To begin, the vote ended 1 hour earlier due to the blocks’ minting time. It takes between 1.5s and 2s, so we couldn’t be absolutely sure of when it would stop. Regardless, the vote heavily favoured the Public Launch. 

Continuing, Alex Grigorescu, enfineo Product Manager, presented the updated roadmap.

Right now, we’re working on 3 main things on Version 0.4, which will be out somewhere in early summer.

1. Finalize implementing the pockets concept. For those of you who don’t know, they’re basically going to be some containers that will have different uses
2. Virtual cards
3. Card payments

We’d also like to take this moment to thank you, our community, for the immense feedback you gave us during our testing sessions! Hats off! 

With our 0.5 version, we will switch from the test network to main network, and use real money & cards. Basically, it’s when we launch the beta version of enfineo.

Moreover, we’re going to launch a dark mode setting for the app. 

Lastly, version 0.6 will also be released this year, with its primary feature of multiple currencies. We’re also going to add “delighters”, which is the “secret sauce” of the app, but we’ll talk about that later. 

Additionally, here’s a sneak peek of the app’s most recent version. We even presented our “pockets” feature, of which there will be at least 3 different types: savings, investments, and spending.

For those of you that want a more toned-down, basic version of the app, you can simply use the Main Account interface. The assets here will be split between FIAT & Crypto. 

To showcase an example of a bank transfer: you’ll be able to transfer in-app using your enfineo tag or go to the bank transfer menu, where all details regarding the bank account are shown.

Now, let the questions roll in! Here is the Q&A session:

Q&A

What does 0.3 mean?

0.3 is the app’s current version that our testers are giving feedback on. The main element this version tests is core banking (bank accounts & SEPA transfers).

How do I install the app?

You can sign up using this link. Currently, you’ll be put on a waiting list, and as we start enrolling testers again, you’ll receive an invite.

Will the app still include tokenization of loyalty points?

Yes. It’s not on this year’s roadmap, but you will eventually be able to do that. Also, there needs to be a differentiation between the MVP (Minimum viable product) and later versions of the app that will be launched in the years to come. The latter will include loyalty points tokenization.

Will there be a feature to instantly buy Crypto or Fiat? 

Yes. Moreover, you will be able to buy crypto using your generic bank debit card through a top-up feature. With this feature, you’ll be able to buy both fiat and crypto. There won’t be any difference between topping up the two forms of currency. 

What does a Product Manager do?

So, a product manager coordinates 3 main activities: 

user (understand him, his needs, and pain points)

tech (making sure that the solution we’re developing is suitable for the user)

business (making sure that the vision, as well as the tech, is solving the user’s pain points)

Simply put, a product manager sits at the crossroads of the 3.

What is the impact of MiCA on enfineo?

There are huge potential upsides to this. More capital will get infused into the crypto space due to these new regulations. 

Why does development take so long?

Nobody has ever done what we’re trying to do here at enfineo (i.e bridging crypto-fiat). So while at first glance, everything might seem quite simple, things can go really deep. The complexity doesn’t come from simply creating the UI of the app, but rather from the ecosystem behind it. We want to make sure your money is safe. 

Again, we can’t stress this enough: we’re not simply developing the app from a white-label foundation; we’re building it from scratch. White-label products vs. fully-owned apps have great differences in terms of fees, environments, and regulations.

Also, even when it’s a white-label product you’re starting from, you still have months of development, integrations, etc. When you have your own, fully-built app, you can play around with the fees you charge customers, vs. a provider with similar offerings but who uses a white-label product, and isn’t as flexible with them.

Can we have more details about the development team?

There are around 15 people working on the app, which has 5 segments: front-end, back-end, testing, DevOps and lastly, UX/UI.

When is the token getting listed & on what exchanges?

The token will get listed this year, and it will be concurrent with the public launch of the app. 

What’s the utility of the token ($ENF)?

We’ll create a sort of “universe” around the token. An ecosystem. With $ENF, you’ll be able to pay your in-app fees, which will be discounted if you use the native token; fees regarding bank transfers, and such. Simply put, wherever you interact with the app and have to pay fees, you get a discount if you pay with $ENF.

Who will manage the user funds?   

The funds are yours, and you will be able to withdraw them at any time. In contrast to a traditional bank, we won’t have any liquidity problems when users will want to withdraw funds. We don’t lend your money, nor do we emit credit cards. 

Is there a master plan for the product?

We’re not exactly sure what a master plan means. But for 2024, we do have a roadmap. At the same time, right now, we’re focused on launching enfineo.

Was the article in Vestbee paid?

No, it wasn’t. Alin signed up for the accelerator and was later informed that enfineo was selected on a list of CEE Startups of the month – April 2023.

And that was it for this month’s AMA! If you still have any questions, feel free to address them in our Telegram groups (RO or EN), and we’ll see you at the next AMA highlights!