"PandaMoney", a Russian start-up, entered the Japanese market
Designers of Russian M- banking for children "PandaMoney", at the invitation of the Japanese government and the Japanese division of "Accenture" company, entered the Japanese market and launched joint projects with several banks in this country. This was reported to Firrma by the start-up.
"PandaMoney" was selected by the Japanese government as one of eight start-ups from around the world, who received assistance in entering the Japanese market. The start-up already cooperates with such banks and companies as Rakuten, Mezuha and MSFG. The Japanese government has allocated an office for "PandaMoney" and is now shooting a video film about the start-up.
"PandaMoney" product is a mobile application that acquaints children with finances through play, issues their first bank card and provides access to the main financial services. The goal of the project is to teach children to use their personal finances.
"According to our calculations, the monthly volume of the Japanese market is $2 billion. This is how much the Japanese give to their children as pocket money. This is two times more than in Russia," Dmitry Prostov, the founder and CEO of the company, says. " lthough, the banking markets in Russia and Japan differ significantly. They cannot just take money and give it to the people as a loan. The interest rates on government bonds are already negative, and loans have such a low rate (0.6-0.8%), that it is impossible to build a big business on them. Therefore, in this market, we are more concerned about stock products for parents and their children. And also about the transactional model and the subscription system."
In 2015, "PandaMoney" attracted $100,000 from QIWI Venture. This year, the start-up reached the final of "Generation S" accelerator and expects to receive a grant from Sberbank.
Now "PandaMoney" participates in "The Idea for a Million" show organized by "Vnesheconombank", Internet Initiatives Development Fund (FRII) and "Skolkovo" Foundation. Three winning projects will receive 25 million, 20 million and 15 million roubles for business development.
Reference information
About "Panda Money"
The Russian game application for the accumulation of money. At the core of the technology is a gaming algorithm that allows you to turn the accumulation process into a game. The entire payment part is based on QIWI Wallet.
Source: Firrma
