Local fintech startup gini has launched a beta version what it is calling Hong Kong's first all-in-one personal financial management application.
The gini app is designed to help users gain insight into their spending habits and take control of their finances.
A beta version of the app is now available via the Apple App Store. At launch, the app is compatible with Bank of China (Hong Kong), Citibank, Hang Seng Bank, HSBC and Standard Chartered Hong Kong.
The app is the first to enable the linking f multiple bank accounts and sorts all expenses by search function and period in graphs and charts designed to paint the full picture of a user's spending habits.
The app uses data science to learn the spending habits and preferences of each user, helping them find cheaper deals and flagging purchases that are priced above a user's average spend.
Additional features will be added in a future update, including credit card payment reminders, budgeting tools and the use of AI to identify savings in areas such as utilities, mortgages, aviation and subscriptions.
To ensure security and privacy, the gini app anonymizes sensitive information and encrypts it using 256-bit encryption, and will never store personally identifying information or banking credentials on its service. The company is also in the process of gaining Payment Card Industry Data Security Standard (PCI DSS) compliance.
A recent study into the spending habits of Millennials conducted by the company found that nearly half (43%) save less than 10% of their monthly income, with 26% spending all of it by the end of every calendar month.
“Many Hongkongers, particularly millennials, are really struggling because they lack the tools to organize their personal finances. At present, Hong Kong lacks a local company that is built around the consumer and is committed to helping them save money – and gini is proud to fill that space,” gini co-founder and CEO Raymond Wyand said.
“We built our app to be a single place that not just feeds you info about personal finances, but also finds better deals for you.