About a Project
The solution aims to remove traditional barriers, such as minimum brokerage account sizes, and act as an intermediary between individual traders and the investment company. The app has to attract a new target audience, primarily interested in micro-investing, and provide it with a convenient automated service for managing personal savings.
Goals set to Cleveroad
- Ensuring compliance with local legislation
- Creation of micro-investing app from scratch
- Establishing long-term partnership for app’s progress
Solutions we've delivered
- Analysis of SAMA requirements. Defining rules and restrictions, features, and Software Development Life Cycle (SDLC) based on this analysis
- Developing an app using UI/UX and fintech best practices. Testing micro-investments and savings functionality on the focus group
- Providing the customer with IT consulting, marketing analysis, and a team of experts for further technical improvements
Results for the Customer
- Successful app verification after assessment, freely and fully functioning in the legal field
- Сompletely ready-to-use platform that considers pains, gains, and goals of the traders focused on micro-investing
- Successful cooperation and the project’s growth due to the high-quality development and tech consulting services
Business Challenges
The customer is an investment company that has been on the market since 1988 and has reached US$3,319.00 AUM (assets under management) by January 2021. Our customer planned to expand to a micro-investment domain and needed:
- Build mobile platform focused on micro-investments from scratch: it has to be scalable and provide opportunities for growth in the number of users and solution capabilities
- Procurie compliance with the requirements of the local financial regulator and carrying out the analysis to meet fintech rules of Saudi Arabia and other Middle East countries covered by SAMA
- Provide the customer with in-depth expertise and platform’s post-release maintenance and support for company’s total revenue growth on a long-term period
Project in Details
We’ve developed the application from scratch and took over all phases from discovery to release and support
Ensuring compliance with fintech regulations
- We have conducted an analysis of legal requirements, highlighted the core points according to SAMA restrictions and distribution area. All the detailed solutions were based on this research performed in productive communication with the customer.
- We have designed the architecture and the authentication process. We've provided the main modules: multi-factor authorization, Know-Your-Customer (KYC) verification with liveness detection, and the monitoring and reporting system.
- We have ensured the client information's protection and obligation to establish a proper SDLC. It allowed us to ensure that all sensitive data of the investment company and their customers could remain black-boxed and secret for every participant.
Product Essentials
In the application, we covered all the data security requirements and the needs of micro-investment traders
Flutter mobile app including authentication according to the SAMA requirements. Before each financial transaction, the identities of counterparties are established by KYC policies. We also provided multi-factor authentication when logging into the system.
One of the most valuable and challenging solutions. We’ve developed it with Microsoft Azure Cognitive Services that shows high-level precision in detecting.
The right-to-left layout is supported as a distribution area’s requirement. All localization features were considered in user interface design for intuitive navigation and ease of the apps usage.
The flow includes core features such as selecting a portfolio to invest in, defining the saving plan, and setting a card for investment. We also worked out the withdrawal logic and support chat.
The flow includes core features such as selecting a portfolio to invest in, defining the saving plan, and setting a card for investment. We also worked out the withdrawal logic and support chat.
Development in Detail
- We’ve provided the client with our own team. It consisted of a project manager, business analyst, UI/UX designer, tech leads, developers, QA and DevOps engineers, and solution architect. It allowed us to speed up the development process and optimize the client's costs.
- The platform was developed within 7 months with Flutter, .Net, React.js, Redux, and other appropriate technologies. We also have performed integrations with noonpayments , Absher, KYC/AML automated check, Intercom Support Real-time Chat, Microsoft Azure Cognitive Services , sarwa.co FIX API (private), and FCM.
- We have made the architecture flexible, efficient, and relevant and allowed us to ensure the needed level of security. The system logic includes special integration modules: Stock rate service for retrieving valid data in real-time, Push notifications, Payment Gateway, which should be relevant to the distribution area.
Technology stack
Tools and solutions are selected and used, considering the requirements of the customer and the UK healthcare industry
Web Architecture
Backend
Node.js
Express 4
Web Architecture
Node.js
Results Obtained
On the project, we passed through all the steps to achieve all the goals set:
Our client say
Switzerland
Michel Bielecki
CEO & Co-founder of Testasy
“O16 Labs ultimately delivered a working product, allowing me to launch a unique service worldwide. The team was quite responsive, transparent and supportive throughout. They all worked really hard and fast, demonstrating amazing ability to deliver market-ready MVP swiftly”
greece
George Bardakis
Digital Communications Director, Bet Comrade
“O16 Labs worked tirelessly and consistently throughout the project collaboration, always ensuring high-quality outcomes. The team is always responsive, available and effortlessly accommodates to concerns and queries, thus providing top-tier assistance. Their skills, responsiveness and impeccable communications surpassed clients’ expectations.”
Spain
Nicolas Adolph
Founder of DocuDoc
“The outcome of partnering with O16 Labs has been highly favorable. The team is agile and utterly collaborative from a project management point of view. Internal stakeholders were impressed by the service provider’s patience and professionalism.”
Pakistan
Waseem Sindhu
Director of Technology from a Digital Marketing Agency
“Thanks to the work from O16 Labs, the client reached a whopping 200,000 downloads just within two months and secured 10,000 active monthly users. They communicated actively and effectively via Slack and Trello. Their transparency and project management styles have been hallmarks of their work.”
Washington
Woodrow Jones
Co-founder and CEO of Vibecoin
O16 Labs have all it takes to meet clients’ expectations in terms of process and delivery timelines. The team remained highly responsive and offered expert consultancy on app development. Their ability to listen and adapt to clients’ suggestions is highly plausible, allowing them to further extend their expertise in blockchain development.”
Dallas, Texas
Stephanie Phillips Fokas
Director of Patient Advocacy, Overwatch Digital Health
“Ever since O16 Labs took over the project, deliverables have been outstanding. The team is well-versed, fully-prepared and actively participates in meetings. Their sense of urgency and grasp on a project is fantastic.”