Digital wallet app and core banking platform

About the client

Our client is a leading financial technology company that enables fast and secure payments for over 10,000 businesses in Southeast Asia. It helps customers accept and send payments through 100+ popular payment methods, get quick financing, and efficiently manage money flows. The company processes over 500 million transactions annually, with a total value of $45 billion. Trusted by industry disruptors like Samsung, Meta, ByteDance, Unicef, and Starbucks, it powers business growth through a unified payment suite.

Problem statement

We started working on this project in September 2020—the year of the COVID-19 outbreak. Although it brought about devastating impacts, the pandemic has also propelled the growth of Southeast Asia’s financial services sector, encouraging businesses to adopt digital banking, e-wallets, and online payment solutions:

✔ Transaction value in digital payments in Southeast Asia surged from $134.8 billion in 2020 to $190.8 billion in 2021, representing a remarkable 48.54% increase, compared to a 15.51% rise from 2019 ($116.7 billion) to 2020.

✔ Governments across the region are spearheading initiatives to modernize payment infrastructure and promote digital payment adoption. Nearly 90% of consumers actively engage in digital banking, signaling a significant shift toward cashless transactions.

✔ Social distancing driven by the virus has greatly increased reliance on technology and digital solutions in banking, insurance, and wealth management across Southeast Asia.

The client wanted to meet the increasing demand for digital financial services and required native digital wallet apps for iOS and Android, as well as an efficient core banking platform.

Challenge

The project presented several challenges, including tight deadlines, compliance concerns, and the necessity to automate manual back-office operations:

• Tight deadlines. We had about three months to develop the mobile application since the client planned to present it to auditors by the end of the year. The solution had to adhere to stringent quality standards to pass the audit and receive market approval.
• Compliance concerns. Since the client’s company is PCI DSS-certified, all of its solutions must comply with PCI DSS regulations to avoid license revocation. The HW.Tech team had to ensure adherence to this standard while also navigating other region-specific frameworks.
• Manual back-office operations. At the time, the company relied on a legacy core banking system where back-office operations were manual and unoptimized. We were to create an efficient core banking platform that automates and streamlines these processes to increase efficiency.

Solution

Native mobile applications for iOS and Android

To meet the project timeline, HW.Tech promptly built a dedicated team consisting of a PM, 2 backend engineers, 2 iOS developers, 2 Android developers, and a QA. Our experts developed e-wallet apps for iOS and Android along with a scalable backend layer based on Node.js and TypeScript. The layer interacts with the client’s main payment system and integrates with the data from different bank providers. The apps empower users to effortlessly accept payments, transfer money, top up their balance, and set recurring payments for various services—all in one place.

We applied the solutions for the audit and successfully passed it. As a result, the client received approval to market the product.

Robust core banking platform

Additionally, we assembled a separate team for core banking platform development. Our engineers built resilient software with connectors to multiple financial services, using React for the frontend and Goland and Node.js for the backend. The platform features an intuitive admin dashboard where authorized employees can manage KYC submissions, access customer data, and review transactions. It streamlines a variety of back-office processes, reducing employees’ workload and boosting the company’s operational efficiency.

Key Features

Mobile app

✔ Add payment method. User can use their debit or credit card to pay for products and services in the app.

✔ Checkout history. Users can review their checkout history, including details about where and when purchases were made and the amounts spent.

✔ Direct debit. Users can set direct debits to automatically withdraw funds from their bank accounts for recurring payments for services like subscriptions, bills, and loans.

✔ KYC. Users must complete Know Your Customer (KYC) verification by providing personal information and documentation to upgrade to a premium account.

✔ Top up balance. Users can top up their balance with debit cards, virtual accounts, or through direct debit.

✔ Withdraw funds. Users can withdraw funds from their wallets and transfer them to their bank accounts.

✔ Send payment. Users can send payments to other individuals and add notes to the payments.

✔ Request money. Users can request money from other individuals and add notes to the requests.