The Singapore government success key open attitude and policy.
Photo to Fastacash
Which city is Asia Fintech town? Google keyword search, all the results are clearly pointed out that the answer, in Singapore, according to the Nikkei Asian Review, global 200 Banks headquartered in Singapore, a total of more than 2 million of assets, affected by international FinTech trend in recent years.
According to PwC’s 2016 survey, 73% of the traditional financial industry concerns from Singapore will be FinTech startup services, think share profit and city will be the biggest crisis, therefore all active layout, even the DBS, Citigroup and other leading providers also dare not lightly, successively set up innovation research center, a few short years FinTech service and cross-border cooperation opportunities sprang up, Singapore has become the Asian market FinTech development focus the attention of most people.
Singapore FinTech emerged in recent years, however, the development is far less than silicon valley, London, United Kingdom, and other leading market, can have now achievement, open attitude and measures to encourage the government is believed to be the key.
Singapore gold will head Ravi Menon announced to inject $167 million in 2015 to build FinTech infrastructure, was founded in 2016, “FinTech Office” virtual services to assist the global new and investors in Singapore, held at the end of the year for global financial hackers game, planning and supervision of sand box, loosen the regulations, the measures are aimed at promoting FinTech thrive.
The following will introduce community as the starting point to cut into three FinTech Singapore companies in financial markets.
Payment and money transfer：Fastacash
「If I can send you a photo on Whatsapp, why can’t I share money with you, too?」
Application in community is more and more thriving society, Fastacash aimed at building the bridge between the financial and customer, hope will be payments into people’s life, from the point of view, Fastacash payment technology has developed a community, let consumers in a day most frequently open the App ─ Facebook, WhatsApp, payment and transfer accounts on Twitter, content can be associated with the community element such as video, photo, trading content contains and count the money, tickets, etc. Any valuable goods.
In addition to the P2P applications, Fastacash developed P2M (the person to break) business model, Fastacash within the store shopping App grafting technology, customers do not need to leave the App when shopping can through the P2P mode split with a friend or a gift to a friend, not only improving the customer’s consumption experience, also increase the customer retention.
Fastacash hope through strategic alliances and marketing way to expand the market, actively cooperate with the domestic and foreign merchants and Banks, 2016 have Axis with India’s third-largest bank, Vietnam’s largest retail bank Techcombank and Singapore’s largest local commercial bank DBS cooperation, one Axis and Fastacash bank in 2015 to launch the App “Ping Pay”, in a year or so more than one million registered users.
Investment and trade since ancient times is closely linked with the community, people always used to obtain advice or information from trust, often also track, pay attention to the Best Performers on the market dynamics in order to get useful information, this is the so-called community trade (Social Trading).
ShereIt trading is a specially designed for community development of the mobile phone App, the purpose is to string of investors in the world, Banks and brokerage agent, let people trade information is not limited to a broker or a securities broker, let a lack of investment knowledge or contacts of people have the opportunity to contact with the experienced investor, and then set up their own investment confidence make decisions independently, or direct copying other people’s investment strategy, thus provide ShereIt like community software of real-time dialogue and tracking object function, make investment people chat online, interactive, and grasp each other trading conditions in real time.
Photo to ShereIt
ShereIt was founded in 2015, the origin of the Singapore local Fintech accelerator Startupbootcamp, profit model with
Bank or brokerage firm cooperation, according to the amount of users monthly fee and the fees of every successful deal began in 2015 with Singapore and India’s four large financial institutions to cooperate.
Lending platform KyePot
KyePot founder Siddhartha Gandhi found in the original work of the bank is not education the public how to save money correctly, and in some parts of the developing countries, most people don’t have the ability to obtain bank or financial institution loans, thus Siddhartha Gandhi decided to venture to improve the financial environment, developed on the basis of action App platform for P2P lending KyePot, in developing countries did not benefit from the bank of the crowd as the target customer groups.
KyePot through group power to assist customers to achieve the objective of the savings and loans, faster operation pattern for customers looking for friends and relatives of a trust relationship with each other group, every member must deposit a sum of money to the pool, when someone need to use money can borrow funds from pool.
KyePot also cooperate with financial institutions, financial institutions can participate in lending to each item on the platform, KyePot borrow this way to bring customers into the formal financial system, establish and improve its credit rating, solve the developing countries can not enjoy financial service people, three times so far in 2016, the financing of the communist party of China raised $21.59 million in funding.
Singapore FinTech industry under the government’s strong support, according to the recent rise of the digital trend and demand, bold to change the ideas of people’s life, seize the long tail back-end crowd the pain points of innovation in the market, the positive market expansion to southeast Asia.
At full speed in pursuit of market share at the same time, the future will also face issues such as the market regulations and people have different requirements, whether can solve and moderately to the ground, will be the future can become a key Asian FinTech hub of Singapore.