Pacific Development Foundation
We aim to add an average of USD 3,500 in savings to each Polynesian family, generated through accessible work, healthcare, and savings options.
When we began - countries such as Tonga and Samoa were dependent on remittances that accounted for 20%-40% of their nations GDP. Remittance Costs were averaging 27% of funds from Australia - and 22% of funds from New Zealand, ultimately taking millions of dollars per week from these distant economies.
By launching one of the first digital remittance programs in the world, KlickEx reduced these costs to around 3% - and saved small communities more than $1m per week. In 2013, IFAD announced KlickEx the highest penetrating, lowest cost cross border mobile money service in Asia.
Our mission is to translate vibrant, subsistence barter economies to digital ones, connected by platforms where work, investment, savings and education have out-sized impacts as communities transition into a connected world.
The Pacific and Southern Oceans cover almost 30% of the world's surface, and 50% of its oceans. The oceanic region of Polynesia, the dotted atolls that house the human guardians of this important resource, is larger than the land-masses of Africa and Asia combined.
With less than 0.01% of the wold's population, these people have an enormous environmental responsibility, afflicted economically and socially, by the tyranny of extreme distance.
The population density of South-East-Asia - 3,000 miles to the west - is around 153 people/km^2. In Polynesia - it is less than one person/100km^2. The population density of South-America - 5,000 miles to the East - is 56 people/km^2; 5,600 times more people, excluding New Zealand, and Hawaii.
Our Challenge, is to Find, Educate, and Train those willing to explore, in Banking, Health and Education, Financial Services, and Medicine. To date - we have operations in 8 countries - and we have, in a few short years - on-boarded more than 180,000 people - accounting for almost 80% of the adult populations in our innovative, ground-breaking work - that has, according to the UN, directly lifted household income by approximately 20% of GDP per capita.
Our average client is a 48 year old mother of 4, living on less than USD1,200 per year; 60% more than 4 hours from the nearest town of 10,000+ people. However - our impact is truly a cross section of the adult and working society.
While KlickEx has offered unique and pioneering digital services, including payment systems, mobile wallets, fee free savings accounts (in up to 8 currencies), e-commerce solutions, and even National Payment infrastructure (that runs the central bank and cheque payment (imaging and clearing) services) -- no success is an island. 30 years ago - KlickEx's platforms would have hardly been possible without the mobile phone. They would have been less efficient without the internet; they would have been too foreign without the familiarity of Social Media, and the rapid progress in technological advancements in computing, security systems and telecommunications.
Our service, although intended for macro-economic use - was put to into service by the United Nations' Pacific Financial Inclusion Program in 2012, to build mobile money systems, servicing the 80% of the Population that was, at that time, un-banked.
In the second year of its operation - KlickEx was profitable. And it continues to cost about $4 per capita per year - or about $8 per active user per month - to generate what must be some of the most universal and rewarding results at a national scale, of anywhere in the world.
By addressing the Cross-Border Payment issue first, we built the grounds for mass adoption, with a clear market impact and use-case. The huge scale of success in our first 18 months, resulted in more than $500m transacted (by some of the smallest economies in the world) - which lead directly to (a) raised living standards, (b) nearly 400% "development" bank and savings accounts (in Tonga - an expansion by 20% of the households), (c) increased purchasing power parity by nearly 11% (due to both lower cost imports and larger remittance receipts) as well as (d) widespread adoption for the first time of a formal financial product.
By 2014 - we had added real time international payroll systems as part of the Recognized Seasonal Employment Program (RSE) placing more than 10,000 Pacific Workers (10% of the labor-force) in high-paying jobs in New Zealand and Australia, in conjunction with the RSE Employers Association....
Our scale increases annually.
- Create or advance equitable and inclusive economic growth
- Ensure all citizens can overcome barriers to civic participation and inclusion
- Scale
- New application of an existing technology
Our competitive advantage is our first mover scale, our incredibly high rates of efficiency, our high rate of creative innovation, the happiness of our teams - and now the deep levels of trust we have in our communities.
We brought products to market, and achieved overwhelming scale, that the World Bank and many others said were impossible to build, uneconomic to establish, and had no-market-fit (which they later attempted to copy afterwards, with embarrassingly poor results).
During Cyclones/Typhoons our systems stay online; and provide an impact that usually exceeds foreign aid by around 10 times, at critical points of emergency; and now... we build the national payment systems of these countries too - so we operate the kiosks that do bio-metric scanning and ID in remote villages, manage employee background checks, handle salary payments, run the National ID services and Central-Bank payment-systems.
Our main product emulators: the World-Bank and Western-Union.
Our technology platform is the key to our success. It is not as key as our vision or mission - or quality of our customer care facility - but none of that would be possible without the highly automated, efficient, and accessible services that run almost 24/7 in a market full of 10-4pm competitors.
In 2017 we launched a ground-breaking partnership with Technology Company IBM - where we trialed their Blockchain product for cross border payments, insurance, FX and inter-bank connectivity. The process taught us a great deal about scale-ability and the already highly competitive effectiveness of our system.
Without our technology - we would not have been able to take Tonga from 3,000 electronic domestic payments to more than 2,000% growth in its first year (and probably 100% more growth by the close of its second year) it if wasn't for the readiness of our technology. Originated from "big-bank" world, our team and technology is already built to manage more than 10 payments per citizen per day; or to compare that to WeChat and Alibaba - more than 770,000 payments per second - per billion in population.
From this core infrastructure that has been so key to mobilizing so many people into core digital services in the Formal Financial Sector; we expect to copy and repeat this process in the 2019-2022 phase of repeating this regionally.
- Blockchain
- Social Networks
- Australia
- Fiji
- New Zealand
- Tonga
- United Kingdom
- Australia
- Fiji
- New Zealand
- Tonga
- United Kingdom
We have almost a million accounts, in a region more than 30% of the worlds' surface (taking it to the extremes) - but 0.01% of its population.
https://donorbox.org/blueocean...
We are saving over $1m per week - to a population with GDPs per capita under USD3,500 on average (and only about 100,000 households) - which is extraordinary: https://en.wikipedia.org/wiki/List_of_Asian_and_Pacific_countries_by_GDP_(PPP)
http://www.pfip.org/our-work/w...
https://www.worldometers.info/... (Adults are about 40% of this).
Moving away from the highly impressive percentages - and penetration numbers - we now actually reach 184,000 people in a region that has about 280,000 adults, across an area (including this time, Australia, New Zealand, and Hawaii) of more than 136 million km^2 - or five times the combined size of the USA and China... put together - who had never before had mobile money systems, formal banking (by in large) or sophisticated digital products, to manage salary, receive job training, health care, and (in some cases) forms of micro-insurance, too.
What is more incredible - is that we keep growing in this region - at a rate of 700 people per month- with no retail marketing budget what-so-ever - at all; given the penetration already - it's mind-blowing - on budgets that are self-funded and tiny.
We use our financials to gauge how well we are doing compared to peers in other parts of the world. We are presently saving to register as a full digital commercial bank to offer non profit credit cards, non-for-profit pension and superannuation products, as well as enhanced insurance and risk management services.
Our three goals are:
----Achieve Annual Passive Incomes for 35% of Household of GDP-per-capita ($3,500) already at 20%.
--- Achieve One Savings Account and one insurance product per Capita - even children.
--- Gain a tripleA credit rated Bank License in NZ.
Our main risk is the issue called De-risking. De-risking is where banks close off accounts for other financial institutions in "emerging markets" outside the control of the affected financial institutions servicing the emerging market.
There are many many other operational risks - but we have been through most of these as we scaled, very very very quickly in 2013-2014 from processing under $200,000 per month in transactions - to almost $2m per day as our popularity grew in 2014-2016.
We had major staff recruitment scaling issues - as we went through a 10x recruitment drive in 11 months (2014) and then a technology upgrade to handle more than 1000x the scale of our pilot program (2015).
In 2016 we were hit badly by de-risking of the remittance product; but since have had a major diversification of services.
Our next risk is the failure to continue to exceed customer expectations and to spend too much time looking at what we have done already - and overlooking that our goal is still 80% underachieved: To create wealth at a scale unprecedented in the Pacific Islands.
Our response is to build our profitability, and become a fully licensed bank (with a triple A credit rating, we hope) in the send side country. We have the support of our local pension funds - to back and fund such a purchase - we are going through the regulatory process at the moment.
- Other e.g. part of a larger organization (please explain below)
Privately held company
KlickEx has a leadership team of 8, a full staff of 31, 17 women, 6 people over 60; and fluent in 8 languages.
We began our journey in New Zealand - and have our main service, call center, and product engineering team based in Auckland, its largest city. Auckland is also the largest city in Polynesia - and 6 countries in the Pacific have more citizens who live in Auckland, than in their home Countries (Tonga, Samoa, Cook Islands/Rarotonga, Tuvalu, Niue, Tokelau).
Our second largest support office is in Australia - with compliance and banking relationships are centered. This office is closest to the airport (Brisbane) which connects to more Pacific Island capital cities than any other airport (followed closely by Fiji, and Auckland)
Our third largest office is in Tonga - where our FX, Compliance, and wholesale teams sit. This is also our largest market, where we have the most users per capita.
In Samoa - we have our 4th main office - and this was here to sit on the American side of the Date-line. We are regulated in Samoa by the Central Bank, like in Tonga, have to maintain an office in-country to provide the services we offer.
Finally - we have a UK office for regulatory purposes. This give us access to important EU legislation and compliance oversight - and dates back to an era where Australia and New Zealand had extremely limited regulations, which were in many ways - the cause of the such severe de-risking epidemic in New Zealand in particular - but also in Australia too.
Selected Awards & Community Recognition
https://www.klickex.co/klickex... (Scroll to bottom)
Media Attention:
We have used this recognition to become one of the most respected, highest growth companies in our region and markets. We have enormous digital penetration; which has been hard earned over the past 5 years in a part of the world very unfamiliar to most.
The end game of this is to become a full digital bank - with incredibly customer-centric offerings built around innovation and long run social and civic benefits, as we have very much, already done to date.
We now have the scale to excel.
We operate our core financial inclusion platforms at cost - and sell commercial platforms and partnerships (such as mobile money, utility invoicing, insurance and Payroll services) to commercial clients looking for cost efficiencies.
We recently competed with the World Bank, and Montran, to install national payment systems into Tonga (and 6 other countries) and beat the World-Bank subsidized bid by more than 90%. We don't necessarily take a for-profit approach to offering national services - but do retain a value added service model where we can earn, upgrade, and innovate our solutions.
Even though the World-Bank platform was subsidised by the New Zealand government to the tune of $4m, the Tongan Government still selected us due to the total life-cycle cost, and over-all benefit to the Tongan economy - including the speed-to-market - which in our case was 9 months, and in the WorldBank's case, more than 6 years and counting.
We will repeat our installation of the National Payment System of Tonga to 5 other countries - FREE OF CHARGE - giving them the most advanced, regional, inter-linked payment system on the planet. There are still 16 micro-states in the Pacific that do not have some or all of the products we have built for them - and winning this prize will enable us to empower the whole region.
This would increase our profit to $2m p.a.
Then we could look extremely closely at other regions to expand to next: Africa, Asia, and the Caribbean would be ideal phases.
Chief Executive