Originally launched in 1989, The International Trade Council’s (ICT) Go Global Awards celebrate organizations that drive the global economy through their innovations, technologies, and strategies. The Awards bring together hundreds of senior executives from some of the world’s most innovative manufacturers, exporters, technology firms, international service providers, venture capital firms and financial institutions.
This year, ICT received a total of 6,416 applications from organizations in 178 countries, and the jury consisted of dignitaries from eleven countries. YAN, a UK startup on a mission to become the world’s first eCommerce bank, was one of the 14 international companies presented in the Fintech category to receive an honorable mention at the Go Global Awards 2021.
The Go Global Awards follow a rigorous three-tiered review and selection process. Candidates begin the application process with a pre-screening and ranking phase. Only the top 20% of nominations across all categories are then cross reviewed to ensure consistency. Finalists are then selected and move to the live judging event, where they make live presentations before independent members of the Go Global Awards Committee. The Awards Committee then cross reviews the finalist presentations and final decisions are announced at the Go Global Awards Day.
YAN will soon launch its YAN.Market web platform that is a natural extension of its Super App, with both being a part of YAN’s broader vision and ongoing development of World’s First E-Commerce Bank. YAN.Market will mirror the services provided in the YAN’s mobile app, allowing customers to use them on both a mobile and web platform.
Particular attention is paid to YAN’s E-commerce section – an aggregator of online shops where sellers will present their online business through their own personalized branded widget containing products or services offered in the most user-friendly and customer-focused manner. Shoppers not only will search for products, find their detailed descriptions, read others’ reviews, and filter products by a range of parameters, but they will also be able to choose store locations or where the products will be delivered from.
YAN’s E-commerce section – an aggregator of online shops where sellers will present their online business through their own personalized branded widget containing products or services offered in the most user-friendly and customer-focused manner.
For uploading products to YAN.Market seller will need to create a store by signing up in YAN’s Seller Hub, which is a multi-channel order and stock management system that will provide merchants with a single user interface for selling both on YAN.Market and also other supported sales channels that can be connected for managing orders with speed directly from YAN’s Seller Hub. The first registered 100 sellers will get FREE access to YAN.Market’s Grow Plan for their first 12 consecutive months, followed by monthly subscription. The package includes unlimited listings, tools for product marketing & reports and analytics, E-Commerce multi-channel integration access, 24/7 seller support, own store and branded company widget on YAN’s Super App & YAN.market web platform. Sellers signed to other plans such as Scale and Pro will be provided with additional accounting, product shipping and marketing tools, as well as YAN’s business current account with a debit card and other financial product offerings.
Sellers wishing to register their early interest for using YAN’s Seller Hub and to have their stores on YAN’s Super App and YAN.Market can submit a request to join the waitlist.
YAN’s objective is to reduce sellers time-consuming admin and other sales processes, hence the Seller Hub is designed to manage the entire multi-channel inventory without having to switch between multiple E-commerce platforms such as WooCommerce, Shopify, Magento, eBay, Amazon, Etsy, etc.
YAN.market’s Seller Hub also integrates with the most popular shipping carriers and couriers, as well as with accounting software such as Xero, Sage and QuickBooks, helping merchants to consolidate accounting across all sales channels and to automate post sales data by synchronizing and recording orders through sales receipts or invoices. In addition, sellers can update tracking numbers into sales channels, create shipping labels, manage shipping rules and much more.
It was surely a long but interesting journey for YAN’s team of developers who worked hard for about a year and now continue to optimize and ensure high quality software is coded for their startup in a quite tight timeline. It was initially decided that YAN should be a full-stack platform able to control the entire chain and not be dependent on third party technologies.This approach can be called the cornerstone of the company’s philosophy, as it needed more control and flexibility to meet the needs of customers today and in the future.
YAN’s technological team includes web designers, security specialists, Java and PHP developers, system developers and maintenance specialists working on building from the ground up YAN’s software environment with so far 12344 files and more than 8 million lines of code.
YAN is building from the ground up its multi-industry Super App software which to date contains 12344 files and more than 8 million lines of code.
You will probably be interested to know more on specifics of YAN’s hardware infrastructure which is divided into 3 main environments: 1) Development environment 2) Test environment and 3) Production environment. Development Environment operates on 2 servers (Api/backend server and Authentication server) where engineers develop the software required for company services (backend, authorization server, transaction server). When the software is ready, it then goes through the test environment.
The Test Environment is located on 2 servers (Api/backend server and Authentication server). Here we test the software developed in a sandbox environment. We can test all functions and check software vulnerabilities and their potential bugs. When the software passes all the programmed tests, it is then loaded into the production environment with its 4 servers.
Authentication Server is required to authenticate customers and internal staff who enter and use our cloud. The system is a bank-grade authentication server with single sign-on (SSO) capability – it’s a session and user authentication service that permits a user to use one set of login credentials, e.g. a name and password, to access multiple applications. As our business grows, we will move this server to an authentication cluster.
API server – this is for connecting mobile Apps to all possible operations (banking, cards, e-commerce, marketplace, etc.). As our business grows, we will migrate it to the backend cluster.
Backend server is used to manage the entire infrastructure (users, transactions, settings, logs, etc.). This server is the core of the infrastructure and will be later moved to a dual geographic cluster to avoid possible downtime.
Database server is used to run a database engine and to decouple the database server from the Internet. This server is located on internal networks and is not accessible from outside our cloud. In the future, it needs to be moved to the database cluster.
We hope this has shed some more light on what YAN’s engineers have been continuously working on over the past year but we will be back with more news, including about our technologies that help to create a risk profile or score, providing external data points related to finance, lifestyle, social and health.
Follow our updates and stay tuned!
What we will be offering?
Empowering eCommerce & Technology in Banking
Introducing a one-stop solution for customers to bank, shop and pay for products "Empowering eCommerce & Technology in Banking" on the go. YAN Bank offer all the usual banking services with current, savings, business, loans, and credit accounts
From direct debits, utility, and bill payments, to salary receiving, YAN have thought of everything including currency exchange, crypto payments, and our own digital currency; YANMoney. Yan makes it easy to pay a bill, hail a taxi, buy a birthday gift, order a takeout, or update travel insurance in one easy to use app. With YANMoney, customers can send and spend money across borders as well as shop and save in the marketplace.
Within one app – the YAN “SuperApp” – we will offer customers hassle free account creation, a safe, easy to use functional platform with better rates, smarter services, fewer fees, and handy integrations with relevant financial tools.
Business model and revenue
YAN’s “Super App” is an ecosystem of banking and eCommerce with a growing suite of services provided by fintech integrations built both in-house and by third party partners.
Our revenue will be based on multiple income streams, including fees coming from our core banking and other financial products, layered with a share from eCommerce sales and add-on services provided by our third-party partners.
Our technology is sophisticated, and our Super App will be the first financial institution blended with ecommerce on the market in the UK. We have a sustainable and growth-orientated business model that can generate a significant return to our investors. Today, we are preparing for our first institutional investment round as well as a soon to launch crowdfunding initiative. We welcome investors to join us in our journey.
YAN Bank will launch under an e-money license to avoid a go to market delay. We will apply for the full banking charter as soon as possible. Our strategy is to bring YAN to market, receive customer feedback, test out customer experience and respond to product refinements. This will enable us to grow our customer base at an early stage, paving a smoother and customer centric path for a broader banking offering.
Market share and expansion
YAN will initially grow market share within the Fintech and Finance market but will expand into eCommerce and Services. With interconnected, strong banking and financial infrastructure connected with the sophisticated eCommerce platform, our mission is ambitious. Our unique ecosystem will significantly expand the range of opportunities for YAN. With our breakthrough product innovations, we believe we have unlimited growth potential. Watch out Amazon!
The YAN Super App. For you.
Three out of 4 Brits are using online banking in some shape already, largely led by digitally savvy millennials where 1 in 4 use digital banking and 62% shop online regularly.
In the UK, neo-banks have not focused much attention on Generation X and Baby Boomers which is a rapid growth area – spending longer time and money online. With the recent Covid-19 outbreak, consumer behavior has shown a 40% shift to online in this demographic. Both these markets are ideal for YAN Bank.
The future of finance is brightest when it provides valuable services to the broadest swath of society and the economy. Financial inclusion matters. YANs Super App has been designed to ensure that it is easy to use and provides services to support underserved and unbanked communities.
eCommerce banking VS eCommerce Bank
Traditionally, “e-commerce banking” refers to a commercial activity that deals in trading services and goods through an electronic communication medium such as online website or mobile app, hence the idea of "e-commerce bank" which we now propose and want to become the first financial institution associated with this term, in our understanding, can only apply to banks that have incorporated their banking technologies including payment API with their own built-in or external third party e-commerce applications, existing only within the bank's own integrated online or mobile infrastructure. There are just a few platforms which have similar enhanced functionality; however, these companies do not identify themselves as a bank or they do not have the required level of eCommerce integration in their Banking Apps.
Traditional banking and commerce have changed. YAN Bank believes in a future of fair, equal, and sustainable business. We, like our customers, believe in transparency and open banking. Our mission is to support businesses and customers alike with products and services that are convenient, affordable, and less bureaucratic.
YAN is committed to spend at up to 10% of its revenue on charity and to invest in science, education, and technology. Contributing to the progress of these sectors and helping future generations to excel and drive positive changes in the world is part of our makeup.
Be The First To Try YAN
Join our waitlist and stay up to date with the
latest news and release dates
Be The First To Try YAN
Join our waitlist and stay up to date with the
latest news and release dates