We talked to Allen PakChing about how iPYGG Fintech manages all your different accounts, makes savings hassle-free and gives you gold-standard investment advice to help meet your financial goals and this is what he had to say.
First of all, how are you and your family doing in these COVID-19 times?
Allen PakChing: Hi, it was challenging for my family and myself to adapt the life under COVID-19, especially since the work would be delayed because of working from home. However, it inspires me to develop more solutions based on our core technology.
Tell us about you, your career, how you founded iPYGG Fintech?
Allen PakChing: I’m the Co-founder of iPYGG Fintech Group, a serial entrepreneur, inventor, and mentor in the fintech industry. I invented three patents in Fintech and exited my previous start-up last year. During the time there, it was awarded several significant fintech awards and delegate Hong Kong Fintech to London, which changed my perspective on Open Banking. Personal finance is not just numbers that many people may find boring. It’s in our life, and it affects the way we live. Therefore, I founded iPYGG, which means digital piggybank, helping millennials enhance their financial health with the most advanced tech industry.
How does iPYGG Fintech innovate?
Allen PakChing: We made a robot for aggregation and categorization of the financial information from banks, pension funds, cryptocurrency wallets & securities firms. The way to manage and automate planning, savings & investing has been easier than ever.
Once connecting bank accounts, users can manage multiple accounts in one place. Ai will process the user’s financial information, advise the tailored investment strategy, and reduce loan interests. Notably, a credit card’s average interest rate is over 30%, and millennials own more than five credit cards. Ai compares the balance transfer plan in the market via Open Banking and provides the best rate to users that will significantly reduce their interest rate by ~80%.
Meanwhile, users can bind their credit cards in our platform for autosave & investment, which is why users save extra while spending with the linked credit cards. It rounds up the purchase amount to integer and saves the spread in the trust account. The amount in iPYGG will be automatically transferred into the robot advised portfolio, which provides a 4-16% annual return under consideration of geopolitical risk.
How the coronavirus pandemic affects your business, and how are you coping?
Allen PakChing: Under the coronavirus pandemic, we launched our B2B business to the market in October and recorded massive demand for the services.
We launched IP Magazine that provides trendy food, products, holiday activities, staycation, and money management since we believe that personal finance and the numbers are not scary, but lifestyle is. We have recorded 15K followers in 1 week since launching in December 2020. We also provide open banking solutions and product-based solutions to our clients.
Did you have to make difficult choices, and what are the lessons learned?
Allen PakChing: Leading a well-developed company built from 0 by myself is not an easy move. It was struggling for over two years; the core was changed to another way because of the regulation. However, I have met many investors and financial institutions to build the digital piggybank out with licenses in the regions.
How do you project yourself and iPYGG Fintech in the future?
Allen PakChing: For myself, I would stay in the Fintech industry for all my life and be the expert on it. I believe that I am already in the best industry and building the business with ten years afterward insight. In 10 years, the financial system would be significantly relying on Ai and open the source to everyone. Life would be much easier than now, and the company would be implementing Ai and machine learning to help millennials and all the users in their lifetime as an all-in-one money management app.
Who are your competitors? And how do you plan to stay in the game?
Allen PakChing: Our competitors would be Acorns in the US as their main product is also round up savings there. However, we made up the patent of it with the currencies difference in Asia. We provide general personal financial management services and invest based on unique personal financial information and risk preferences.
Your final thoughts?
Allen PakChing: I’m excited that iPYGG is launching in Hong Kong, Singapore, and Australia at the beginning of 2021. It would be challenging to establish in other countries under COVID-19. However, an entrepreneur solves the problems, so we would solve them with our partners, investors, and regulators. I can’t wait to see the launching of our Open banking services being launched soon.