Ribbon: Day-to-Day Expenses and More from Day One

Ashesh Jani, Co-Founder & CEO

Individuals embarking on international journeys, whether for professional or educational purposes, often aspire to adapt seamlessly to their host country from day one. However, they frequently encounter the formidable task of deciphering the intricacies of the host nation's financial systems while striving to manage payments for daily necessities.

A resolution to this pressing issue has been eagerly anticipated, and the financial technology firm Ribbon has stepped up to address this concern. Initially devised as a tool to assist Indian expatriates in creating a digital footprint within their adopted nations, Ribbon has since transformed into an all-encompassing, highly-customized financial application designed to fulfil a vast array of monetary requirements with unparalleled ease and accessibility.

Ribbon facilitates account opening for students and work permit holders while they're still in India and provides them with digital and physical debit cards. Parents can fund student accounts, and HRs can do so for work permit holders.

"When a Ribbon user lands in the UK or anywhere in Europe, they can use the Ribbon debit card to take a train, buy a SIM card, or rent an apartment from day one," explains Ashesh Jani, co-founder and CEO of Ribbon.
Otherwise, it can take six to eight weeks for migrants to become part of the financial services system, impeding their capacity to execute indispensable daily tasks.

Ribbon has already made significant strides in that direction. The AI-powered Ribbon platform hosts a financial services ecosystem that enables users to manage their finances, invest intelligently, transfer remittances instantly, and learn from resources.

When a Ribbon user lands in the UK or anywhere in Europe, they can use the Ribbon debit card to take a train, buy a SIM card, or rent an apartment from day one

The platform allows users to establish budgets for various types of expenses, including but not limited to groceries, entertainment, and rent, on a daily, weekly, monthly, quarterly, or annual basis. The platform then monitors spending habits against each budget and encourages users to remain within their predetermined spending limits while any funds saved are reserved in separate goal buckets for daily spending wallets. Users may also receive incentives for prudent spending behaviours.

The Ribbon application also incorporates a virtual piggy bank feature to promote savings. This feature allows users to accumulate funds for investment/savings purposes or to withdraw into their wallets. Furthermore, the application offers a cashback loyalty program that utilizes the Ethereum stack via Ribbon coins, which grants users a 1 per cent cashback on all expenses incurred using their Ribbon account.
These coins can be used to invest in products offered by Ribbon-partner firms or transferred into the user account.

It also collaborates with registered and regulated third-party partners to assist users in investing their wealth intelligently in various markets, including equity, foreign exchange, and cryptocurrency, and to obtain mortgages and credit cards through partner banks.

Regarding remittances, Ribbon has developed a marketplace that aggregates money transfer operators. Although the algorithm ensures that Ribbon will always be the payment service provider, users can choose a better rate on a particular day and make payments through Ribbon. This will be particularly beneficial for SMEs owned and operated by Indians in the UK and Europe without the need to maintain KYC documents and passwords on multiple platforms.

Ribbon has recently established the Ribbon Academy to contribute to society. The Academy aims to integrate financial literacy into the Ribbon platform, and discussions are underway with various universities to provide account opening services and supplementary courses.

As a carbon-neutral entity, Ribbon strives to educate its users, especially younger demographics, on the environmental impact of their actions through a tool designed to track the carbon footprint generated by their transactions. Furthermore, Ribbon is exploring collaborations with non-profit organizations to enable users to offset their carbon footprints.