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Banking Tech Awards
1st December 2022
Royal Lancaster Hotel

Banking Tech Awards Finalist: Dexy


Dexy has been selected as a finalist in the FinTech of the Future – Start-up Bank/ Banking Service category at the Banking Tech Awards 2022 for their project Dexy.

Dexy

Dexy is a first-in-class hybrid neobank that combines the simplicity of fintech apps and the safety of traditional banking — yet powered by the benefits of crypto, decentralized finance and web3.

Dexy is on a mission to bring safe, simple, crypto-friendly, web3 banking to one billion people worldwide. Dexy is designed for inexperienced crypto users by providing them with simple daily banking services powered by crypto.

Everybody has heard about crypto, but we're far from mainstream adoption. Crypto is still a niche industry mainly consisting of male users with financial or tech backgrounds. The barriers to mainstream adoption are complexity and risk. The crypto industry lacks trust compared to traditional fintech and banking products. Dexy closes this gap.

The Momentum is here

The Momentum is here. New tech applications are becoming mainstream: metaverse, gaming, NFTs, virtual realities, web3, crypto. Most of the world has heard it. The problem is adoption is still very low. Only 3-4% of the world is connected to the new financial world with less than 0.5% considered active users. Why?

1) Cryptocurrency is not considered a primary “currency” yet. Most existing crypto players provide trading solutions that encourage people to speculate (buy and sell). This makes crypto greatly positioned as a trading/investment solution, but not as payment instrument, which crypto was initially designed for. The genesis of crypto utility is the more efficiency and reliability, compared to traditional money.

2) Traditional players (banks & fintechs) are not able to adopt new crypto realities due to their tech legacy, abrasive infrastructure, risk-adversity, and slow ability to adapt to new challenges.

The market tipping point is very close - in a few years most people will use this new digital money, whether it be private or backed by the Government. And they will need simple and trustful solutions to do just that.

Dexy enters this Blue Ocean by creating a product specifically designed for these inevitable market changes.

The first hybrid neobank for mainstream customers

While Dexy is simple as modern neobanks and other daily consumer apps, it’s also as secure as a traditional bank. Dexy provides the benefits of blockchain, crypto and decentralized finance:

  • international coverage and global availability;
  • fast, efficient and safe transactions;
  • daily offline and online payments
  • 24/7 availability and instant settlement;
  • high interest rates;
  • affordable loans;
  • payments in new tech realities
  • and much more to come

The Dexy product

The world changed over the last few years. The new remote style of work boosted global traveling and cross-border money movement. However, most of the world remains disconnected from the global financial system, which creates big challenges:

  • Expensive international payments
  • High FX rates
  • Limitations of local currencies overseas
  • Inflation and asset volatility
  • Access to bank accounts remotely

Additional limitations are due to new apps in games, VR, metaverse, and NFTs which require users to pay in crypto.

Emerging markets in LatAm, Asia, and Africa face these challenges harder than others due to a clear underserved market filled with incumbent financial players.

Dexy is on the mission to bring financial inclusion by bringing new money to underserved customers in emerging markets:

  • Digital nomads
  • Immigrants
  • Remote families
  • Students
  • Gen Z explorers
  • Creators and influencers