The Douugh Ltd (ASX: DOU) share price is storming higher following the release of announcement today.
At the time of writing the neobank and artificial intelligence-driven financial wellness app provider’s shares are up a sizeable 16% to 32 cents.
What did Douugh announce?
This morning Douugh announced the end of its beta program ahead of a full market launch of the Douugh app in the United States in the coming days following extensive market testing and user feedback.
Douugh’s app is aiming to disrupt the business model of banking by helping people better manage their money and live financially healthier. The company’s vision is to one day become a fully autonomous financial control centre.
Management advised that the end of the beta program also marks the successful completion of a number of significant regulatory and development tasks.
In respect to its regulatory and compliance, the company has received the necessary bank approvals following the implementation and validation of advanced protocols to meet anti-money laundering and Office of Foreign Assets Control (OFAC) regulations. It has also collected significant use case data to train up its artificial intelligence-powered fraud detection engine to guard against account takeover and transactional fraud events.
What else has been done?
Management also advised that the company has been busy developing its app to ensure a superior user experience. This includes app optimisation for the latest Apple iOS software and the new iPhones.
In addition to this, the company has extended its development efforts to in-app functionality. It has made improvements such as users being able to see pending transactions. It has also rigorously tested the platform to ensure it is ready to scale and onboard a significant level of new users in anticipation of launch.
As a result of the above, management expects to submit its app to the Apple App Store on 13 November. A full market launch will be announced upon approval.
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More reading
- Here are the 3 best performing IPO shares in 2020
- Douugh and Ioupay were among the most traded shares on the ASX last week
- Why the Douugh (ASX:DOU) share price is up almost 1000% since its IPO
- Douugh and Afterpay were among the most traded shares on the ASX last week
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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