Pulse by QIDS, Startup Spotlight — Planto
In this edition of Startup Spotlight, we look into the leading innovative FinTech company Planto, on a mission to revolutionize the financial industry through Open Banking. Jessica Liu, the co-founder of Planto, deep dives into how their AI-powered personal finance app and bespoke B2B solutions are reshaping financial management for individuals and institutions alike.
This article is available on QIDS Venture Partners website, LinkedIn, Medium, and Substack, and we invite you to share your thoughts by leaving a comment.
Edward: Can you briefly introduce your startup and the services you offer?
Jessica: Planto is a FinTech company with two interconnected parts: our B2C and B2B businesses, both centered around Open Banking.
Our B2C segment features an AI-driven personal finance app, helping a growing user base of over 360,000 individuals consolidate their financial data from 70+ institutions. The app provides 50+ quick insights, aiding users in achieving financial goals with just a few taps.
In the B2B field, leveraging our success in Hong Kong’s personal finance app market, we assist banks in adapting to Open Banking. With our swift and market-validated approach, we help banks better serve both retail and SME customers with data-driven solutions such as Personal Finance Management (PFM), Business Financial Management, product cross-selling, and Credit Assessment. This is powered by advanced machine learning models, trained on 60 million+ data points with our proprietary data enrichment approach.
Edward: What is the core problem you’re addressing?
Jessica: We address two main challenges. Firstly, for millennials and Gen Z in Hong Kong, managing finances is complex due to multiple accounts across various institutions. The average individual deals with 4–5 credit cards, 2–3 MPF accounts, and several investment and savings accounts, making financial tracking and insights a time-consuming task.
Secondly, banks face difficulties in customer acquisition, engagement, and cross-selling amid rising FinTech and virtual bank competition with paradigm shift to digital and data-driven approaches. These challenges are compounded by margin pressures, pushing banks to develop customer-centric digital solutions to enhance customer lifetime value (CLV).
Edward: What inspired the creation of your startup?
Jessica: The idea for Planto emerged from our personal experiences as millennials struggling with financial management. We recognized a gap in the banking sector: a lack of comprehensive insights and an easy way to consolidate various financial accounts. Market research and discussions with over 500 individuals revealed that many millennials faced similar issues. This discovery confirmed the demand for our app, leading to the establishment of Planto.
Edward: Could you summarize your startup’s mission in one sentence?
Jessica: Our mission is to empower end users and businesses to have better control over their finances by leveraging technology and big data, whether through our B2C app or by equipping financial institutions with customer-centric technologies.
Edward: How do your solutions stand out in the crowded FinTech sector?
Jessica: Our distinction lies in offering data-backed and market-validated solutions shaped by our direct experience in Open Banking framework and our founders’ mindset. We’ve conducted extensive research and utilized insights from our B2C app to develop tools that boost customer engagement and cross-selling for banks. Our use of machine learning, trained on over 60 million data points from banks in Hong Kong and Taiwan, prepares financial institutions with effective, ready-to-deploy solutions for the emerging Open Banking landscape.
Edward: To date, how many users or clients have benefited from your solution?
Jessica: Our app has attracted over 360,000 users, predominantly millennials and Gen Z, and we have 15 institutional clients, including major banks like Citi and Shanghai Commercial Bank, as well as virtual banks and wealth management firms.
Edward: What are the primary projects or initiatives that your team is currently focused on?
Jessica: This year, we have two primary focuses. The first is to create Open Banking/IADS use cases for our clients, and the second is to develop digital banking solutions tailored to the underserved SME sector.
Note: IADS is the abbreviation of the HKMA’s Interbank Account Data Sharing Initiative.
Edward: What are the major trends or challenges you foresee in your sector for 2024?
Jessica: The rise of Open Banking in markets like Hong Kong, Taiwan, the UAE, and the USA is a major trend, giving customers more control over their financial data. As a FinTech company experienced in Open Banking, we anticipate challenges similar to those in Europe and parts of Asia. These challenges may include questions like “How extensively will regulators push for this?”, “Will all banks comply, or will there be resistance?”, and “To what extent will these initiatives truly be ‘open’?” Additionally, educating banks about the opportunities and the adoption of Open Banking will present an exciting challenge.
Edward: Are there specific types of businesses or stakeholders you are looking to partner with in the near future?
Jessica: We aim to partner with more banks in Hong Kong, Taiwan, and the UAE. Additionally, we’re interested in collaborating with businesses that align with Planto’s capabilities, particularly those that can leverage our data enrichment models. This includes ESG companies like Cogo and Doconomy focusing on carbon tracking and lending companies seeking enhanced credit insights via Open Banking data.
Edward: How do you think partnerships or collaborations will benefit your startup?
Jessica: Partnerships are key to our success. By aligning with businesses that complement our solutions, we expand our reach, access new customer segments, and explore new markets. Our collaborations with ESG companies, for instance, have not only attracted banks interested in ESG innovation but also opened avenues for significant growth and impact.
Edward: What are your primary goals or milestones for this year?
Jessica: This year, our main goals are to scale our business in Hong Kong and Taiwan and to enter new international markets, leveraging the upcoming implementation of IADS/Open Banking.
Edward: How can interested individuals get more information or discuss partnership opportunities?
Jessica: Add me on LinkedIn! Or email me at jessica@planto.io.
Discover the rhythm of innovation with ‘Pulse by QIDS.’ From AI and deep tech to FinTech, we provide insights to trends and interesting startups across diverse tech sectors to keep your finger on the industry’s pulse. Join us as we explore the developments driving the future of technology and business. If you need more information or would like to arrange a meeting with us, please feel free to contact our Managing Partner Edward Shen via LinkedIn or email.
