Cubes is on a mission to provide a one-stop financial control center to empower 1 billion individuals and 1.5 million businesses in India. Traditional banking in India has long been plagued by outdated technology, hidden fees, and poor customer support, leaving many individuals and businesses frustrated. Cubes aims to disrupt this stagnant industry by offering a new-age digital banking app designed to serve everyone. 1) Project/Innovation Details: Traditional banking in India is outdated, inaccessible, and inconvenient, particularly for those in rural areas or with low incomes. Neobanks mostly focus on urban areas, leaving a gap in services. Traditional banks suffer from slow processes, bureaucracy, bad customer support, hidden fees, and outdated technology. They do not cater to the needs of modern consumers and businesses. Startups and small businesses face even greater challenges with traditional banks, which are ill-equipped to provide the agility and tailored services they require. International transactions and remittances are expensive and slow with traditional banks, causing a significant burden for individuals and businesses. Cubes seeks to address these challenges by offering a modern, 24/7 accessible banking platform tailored to the needs of individuals and businesses in India. 2) Cubes' Solutions: Cubes is a neo-banking startup that offers a modern and accessible banking solution for individuals, creators and businesses. Cubes offers accounts for individuals and businesses with features that are tailored to their needs and preferences. Our mission is to provide a simple, accessible, and affordable banking experience that helps our customers manage their finances and achieve their goals. Cubes plan to offer a range of features that make banking easy, convenient, and accessible. For individuals, we will offer a zero-balance account with a host of features that help you understand your money, invest easily, get credit easily and make international payments. Cubes also plan to integrate crypto wallet to the app so that they can store all their digital assets in one place. For businesses and startups, Cubes will offer a business account unlike any other in India. Our corporate cards will give you and your team easy access to your funds, while our easy remittance and international money transfer services make it simple to do business globally. We also plan to offer multicurrency accounts to businesses. Moreover, Cubes will offer a range of digital tools and resources that make banking more accessible and convenient. Our easy-to-use digital interface would allow you to manage your finances from anywhere, while our advanced analytics and data-driven insights provide you with the information you need to make smart financial decisions. We also plan to offer open banking, which allows you to link your Cubes account to other financial services and apps, making it even easier to manage your money. We embrace open banking, allowing you to connect Cubes to your favorite fintech apps like never before. Our robust APIs enable custom integrations for a seamless financial experience. For creators, we offer automated business tools and a supportive community, enabling them to focus on what they do best while providing real-time metrics and insights on cash flow. We also plan to launch dedicated accounts for teens and creators! 3) Market Opportunity: India's fintech market is projected to reach $150 billion by 2025, with an average digital payment transaction count of 2,348 per second. Despite over 500 players in the market, differentiation is minimal, and the top eight players hold around 50% of the market share. Cubes is entering the Indian market at an opportune time, as the country is experiencing a boom in entrepreneurship and startups. According to a report by DPIIT, India is home to over 73,000 startups, and this number is expected to grow in the coming years. As these startups seek banking solutions that are tailored to their needs, Cubes is ready to capture a significant share of the market. According to a survey by Finder, 26% of respondents in India have a digital bank account as of April 2022, while another 12% plan to open one in the next year. This shows that there is a huge potential for growth and innovation in the digital banking space in India.. Cubes aims to capture a significant portion of this burgeoning market by catering to startups, small businesses, creators, and both banked and unbanked populations. 4) Competition: Our biggest competitors are going to be Fi, Paytm and Open. Fi and Jupiter cater only to individuals and Open on the other hand offers accounts only to businesses. Paytm focuses more on payments and wallets. Cubes differentiates itself from its competitors by offering a comprehensive suite of digital banking products and services that cater to both individuals and businesses with features that are tailored to their needs and preferences. Furthermore, we also plan to launch dedicated accounts for the new creator economy group which no neobank currently offers. Cubes' innovative features, commitment to good customer service, and focus on meeting the unique needs of startups, small businesses, creators and banked and unbanked population set us apart from our competitors. We believe that by offering a more comprehensive and user-friendly banking solution, Cubes will emerge as a leading player in the Indian digital banking market. 5) Revenue Model: The main revenue streams are going to come from the following: Whenever a user their debit card, Cubes will receive a small percentage of this fee (commonly called as Interchange Fee). Our partner bank will also earn interest on the deposits and Cubes will receive a small percentage of that amount. We will also charge conversion fees on international remittances. Later down the line, we also plan to incorporate subscription based revenue model that will offer premium features and services to customers who opt for its subscription plans. These may include lower conversion fees in international transactions, cashback rewards, insurance coverage etc. Cubes collects and analyzes data from its customers’ transactions, behaviors and preferences to generate insights and recommendations that help them improve their financial well-being. Cubes also monetizes this data by offering it to third-party partners such as advertisers, merchants etc. who can use it to target and engage customers with relevant offers and promotions. 6) Team: Our team is led by Ashfaq Mehmood, a highly skilled computer science student with a passion for coding and entrepreneurship. Ashfaq started coding at the young age of nine and has since developed a range of innovative projects. At the age of 12, he began working on "JamKash," one of Jammu and Kashmir's first social networking platforms. It took almost two years of continuous development, but at the age of 14, Ashfaq successfully launched the mobile app and website. "JamKash" went on to become wildly popular, with over 45,000 active users across all platforms. Ashfaq received several prestigious awards and media features for his work. More recently, at the age of 17, Ashfaq launched "Dodo Drop," a made-in-India alternative to Chinese file-sharing apps like ShareIt and Xender. With the Indian government's ban on several Chinese apps in 2020, users faced difficulty finding reliable home-grown solutions. In just four weeks of continuous day-and-night work, Ashfaq developed "Dodo Drop." The app allows users to share pictures, videos, audio, and large files or apps across all their devices at blazing-fast speeds and with top-notch security. It is also ad-free and works without any internet connectivity, making it ideal for remote areas. "Dodo Drop" was a resounding success, with over 150,000 users across all platforms globally. Ashfaq received many positive reviews and features in reputable media sources like Android Authority, YourStory, and The Hindu. He also caught the attention of many top-notch investors in the corporate world. Recently, he received the Innovation Award from the Hon'ble Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, for the best innovation in science and technology in the Union Territory. We are confident that the Cubes team will bring a fresh and innovative approach to the digital banking industry in India. In summary, Cubes offers a range of features and services that make banking easy, convenient, and accessible for individuals and businesses in India.