REPUBBLICA DI SINGAPORE
FinTech Trends in Singapore
January 2016
Alina Hoon
Innovation Desk – Singapore
1
FinTech Trends in Singapore
Table of Contents
Page Number
1. Introduction of FinTech
3
2. Singapore’s Financial Sector
4
3. Why the explosion of FinTech in Singapore
6
3.1 Mobile Revolution
6
3.2 Non-Financial Sectors Also Going FinTech
8
3.3 Singapore – Financial and Investment Hub in Asia
9
3.4 Advancement in biometrics authentication
9
3.5 Big Data Analytics
10
4. FinTech Trends
10
4.1 SME Lending
11
4.2 SME Financial Management Systems
11
4.3 Wealth Management
11
4.4 Data Analytics
12
5. Conclusion
12
5. Appendix
14
List of FinTech Start-ups
7. References
14
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2
1. Introduction of FinTech
The latest trend in finance is a merger between financial services and technology
called Financial Technology or more popularly termed “FinTech”. A lot of drivers
have contributed to the trend of FinTech but the main driver would be the increase
use of social media, mobile and cloud technology with retail financial services.
Within the banking industry, technology software, mobile applications and hardware
used to be areas that were outsourced to the IT companies. However, with the rising
trend of young start-ups and technology incubators aspiring to create the next big
thing in the technology world, bank executives are starting to discuss digital
transformation and supporting the development of FinTech in-house. Traditional
financial institutions have to find ways to best focus their digital resources and keep
all their own channels to deliver quality, performance and services to their clients.
According to a report by IDC Financial Insights Asia Pacific point to a robust growth
in terms of IT spending with a CAGR of 6.7% and an annual growth of 6.9% in 2015
over 2014. Annual growth rates (2015 versus 2014) for retail and corporate banking
are at 7.8% and 6%, respectively. Michael Araneta, Research Director, IDC
Financial Insights Asia/Pacific noted that IT investments have understandably
aligned with the banking industry in Asia Pacific's focus. The banking industry has
been a reliable source of growth for technologies that supported core banking
systems, general ledgers and charts of accounts, credit origination systems, and
traditional channels.
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According to a Channel News Asia report in August 2015, Ms Anju Patwardhan,
Group Head of Risk Innovation at Standard Chartered Group was quoted that “Now
in Singapore, we have a great ecosystem of banks and technology companies,
universities and research organisations, so it’s a wonderful ecosystem to support the
development of a vibrant financial technology sector. It provides all of us an
opportunity to stay ahead of the game by leveraging the Singapore ecosystem and
also using some of those things to spread the positive experiences into ASEAN and
Asia.”
2. Singapore’s Financial Sector
Investment into financial services technology, exceeded US$12 billion (about S$16
billion) worldwide in 2014 - triple compared to the US$4.05 billion from the year
before, according to a report by research firm Accenture. And Asian firms like
Alibaba and Tencent have rolled out financial services in recent years, ranging from
payments to fund products, loans and insurance. Zooming in into the local market,
local bank, DBS, spends about S$600 million on technology each year. Last year, it
announced that it would be spending an additional S$200 million over the next three
years.
Another local bank, United Overseas Bank (UOB) was reported last year that it is
working with the Singapore government agency, Infocomm Development Authority
of Singapore (IDA), to co-set up an innovation lab for exploring ideas to develop
4
crowdfunding platforms. FinTechs will be offered up to S$30,000 of funding, a
working space, software access, and mentorship from UOB bankers. Janet Young,
head of group channels and digitalisation at UOB was quoted in the Business
Times report in 10 November 2015 that start-ups are not only keen to leverage on
banks' balance sheets, but are also reaching a point where they need specialised
banking knowledge and UOB sees this as an opportunity to collaborate with these
FinTechs.
HSBC has launched a financial technology (Fintech) innovation lab in Singapore in
October 2015 to work collaboratively with corporates, clients, technology firms,
academia and the government in developing the next generation of digital and
mobile banking services and to support the development and testing of digital and
mobile banking innovation projects of other ASEAN countries where the bank has
an active presence including Malaysia, Indonesia, and the Philippines.
These three examples of the local and foreign banks in Singapore indicate that the
big financial companies are not looking at the FinTech start-ups as disruptive
technologies but are actively trying to find ways to collaborate and perhaps looking
for synergies with fresh new ideas together with their internal resources and
knowledge.
With the explosion of FinTech in Singapore, the government is also trying to
embrace this new technology as the country is looking toward to becoming a Smart
Nation. The Monetary Authority of Singapore (MAS) wants to cultivate this growth
5
as part of its Smart Financial Centre initiative by forming a new arm, the Fintech &
Innovation Group, aimed at creating a conducive ecosystem for innovation. Going
forward, the central bank is placing the onus on banks to drive innovation. It said
financial institutions are free to experiment with new ideas without seeking
regulatory endorsement, as time to market can be critical but also at the same time
with new technologies in areas of payment and mobile banking, security and cyber
security is imperative in risk management in the new digital age. In addition, a
FinTech start-up community, “Launchpad” started in Ayer Rajah Industrial Estate so
that MAS can engage with emerging FinTech start-ups and help them in terms of
regulations and risks of the financial industry.
3. Why the explosion of FinTech in Singapore
3.1 Mobile Revolution
Firstly, the main reason for the sudden huge growth of FinTech in Singapore would
be Singapore’s addiction to the smartphone. According to a survery by Toluna, the
84% of Singapore internet users keeping their smartphone by their bed, and nearly
half of them (47%) checking it if they wake up during the night (compared with 69%
and only 29% respectively in the Australia). Smartphones are used for very specific
online activities among Singapore Internet users, mostly for entertainment purposes
– such as streaming music (57%), playing games (52%) and reading the news
(49%). Meanwhile, activities such as online banking still tend to be completed on
desktop devices (52% on desktop compared to 42% on smartphones). With this
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mobile revolution in the Singapore market, many banks are launching new mobile
applications to increase the use of mobile banking among their customers targeting
not just the young. According to Infocomm Development Authority's (IDA) Annual
Survey on Infocomm Usage in Households 2014 reported by The Straits Times in
November 2015, about 75 per cent of people aged 50 to 59 surfed the Web
regularly, compared with 67 per cent in 2013 and 50 per cent in 2012. For those
aged 60 and above, the proportion using the Internet was 31 per cent last year, up
from 29 per cent in 2013 and 16 per cent in 2012. This shows that people of all
ages are rather open and comfortable with technology and mobility and this will age
information and knowledge sharing across physical boundaries. Furthermore, with
online payment services, businesses and consumers are transferring funds faster
than before.
According to Frost & Sullivan in December 2015, even though most banks right now
do not have a very user-friendly application, there is already a growing number
making payments using their mobile devices. Frost & Sullivan said that right now, in
terms of transactions, mobile payment transactions are less than 5% of the total
transactions within Asia Pacific. It expects this to grow to more than 15% within the
next five years.
Being able to carry out banking and payment activities with computers, tablets and
smartphones means a rise in e-commerce transactions which has also led many
non-financials institutions to go onto the mobile payment platform.
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3.2 Non-Financial Sectors Also Going FinTech
Other non-financial sectors have started to jump onto the FinTech trend by coming
up with their own cardless and seamless payment systems that are pushing the
boundaries of the traditional payment formats. Global companies such as Apple,
Google, Alibaba and Amazon started their own payment systems to replace the
physical wallet and credit cards while crowding platforms such as Crowdonomic and
Fundedbyme are driving up the demand for alternative financing which is disrupting
the traditional method of how companies are raising funds. Singapore-based
CoAssets is the first crowdfunding platform for real-estate projects in Southeast
Asia, targeting deals including bridge loans and working capital for developers and
investors’ seeking equity investment in property. Mr Getty Goh, co-founder and
chief executive of CoAssets was quoted by Channel News Asia in July 2015 that
while Singapore has a good start-up ecosystem, more support is needed for certain
growth-stage companies … In our financial system, there is a funding gap in the
S$500,000 to S$5 million category, a segment banks usually prefer to ignore,
keeping in mind much bigger deals on their plates.
Even the transport industry is looking for new ideas such as the Land Transport
Authority of Singapore was reported in November 2015 to have started a Request
for Information (RFI) exercise seeking the industry’s views on a “hands free”
Automatic Fare Collection (AFC) system. As such, FinTech is not just for the
8
financial sector but as other industries are looking at new ways to receive and make
payment.
3.3 Singapore – Financial and Investment Hub in Asia
Secondly, Singapore being a main financial hub in Asia and especially in Southeast
Asia, has been used as a stepping stone for firms and ideas to enter into the
Southeast Asia region. Singapore’s stable legal systems, pro-business tax regime
and government incentives have enabled Singapore to continue to be an
investment hub for venture capital investments into Southeast Asia. In developing
countries like Indonesia, there is still plenty of room in various industries, including
tech and finance, with the amount of unbanked and underbanked people and those
who are connected to the Internet. Therefore, there is a big window of opportunity in
areas of payment method, logistics and regulation in the Southeast Asia region. In
addition, many banks are recognizing the role of Big Data analytics to reach out to a
wider ranger of clients.
3.4 Advancement in biometrics authentication
Security is also transforming with FinTech as fingerprint, iris, facial and voice
recognition systems are being explored for authentication purposes. Biometric
ATMs have been deployed in several parts of the world, including the UK, Japan,
China, Brazil, and Poland while banks in Singapore have launched mobile
applications that uses the TouchID fingerprint authentication of the iPhones and are
9
also exploring the use of voice biometrics in phone banking and call centre
services.
3.5 Big Data Analytics
Mr Ravi Menon, Managing Director of Monetary Authority of Singapore was quoted
at a Global Technology Law Conference on 29 June 2015 that data generated by
online social networking and sensor networks, and data collected by governments
and businesses amount to a universe of digital information that is growing at about
60% each year. Many financial institutions such as JP Morgan Chase and
Mastercard are attempting to use big data techniques to derive insights from
consumer spending patterns and also at the same time Visa is using big data
techniques to detect financial transactions fraud.
4. FinTech Trends
According to a Channel News Asia report in January 2016, the start-up environment
is growing in Singapore and Singapore is even considered as an entrepreneurial hub
among investors.
Furthermore, The Economist has dubbed Singapore as “the
world’s most tightly packed entrepreneurial ecosystem, “Block 71” - located at JTC
LaunchPad@one-north - is Singapore’s equivalent to Silicon Valley, with more than
a thousand people in hundreds of start-ups and incubators. With the Singapore
government actively supporting the start-up community, Singapore has developed a
community of more than 60 FinTech startups (refer to Appendix for the list of
FinTech start-ups in Singapore). Looking at the current FinTech start-ups in
10
Singapore, Singapore has a mixture of trends that reflect the spectrum of the
different types of FinTechs in the Singapore community. The various FinTechs
include, peer-to-peer lending, online payment platforms, remittances solutions,
cryptocurrencies and wealth management solutions. As such, we have listed four
main FinTech trends that Singapore will be encountering in the coming years.
4.1 SME Lending
With Singapore financial system having a funding gap in the S$500,000 to S$5
million category, many Small and Medium Enterprises (SMEs) may have difficulty in
obtaining bank loans. This opens up the opportunity for new FinTech start-ups to
look at alternative financing.
4.2 SME Financial Management Systems
Many SMEs may lack in resources to improve their systems such as payables,
receivables and payroll and FinTech start-ups could provide the technology and
innovative solutions boost for these SMEs.
4.3 Wealth Management
According to a study by WealthInsight, Singapore Business Review reported in
November 2015 that Singapore has a growing middle class of 18.3% hike of High
Networth Individuals (HNWIs) in the next half decade. Singapore currently has
154,000 HNWIs that collectively hold US$806.3b in net wealth, reflecting a
population growth of 17% from the 130,000 millionaires in the country in 2010. By
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2020, Singapore HNWIs are expected to number 188,000- roughly 1 millionaire in
30 people. In addition, according to a report by Channel News Asia in May 2015,
wealth managers in Singapore are trying to go digital as the emerging affluent might
not require a full time relationship manager now but these wealth managers are
trying to educate them online now and channel them to a human interface as and
when they need more help or they are at the final stages of making their decision.
FinTech start-ups such as personal financial services or investment applications are
tapping into the wealth management sector.
4.4 Data Analytics
As big data techniques can help with security, fraud, due diligence and analysis,
there is a growing need for FinTech firms to look at analysis, intelligence and
insights for the financial sector. In addition, as financial institutions are moving onto
the mobile platforms, cyber security becomes even more critical in areas of big data,
cloud technology and Internet of Things (IOT).
5. Conclusion
With Singapore thriving to be the next Silicon Valley, the FinTech start-up hotspot
would set to grow as Singapore is developing and promoting a culture of innovation
in our financial industry. With the economic crunch and companies looking to reduce
cost and increase margins, the whole financial industry is looking at technology as a
key enabler to design more efficient work processes and create new business
models to deliver higher growth and provide better services to the consumers and
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potentially untapped consumers. As the Singapore’s financial industry embraces a
digital future, there will be a huge transformation not only in Singapore but also the
developing economies around the region.
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6. Appendix
List of FinTech Start-ups
2C2P
Contact Person: Aung Kyaw Moe
Company Profile: Payment processing solutions for e-commerce and m-commerce businesses.
Website:
http://www.2c2p.com
Address:
51 Tras Street #03-00, Singapore 078990
Tel:
65 67172333
Email:
singapore@2c2p.com
Contact Person:
Company Profile:
Website:
Tel:
Address:
Email:
Acromobile Pte Ltd
Jason Masciarelli
Builds software for mobile marketing, commerce and support for businesses.
http://www.acromobile.com/
65 6568 3915
60 Paya Lebar Road #12-55 Paya Lebar Square Singapore 409051
support@acromobile.com / sales@acromobile.com
AG Delta
Contact Person: Andrew Au / Lawrence Grinceri
AGDelta’s solution dramatically enhances collaboration and connectivity between
Company Profile: Advisors, Dealers and Providers of investment products
http://www.agdelta.com
Website:
Address:
1 Fusionopolis Walk #04-04 South Tower Solaris Singapore 138628
Tel:
65 6486 5888
Fax:
65 6777 0169
sales@agdelta.com
Email:
Contact Person:
Company Profile:
Website:
Address:
Tel:
Email:
Apexpeak Pte Ltd
Nick Gan / Gakim Solomons
Provides lines of credit to SMEs backed by their receivables and/or payables.
https://www.apexpeak.com/
1 Fusionopolis Link #04-02/03 Nexus@One North Singapore 138542
65 6460 0688
enquiries@apexpeak.com / partners@apexpeak.com
Contact Person:
Company Profile:
Website:
Address:
Tel:
Email:
Aureus Analytics
Nitin Purohit
Platform for big data analytics at the point of decision for Insurance and Banking.
http://www.aureusanalytics.com/
17 Philip Street #05-01 Grand Builsing Singapore 048695
022 2570 5445
info@aureusanalytics.com
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Bill Pay (S) Pte Ltd
Contact Person: Salamat Ali
BillPay is a free unified billing and payment service company using digital
Company Profile: currency.
https://www.billpay.sg/
Website:
Address:
391B Orchard Road #23-01 Ngee Ann City Tower B Singapore 238874
Tel:
65 6832 5988
Fax:
65 6832 8018
Email:
info@billpay.sg / business@billpay.sg
Contact Person:
Company Profile:
Website:
Address:
Tel:
Email:
CapitalMatch
Pawel Kuznicki
Capital Match is a peer-to-peer lending online platform for SMEs in Singapore.
http://www.capital-match.com/
39A North Canal Road Singapore 059295
65 9429 9471
support@capital-match.com
Caproasia Pte Ltd
Contact Person: Michael
E-Magazine for Wealth Managers, Personal Banker, Private Bankers and
Company Profile: Investment Professionals.
http://www.caproasia.com/
Website:
Email:
angel@caproasia.com
CashRun Pte Ltd
Contact Person: Justin Lie
CashRun supports businesses’ needs for effective and affordable online payment
Company Profile: solutions.
www.cashrun.com
Website:
Address:
1 Fifth Avenue #04-02 Guthrie House Singapore 268802
Tel:
6569 3686
Fax:
65 6392 1689
enquiries@cashrun.com
Email:
Catapult Ventures
Contact Person: Vinod Nair
Catapult Ventures is an Internet company for the next generation of web
Company Profile: applications in the domain of personal finance.
Website:
http://catapult.sg/
Address:
71 Ayer Rajah Crescent, #07-11 Singapore 139951
Tel:
6776 2788
admin@catapult.sg
Email:
15
Catena Technologies
Contact Person: Randall E. Duran
Catena Technologies is a consulting and technology services company that works
Company Profile: with banks and other financial institutions to implement technology solutions.
Website:
http://www.catenatech.com/
Address:
3 Phillip Street #10-01 Royal Group Building Singapore 048693
Tel:
65 6100 0881
Fax:
65 6399 0881
Email:
trace@catena-technologies.com
CoAssets
Contact Person: Getty Goh
CoAssets is a real estate opportunity and crowdseeking platform that makes it
easy for aspiring real estate developers and fundraisers to connect with investors
Company Profile: on exclusive and undervalued investment opportunities.
Website:
http://www.coassets.com
Address:
7 Temasek Boulevard #18-03B Suntec Tower One Singapore 038987
Tel:
65 6532 7008
epic@CoAssets.com / Admin@CoAssets.com
Email:
Coda Payments
Contact Person: Neil Davidson / Paul Leishman / Bobby Choi
Accept payments from cardless customers in Southeast Asia Most customers in
Company Profile: Southeast Asia don’t have a debit or credit card.
http://codapay.net
Website:
Address:
16 Raffles Quay #33-03 Hong Leong Building Singapore 048581
Tel:
65 3158 5882
neil@codapayments.com / paul@codapayments.com /
bobby@codapayments.com
Email:
CoinHako
Contact Person: Yusho Liu / Gerry Eng
CoinHako is a Bitcoin wallet service for consumers to buy, sell and secure their
Company Profile: Bitcoins.
Website:
https://www.coinhako.com
Email:
hello@coinhako.com
Crowdonomic
Contact Person: Mr Nicola Castelnuovo / Mr Leo Shimada
Crowdo is Southeast Asia's biggest crowdfunding company with a mission to
Company Profile: empower Innovators and Entrepreneurs in Asia.
Website:
https://www.crowdo.com/
Tel:
65 9825 4536
Email:
elena@crowdonomic.com
16
DragonWealth
Contact Person: Mr Bert Jan van Essen
Organize clients into Investor Circles so you can interact with them in a highly
Company Profile: targeted manner and offer better, more personalized information and advice.
Website:
http://www.dragonwealth.net
Address:
79 Ayer Rajah Crescent #03-01 Singapore 139955
Tel:
65 8188 6930
Email:
talktous@dragonwealth.net
DrWealth
Contact Person: Calvin Yeo / Der Shing Lim
Company Profile: One-stop site to manage your Personal Finances.
Website:
http://www.drwealth.com
calvinyeo@drwealth.com / dershing@drwealth.com / info@drwealth.com
Email:
Enepath
Contact Person: Mr Stephen Phillips
Enepath’s trader voice solution, AMP, delivers this. enepath is led by a team of
industry experts who understand this market’s specific requirements, meeting the
Company Profile: needs of the IT department and the traders like never before.
http://www.enepath.com/
Website:
Address:
10 Anson Road International Plaza #18-08 Singapore 079903
Tel:
65 6812 0500
Email:
info@enepath.com
EnjoyCompare
Contact Person: Mr Greg Fortune
Compare credit cards, loans, flights and hotels in Singapore at Enjoy Compare,
Singapore newest and most comprehensive Financial and Travel comparison
Company Profile: website specializing in Loans, Credit Card products, hotels and flights.
Website:
http://www.enjoycompare.com/
Address:
14 Robinson Road #13-00 Far East Finance Building Singapore 048545
Email:
info@enjoycompare.com
Epitrain
Contact Person: Gerard Tong
Epitrain is a provider of training, resource development and consultancy services.
We offer trainings designed for existing and aspiring industry professionals,
directly or through partnerships with professional education providers, banking
Company Profile: institutions, universities as well as multi-national and local corporations.
Website:
http://www.epitrain.com
Address:
143 Cecil Street GB Building #03-01 Singapore 069542
Tel:
65 6325 0811
info@epitrain.com
Email:
17
FastaCash
Contact Person: Mr Vince Tallent
Fastacash offers a payments platform that enables users to transfer value and
Company Profile: digital content via social networks and messaging platforms.
Website:
http://fastacash.com
Address:
8 Kallang Avenue #09-03/04 Aperia Singapore 339509
Tel:
65 6438 1508
Fax:
65 6438 1598
Email:
hello@fastacash.com
Contact Person:
Company Profile:
Website:
Address:
Fibonacci Global Payment Services
Mark Seward
Specialist multi-currency prepaid program manager
http://fgpsglobal.com/
SLC House 100 C Pasir Panjang Road #04-03 Singapore 118519
FinIQ Consulting
Contact Person: Mr Mahesh Bulchandani
FinIQ system has improved pricing and post-trade processing efficiency at as
many as twenty banking groups worldwide, yielding an outsize return on
Company Profile: investment.
Website:
http://www.finiq.com.sg
Address:
30 Raffles Place #23 - 00 Chevron House Singapore 048622
Tel:
65 6233 6884
Fax:
65 6233 6895
Fundwave Pte Ltd
Contact Person: Mohit Garg
Fundwave products help fund managers stay focused on building the next great
Company Profile: start-up or spin the wheels faster at a blue chip.
Website:
http://getfundwave.com
Address:
10 Anson Road #18-03 International Plaza Singapore 079903
Tel:
65 3158 7524
sales@getfundwave.com
Email:
Fusion Payments
Contact Person: Mr Chris Eyles
Fusion Payments enable Telco operators to provide simple secure mobile
Company Profile: payment and checkout services to their customers.
Website:
http://www.fusion-payments.com/
Address:
192 Waterloo Street #05-01 Skyline Building Singapore 187966
Tel:
65 6336 4756
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Contact Person:
Company Profile:
Website:
Address:
Tel:
Email:
GoSwiff
Simone Ranucci
"goSwiff™ is a mobile commerce platform and marketing services provider.
https://www.goswiff.com/
211 Henderson Road #07-01, 159552
65 6222 2883
info@goswiff.com
GRC-Systems
Contact Person: Mr Adrian Pay
GRC-Systems provide clients with a single IT platform, GRC-Suite, to implement
and enforce Governance, Risk & Compliance (GRC) controls throughout their
Company Profile: organization and across jurisdictions.
Website:
http://www.grc-systems.com/
Address:
302 Orchard Road Tong Building #07-03 Singapore 238862
Tel:
65 6338 8873
infoAPAC@grc-systems.com
Email:
Hedge Spa
Contact Person: Dr Bernard Lee
HedgeSPA offers professional investment managers a cloud-based platform that
Company Profile: addresses many day-to-day investment analytics and support issues.
Website:
http://hedgespa.com
Address:
71 Ayer Rajah Crescent #03-07 Singapore 139951
Tel:
65 9183-1492
Email:
salesnsupport@hedgespa.com
Hellopay Singapore Pte Ltd
Contact Person: Mr Omar Marrakchi
Company Profile: Online payment solutions of the Lazada Group
Website:
https://www.hellopay.com.sg/
Address:
8 Shenton Way #43-01 AXA Tower Singapore 068811
Tel:
65 3159 0923
help@hellopay.com
Email:
i-Sprint Innovations Pte Ltd
Contact Person: Simon Leung / Dutch Ng
Identity, Credential and Access Management Solutions provider for global financial
Company Profile: institutions and high security sensitive environments.
http://www.i-sprint.com/
Website:
Blk 750D Lobby 1 Chai Chee Road #08-01 Technopark @ Chai Chee Singapore
Address:
469004
Tel:
65 6244 3900
Fax:
65 6244 8900
Email:
enquiry@i-sprint.com / marketing@i-sprint.com
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Infotrie Financial Solutions
Contact Person: Mr Frederic Georjon
Company Profile: Big Data, Financial Engineering and News Analytics company.
Website:
http://www.infotrie.com
Address:
50 Raffles Place Singapore 048623
Tel:
65 6570 0631 / 65 9180 3304
Email:
contact@infotrie.com
Integro Technologies
Contact Person: Mr Bak Wee Lim
Company Profile: High end specialty IT solutions provider for Banks in Asia-Pacific.
Website:
http://www.integrosys.com/
Address:
39 Robinson Road #07-01 Robinson Point Singapore 068911
Tel:
65 6536 6438
Fax:
65 6536 6831
Email:
inquiry@integrosys.com
InvoiceInterchange Pte Ltd
Contact Person: Ms Nalinee Chinowuthichai / Mr Brian Teng
P2P invoice trading marketplace for businesses to auction their outstanding
Company Profile: invoices, otherwise tied up for 90 to 120 days, to investors for immediate cash.
http://www.invoice-interchange.com
Website:
Address:
37A Hongkong Street Singapore 059676
Tel:
65 6591 8895
Email:
info@invoiceinterchange.com
Jewel Payment Tech
Contact Person: Sean Lam / Lee Wooi Siang / Sandra Cheim
Financial risk technology company to develop intelligent risk solutions for the
Company Profile: banking and electronic payments industry.
Website:
http://www.jewelpaymentech.com/
Address:
69 Ubi Road 1 #09-31 Oxley Bizhub 408731 Singapore
Tel:
65 6717 2213
sean@jewelpaymentech.com / wslee@jewelpaymentech.com /
sandra@jewelpaymentech.com
Email:
Korvac Holdings
Contact Person: Jeremy Tan / Shane Raj
Online payment services to airlines and telecommunications companies and
Company Profile: operate payment infrastructure for key banks in Southeast Asia.
http://www.korvac.com/
Website:
Address:
1 Fusionopolis View #07-02 Sandcrawler Singapore 138577
Tel:
65 6272 5115
jeremy.tan@korvac.com
Email:
20
KyePot
Contact Person: Mr Sidd Gandhi
KyePot brings the group financial service to the digital age by providing a platform
Company Profile: for people to save borrow lend in money trusted digital groups, earn rewards.
Website:
http://www.kyepot.com/
Address:
105 Cecil Street The Octagon #18-19 Singapore 069534
Tel:
65 83457513
Matchmove
Contact Person: Shailesh Naik
Company Profile: Mobile Wallet & Mobile Payment Cards Solution
http://matchmovepay.com/
Website:
Address:
137 Telok Ayer Street #03-03 Singapore 068602
Tel:
65 6536 7388
Email:
sales@matchmove.com / queries@matchmove.com / partner@matchmove.com
M-daq
Contact Person: Mr Richard Koh
Ecosystem for securities exchanges and financial intermediaries to enable multiCompany Profile: currency trading on a cross-border basis via the Disruptive Innovation of M-DAQ.
http://www.m-daq.com/
Website:
Address:
18 Howard Road #10-01 Novelty BizCentre Singapore 369585
Tel:
65 6225 8991
Email:
admin@m-daq.com
Mesitis Capital (Mesitis Pte Ltd)
Contact Person: Mr Tanmai Sharma
Mesitis is a financial technology company focused on serving the private wealth
Company Profile: industry. We currently offer two solution products: Canopy and Uptick.
Website:
http://www.mesitis.com/
Address:
7 Kim Yam Singapore 239323
Tel:
65 6681 6660
Email:
info@mesitis.com
Mezzofy
Contact Person: Keith Lim
A platform with comprehensive tools to drive inbound sales for your business
Company Profile: today.
http://www.mezzofy.com/
Website:
Address:
One Raffles Place Tower One #44-02 Singapore 048616
Email:
hello@mezzofy.com
21
Moneythor
Contact Person: Mr Olivier Berthier
Develops banking software components designed to provide better digital banking
Company Profile: for customers and enhanced marketing & analytics for banks.
Website:
https://www.moneythor.com/
Address:
73 Ayer Rajah Crescent #02-16 Singapore 139952
Email:
info@moneythor.com
Moneysmart
Contact Person: Mr Vinod Nair / Mark Cheng
Singapore's personal finance portal helping consumers compare loans, insurance
Company Profile: and credit cards
Website:
http://www.moneysmart.sg/
Address:
71 Ayer Rajah Crescent #07-11 Singapore 139951
Tel:
65 6652 5878
Email:
mark@moneysmart.sg
Moolah Sense
Contact Person: Lawrence Yong / Chung Wei Tuck
P2P lending platform that provides finance directly to growth SMEs, in exchange
Company Profile: for an attractive rate of interest.
https://www.moolahsense.com/
Website:
Address:
408B Joo Chiat Road Singapore 427635
Tel:
65 6871 8780
Email:
info@moolahsense.com
Nearex Pte Ltd
Contact Person: Mr Mayank Sharma
Company Profile: Platform to simplify proximity transactions such as micropayments.
http://nearex.com/
Website:
Address:
180B Bencoolen Street #12-05 The Bencoolen Singapore 189648
sales@nearex.com
Email:
New Union Investment
Contact Person: Mr Eddie Lee
Business Financing Platform where local businesses seeking short-term financing
Company Profile: connect with individuals and businesses seeking short-term investments.
Website:
https://www.newunion.sg/
Address:
65 Chulia Street #36-08 OCBC Centre Singapore 049513
Tel:
65 6536 5356
Email:
CSV@newunion.sg
22
Numoni
Contact Person: Mrs Norma Sit
Developed the user-friendly Cash-Transaction terminal – NUGEN – to empower
Company Profile: the underbanked community with e-transactions.
http://www.numoni.com/
Website:
Address:
10 Ubi Crescent Ubi Techpark #02-19 (Lobby B) Singapore 408564
Tel:
65 6812 2888
Email:
sales@numoni.com
Optimai Pte Ltd
Contact Person: Su Hlaing
Provides financial IT solutions for stock broking and asset management
Company Profile: companies.
Website:
http://www.optimai.com
Address:
3791 Jalan Bukit Merah #08-10 E-Centre @ Redhill Singapore 159471
Tel:
65 6376 0528
Email:
info@optimai.com
OnlinePay Pte Ltd
Specializes in and money transfers and with their mobile app onlinepay.com,
consumers can securely and quickly transfer or share money with friends on
Company Profile: social networks, such as Facebook.
Website:
https://www.onlinepay.com/
Email:
info@onlinepay.com
Otonomos BCC Pte Ltd
Contact Person: Mr Leon Gerard Vandenberg
Open a share wallet to write real-world company shares on the blockchain,
Company Profile: transfer equity peer-to-peer, and govern your company using smart contracts.
Website:
http://www.otonomos.com/
Address:
Tower 3 Marina Bay FInancial Centre #17-01 Singapore 018982
Email:
singapore@otonomos.com
Pay2Home
Contact Person: Mr Nicholas Malcomson
Sending money with Pay2Home is easy, cost-efficient and flexible. You have three
ways to make a money transfer; online, by visiting our branches or by using our
Company Profile: concierge service.
Website:
http://www.pay2home.com/
Address:
#01-58 City Plaza 810 Geylang Road Paya Lebar Singapore 409286
Tel:
65 6372 2474
Email:
customerservice@pay2home.com
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Red Dot Payment
Contact Person: Mr Randy Tan
Company Profile:
Website:
Address:
Tel:
Fax:
Email:
Payment solutions provider in Asia Pacific for banks, acquirers and merchants.
http://www.reddotpayment.com/
38B North Canal Road Singapore 059294
65 6493 1737
65 6248 0669
info@reddotpayment.com
Ripple Gateway Pte Ltd
Mr Marco Faasse / Mr James Cox / Mr Herco van der Waal / Mr Erwin van der
Contact Person: Waal
Operates a ripple gateway to enable customers to deposit and withdraw both Gold,
Company Profile: Silver and currencies into and out of the revolutionary ripple payment network.
Website:
https://www.ripplesingapore.com/
Email:
support@ripplesingapore.com / info@ripplesingapore.com
Savvee (MMPS Technologies Pte Ltd)
Contact Person: Aron Alexander
Savvee is a mobile payment technology which aims to make the purchase
Company Profile: experience simple, convenient, safe and enjoyable for customers.
Website:
http://www.savvee.sg/
Email:
support@savvee.sg / merchants@savvee.sg
Softpay Mobile
Contact Person: Mr Christopher Low
Mobile Point of Sale (mPOS) solution and Payment Facilitator company in
Southeast Asia. SoftPay's mPOS solution helps small businesses to accept card
Company Profile: payments anywhere.
Website:
http://www.softpay.mobi/
Tel:
65 6280 8489
support@softpay.mobi
Email:
Simulytics Pte Ltd
Contact Person: Mr Mark Stephens
Simulytics™ was formed in May 2013 to transform the way structured notes are
evaluated and marketed, bringing them to a par with other financial products
recommended by advisers. Rewind™ increases transparency to establish a new
paradigm for ranking, risk rating and matching a particular structured note to a
particular investor using only quantitative metrics, no opinions or subjective
Company Profile: assessments.
Website:
http://www.simulyticssystems.com/
Address:
59A Club Street Singapore 069434
Tel:
65 6222 3289
Email:
info@SimulyticsSystems.com
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SingaporeFintechConsortium
Contact Person: Gerben Visser / Jose Camacho / Prakash Somosundram / Hans De Back
A cross-industry initiative, structured as a commercial venture to facilitate
collaboration between all market participants and stakeholders in the FinTech ecoCompany Profile: system.
Website:
http://singaporefintech.com/
Address:
26 Duxton Road Singapore 089490
Email:
info@singaporefintech.com
Smart Karma
Contact Person: Mr Raghav Kapoor / Lee Mitchell
Smart Karma’s predictive algorithms search through a growing universe of ideas
and only pick those insights that are relevant to you based on what you like and
Company Profile: what you need to know.
Website:
http://www.smartkarma.com / http://skx.smartkarma.com/
Address:
51 Changi Business Park Central 2 #03-08 The Signature Singapore 486066
Tel:
65 6715 1480/4
Email:
skx@smartkarma.com
SmartPesa
Contact Person: Emmanuel Agha / Barry Levett
SmartPesa allows merchants to quickly and easily accept card payments on a
Company Profile: mobile phone.
Website:
http://www.smartpesa.com/
Address:
14 Robinson Road #13-00 Far East Finance Building Singapore 084545
Tel:
65 9649 5101 / 65 9120 3848
Email:
info@smartpesa.com
Contact Person:
Company Profile:
Website:
Address:
Tel:
Email:
SnapInnovations
Ting Shang Ping
Financial Trading Software & Technology Solutions company.
www.snapinnovations.com/
One Raffles Place Tower One, #33-02, Singapore 048616
65 6735 6330
info@snapinnovations.com / ting@snapinnovations.com
Stark Group Pte Ltd
Contact Person: Mr Matthias de Ferrieres
Stark Group regroups a series of start-ups that aim to transform the insurance
Company Profile: industry.
Website:
http://www.stark-grp.com/
Address:
#50-02 - 8 Shenton Way - AXA Tower Singapore 048616
Email:
query@stark-grp.com
25
Tagit Pte Ltd
Contact Person: Navtej Singh / Sajjad Akhtar / Tan Eng Wah
Tagit’s mobility platform Mobeix enables banks and enterprises to rapidly build
Company Profile: secure, scalable and innovative mobile applications.
http://www.tagitmobile.com/
Website:
Address:
No.1 Changi Business Park Crescent #03-07 Plaza 8 Singapore 486025
Tel:
65 6338 4824
Fax:
65 6339 4824
info@tagitmobile.com
Email:
Tapidata
Contact Person: Ms Zhonghua Li / Mr Zhenwei Zhao
Company Profile: Develops customer insights through an innovative mobile digital receipt solution.
https://www.tapidata.com/
Website:
Address:
7 Prince George's Park Singapore 118406
Tel:
65 8223 1295 / 65 8619 9195 / 65 9105 1051
Email:
info@tapidata.com
Tembusu Terminals
Contact Person: Andras Kristof / Jarrod Luo
Tembusu’s TRUST framework is a high-tech global infrastructure that lets verified
individuals transfer and manage assets instantly, securely, simply and
Company Profile: inexpensively.
Website:
http://www.tembusu.sg
Email:
info@tembusu.sg
The Sherpa Funds Technology Pte ltd
Contact Person: Mr Richard Waddington
Optimal Risk Sizing (ORS) links Investors to Portfolio Managers and solves the
Company Profile: ‘Principal-Agent’ problem.
Website:
http://www.sherpafundstech.com/
Email:
info@sherpafundstech.com
TradeHero / My Manisku
Contact Person: Dinesh Bhatia / Dominic Morris
Company Profile: Stock market and currency trading simulation app TradeHero.
Website:
http://en.tradehero.mobi/
Address:
#05-07 2 Alexandra Road Delta House Singapore 159919
Tel:
65 6273 2025
Email:
info@tradehero.mobi / support@tradehero.mobi
26
TraderWave Pte Ltd
Contact Person: Philip Teo
An intuitive web-based charting software that allows global traders to shortlist,
Company Profile: analyse and monitor their trades from any computer that has internet access.
http://www.traderwave.com/
Website:
Address:
420 North Bridge Road #05-02/03 North Bridge Centre Singapore 188727
Tel:
65 9746 7443
Email:
team@traderwave.com
WeInvest
Contact Person: Mr Bhaskar Prabhakara
Company Profile: WeInvest is a free community-based platform to help you find the right investment.
Website:
https://weinvest.net/
Tel:
65 8189 2863
bhaskar@weinvest.net
Email:
Contact Person:
Company Profile:
Website:
Address:
Email:
Yconomus
Vladimir / Plamen
Virtual asset securities exchange
https://www.yconomus.com/
20 Cecil Street #14-01 Equity Plaza Singapore 049705
info@yconomus.com
Yuupay Secure Pte Ltd
Contact Person: Mr Yoav Elgrich
Company Profile: Payment Service Provider for Online and Mobile Merchants.
http://www.yuupay.com/
Website:
20 Science Park Road #03-11/14 Teletech Park Singapore Science Park II
Address:
Singapore 117674
Tel:
65 6577 0677
Fax:
65 6275 8469
info@yuupay.com
Email:
27
7. References
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Questex Asia Ltd, FINTECH.
http://www.enterpriseinnovation.net/article/2015-banking-trends-across-asiapacific1074711046
Asia One. “HSBC launches fintech innovation lab in Singapore”. 22 October 2015.
Asia One.
http://business.asiaone.com/news/hsbc-launches-fintech-innovation-lab-singapore
Dailysocial. “Fintech players should anticipate these three trends”. 27 October 2015.
http://e27.co/fintech-players-anticipate-three-trends-20151027/
Hardasmalani, Rumi. “Singapore ripe for crowdfunding, ‘but regulatory framework
needed’”. 11 July 2015. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/singapore-ripefor/1976754.html
Lee, Amanda. “LTA looking to develop hands-free payment on buses, trains”. 19
November 2015. Channel News Asia
http://www.channelnewsasia.com/news/singapore/lta-looking-todevelop/2274310.html
Lee, Jamie. “UOB sets up innovation lab, explores crowdfunding.” 10 November
2015. The Business Times.
http://www.businesstimes.com.sg/banking-finance/uob-sets-up-innovation-labexplores-crowdfunding
Lim, Patrick John. “Banks still some way from leading mobile revolution”. 03
December 2015. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/banks-still-some-wayfrom/2316472.html
Lim, Patrick John. “How financial technology will impact Singapore in 2016”. 28
December 2015. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/how-financialtechnology/2382374.html
Menon, Ravi. “"A Smart Financial Centre" - Keynote Address by Mr Ravi Menon,
Managing Director, Monetary Authority of Singapore, at Global Technology Law
Conference 2015 on 29 Jun 2015”. 29 June 2015. Monetary Authority of Singapore.
http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policystatements/speeches/2015/a-smart-financial-centre.aspx
28
Singapore Business Review. “Singapore will be a land of millionaires by 2020,
predicts report”. 17 November 2015. Singapore Business Review.
http://sbr.com.sg/hr-education/news/singapore-will-be-land-millionaires-2020predicts-report
Tan, Nicole. “Singapore well-poised to build vibrant FinTech sector: Industry
players”. 22 August 2015. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/singapore-well-poisedto/1829460.html
Tan, Nicole. “Wealth managers in Singapore woo the emerging affluent”. 12 May
2015. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/wealth-managersin/1842432.html
Teng, Angela. “Starting up: The rise of the Singaporean entrepreneur”. 16 January
2016. Channel News Asia.
http://www.channelnewsasia.com/news/business/singapore/starting-up-the-riseof/2431670.html
Tham, Irene. “More seniors surf via smartphone: Poll” 27 November 2015. The
Straits Times. http://www.straitstimes.com/singapore/more-seniors-surf-viasmartphone-poll
Toluna. “Smartphones: Sleepless in Singapore”. September 2014. Asia Research.
http://asia-research.net/2014/09/sleepless-without-smartphones/
Tong, Steven. “FinTech Trends to Watch in Asia”. 28 October 2015.
Startupbootcamp.
http://www.startupbootcamp.org/blog/2015/october/fintech-trends-to-watch-inasia.html
29