27 June 2018, London, UK — After starting design and development work on its blockchain platform and mobile app in-house, BABB has now expanded its technical resource by partnering with Intellectsoft. BABB and Intellectsoft will deliver an alpha app for private (community) release in Q4 2018, followed by beta testing and refinement with a public release in Q1 2019.
BABB is one of London’s most ambitious and innovative fintech companies, headquartered at the Level39 technology accelerator in Canary Wharf. BABB’s proposition uses technologies including blockchain and facial and voice recognition to tackle financial exclusion; increase access to banking; and promote speed, security and data privacy in financial services.
Development Work Dialed Up
Work on the BABB app and platform began in March 2018 and BABB’s partnership with Intellectsoft is the latest stride in its progress towards delivering its mobile app and payment card on time. For over a decade Intellectsoft has been helping enterprise clients, funded startups, and Fortune 500 companies from all major industries embrace challenges of Digital Transformation through implementation of new and emerging technologies.
Earlier this year, Intellectsoft announced the launch of the Blockchain Lab — an enterprise-grade blockchain consulting and development unit that consolidates Intellectsoft’s experience in the distributed ledger technologies (DLTs) and connects an extensive pool of engineering, cryptography, and cybersecurity talents.
Commenting on the new partnership, BABB CEO Rushd Averroes stated: “the BABB project is technically ambitious. We now have an entire team of people at Intellectsoft who are dedicated to this project and who have the capability to support us. This partnership will assist us with a thoughtful step by step delivery of the app to make the BABB vision a reality”.
“We are excited about this partnership with BABB. Unlike many companies operating in the emerging blockchain space these days, our colleagues at BABB are approaching the fundamental aspects of the platform design, such as security and scalability, very seriously”, notices Intellectsoft CEO Michael Minkevich. “It is an interesting and technologically challenging project. We are looking forward to helping our new partners deliver this innovative product that will open access to the next generation of banking services to millions of people around the globe”.
App Launch Targets Committed
The partnership reaffirms BABB’s commitment to hit the target launch dates which were set in early 2018. The news will be met with enthusiasm by BABB’s engaged and growing community of over 50,000 early supporters from all over the world. Following the private release in Q4 2018, this audience base will form a team of beta testers ahead of the public app launch in Q1 2019.
The app will showcase a range of features including the ability to open an entry-level account using just face and voice recognition, make payments to any other bank account and make instantaneous peer-to-peer transactions within the platform. BABB is concurrently working to obtain a UK banking license with the aim of becoming the first regulated blockchain-based bank in the UK. In order to fund the minimum capital requirement for the license, BABB is raising money through an equity crowdsale which is live now.
BABB is the World Bank for the microeconomy; a decentralised banking platform that leverages blockchain, AI, and biometrics technologies to offer anyone in the world access to a bank account for peer-to-peer financial services.
There are 2 billion people in the world without a bank account, and it’s not viable for the traditional banking system to serve them. BABB takes a new approach, offering blockchain-based banking in a regulated environment, to enable users to crowdsource banking services and completely remove the need for banks as we know them.