Dear reader
We are launching this regular newsletter to make sure to keep you in the loop with what’s going on at SWIC. Our intentions are good, so the SWIC Investor Update will land in your inbox about once a month, and you will gain insight into our progress, plans and our commitment to our projects. Any feedback is welcome, hit reply, we will take note and respond swiftly.
This month we are reporting on our market test in Sri Lanka, have a new team member to introduce and have new investment opportunities. This edition is one of first’s, we hope you enjoy reading.
We appreciate your time and attention,
The SWIC Team.
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Turbulent times in Sri Lanka:
The beauty of Sri Lanka and its people is undeniable. The country’s recent political and economic instability has been a threat to its growth and development. Although the situation remains fragile, there is light at the end of the tunnel. There is a new government in place, protests are quelling, and fuel is available again. Sri Lanka has secured an IMF deal for 2.9 billion if it is able to meet its conditions.
The effect on our operations has been felt, but minimally, and we have continued operations throughout the turbulence. Establishing relationships and communications with new partners was difficult, which led to delays in the launch of Tukki. Communications with existing local partners were unaffected. Even though, due to the current crisis, people generally had less money to save than before, we still see great potential in the country. Most of our target customers are still able to save and invest, and we found that the impact of the crisis changed perceptions about investing and saving, with the average Sri Lankan now weighting it as more necessary and important than before.
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The last missing piece needed for the rollout:
The last missing piece for our savings and investment app Tukki, WAS a suitable local payment provider that could satisfy all our needs. Which, due to local payment provider regulations, was more difficult than expected. Therefore, we are happy to announce our collaboration with Seylan Bank PLC, which brought this missing piece into place. By working together with Seylan, we can support all common payment methods of Sri Lanka for our users, such as all local e-wallets, debit cards, all local banks, and more.
With this last piece now in place, we are preparing the launch of Tukki, together with our local partners Ataraxia Capital and our local marketing team. We are happy to report that our social media presence is growing. For example, some stats include: Over 5k followers on Facebook and 2.5k followers on Instagram.
A private beta market test of the app is planned for 2022:
- During the private beta market test, we will continuously invite selected users from the Sri Lankan market to test our app. We compensate them for their unique feedback.
- During this time, we will improve the app according to the feedback received.
The public launch is planned for January 2023. However, this will depend on the private beta feedback.
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Welcome Ali our newest team member
Ali joined SWIC in August and leads the business expansion of SWIC/Tukki and is responsible for new market entries and business development. He has built several brands and businesses over the last couple of years. During his Master’s studies in emerging countries he gained experience in the tech and finance sectors. In the last couple of years, he has focused on blockchain, web3, and the metaverse with his international agency.
Welcome to the team Ali, we are looking forward to a prosperous engagement.
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Investment opportunity:
We are currently conducting our second investor round. We are looking for an additional 1.0m – 1.5m CHF to finance our rollout in Sri Lanka and to expand into a second country post the Sri Lankan rollout (details on enquiry).
For more information on this prospective opportunity please contact us:
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Ali Oezdemir
ali@swic.digital
+49 176 2083 5501
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