FinTech

FinTech
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  • Ali is an Iranian immigrant in Canada. He has a decent job and he financially supports his family in Iran. He sends $2000 each month to his sister in Iran.
  • Maryam lives in Tehran, Iran. Her daughter is a student at a college in Canada. She sends her $1500 each month to partially support her. 
  • Students at the University of Toronto have made Ali and Maryam's lives easier by developing a multiplatform (mobile, web) application to provide them with easy-to-use financial services. 
  • Instead of going to foreign exchange centers, having to bargain about the exchange rate and waiting for some days to get the money, the application matches Ali and Maryam for a direct transaction. Ali sends $1500 via Interac e-transfer to Maryam's daughter's bank account.
  • Maryam sends Ali's family in Iran the equivalent amount of $1500 in Iranian Rials based on the accurate and up-to-date exchange rate provided by the application.  She uses the Iranian internal money transferring system for this purpose.
  • Everyone is happy with the useful features of this application: - No Transaction Fees - Transparent to the governments - No third-parties involved - Fast - Trustworthy and fair
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