Today, a fintech startup SOL Wallet announced its launch in South Africa in Q1 2019.
The company develops a bank-alike money management platform for retail customers, where anyone can deposit, save, invest, make payments and manage their expenses via mobile and web apps. SOL Wallet allows users to register and create multi currency accounts online, buy and sell currencies at interbank rates, trade crypto at the best market rates, pay service providers and utility bills, send money to friends, get a SOL card and pay in stores – all nicely packed into a mobile app and is free of charge within certain usage limits.
“Traditional banks are good as custodians for your money, but are not that good in solving your everyday payment needs. They charge high commissions and overcomplicated fees while not providing customers with careful service. People are spending hours on paperwork and queues to understand their charges. We believe it’s not fair, and the bank should benefit its clients. So it’s time to disrupt traditional banks by doing the same things easy and cheap with the help of technology,” said SOL wallet’s CEO, Mr. Boris Frischter.
SOL Wallet will never take commissions for storing and using your money. They have completely zeroed all fees for account maintenance and transactions within the platform, making the deposit, transfers, payments and withdrawals of your money and digital assets free of charge. Now they are building a bridge between digital and regular currencies to allow users to instantly convert foreign or cryptocurrency and use it when making everyday purchases with SOL card. And in the future, SOL will learn to help users to control their expenses and invest their money into stocks and other financial products.
SOL is conducting the closed beta testing in South Africa now and will launch its products for the public in March 2019.