wealth distribution in the competitive market and the difference of social class exists in just another form.
MUSE is a prepaid card with a cashless spending management application made for critical consumers to enjoy budgeting and control money.
Our vision is to enable people to easily access data, enjoy learning financial insights and critically make spending decisions toward better financial health by utilising data to empower learning behaviour and knowledge creation.
Everything about us at our temporary site >> https://musemoney.squarespace.com/
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Social Enterprise New Gen awards by UNDP Youth Co:lab Social Innovation Platform, Thailand
