What is FinTech?
FinTech is short for financial technology. It is wherever technology provides financial services. It can also be used to aid companies to manage the financial functions of their business, which includes software and applications.
FinTech was initially considered as a means to an end, a platform that acts as a center that processes data. In recent years, it has become the basis for end-to-end processing of communications through cloud services.
In the growing digital age, there have also been noteworthy demographic shifts in the population. The consumers today are looking for convenience, effectiveness, and speed.
Clients want to make transactions via mobile technology services and applications. These activities include managing their financial lives.
The use of online applications or sites is now preferred by many. FinTech companies offer both consumers and businesses with more accessible tools. These tools are changing the traditional business models with ground-breaking ideas and software developments.
The rise of Singapore FinTech
The rise of FinTech has also changed how companies do business. The traditional way to do business is no longer the only option. It has expanded, and funding is now readily accessible throughout the globe. The transfer of money across the world is now being developed and re-framed by various innovators.
Today, the banking solution to transferring or sending money across borders is now possible. It is now much more affordable than was previously possible. FinTech has made it easier to do business through lesser costs. This results to huge savings.
In terms of investments, Asia Pacific continues to receive billions of investments every year. China and India are considered as the biggest Fintech networks based on investments, including startups. As for Singapore, FinTech has continued to place itself as an evident leader in the region of Southeast Asia.
FinTech Singapore has grown spectacularly at a rapid speed. In just a few short years, investors, regulators and the FinTech community have worked successfully. These people have worked with each other to create a vibrant field for Singapore FinTech. As another year comes to an end, it is always great to evaluate the successes of the network.
There is more to GrabPay than being just one of the top ride-hailing services and Southeast Asian platform for mobile payments. Data and technology are used to expand everything, ranging from transportation to payments. Grab started as a taxi-hailing mobile application in 2012. However, overtime it has slowly expanded its platform services like private car services such as GrabCar & GrabShare, and social carpooling called GrabHitch. They also have motorcycle taxis referred to as GrabBike, and last mile delivery, GrabExpress. It also has a mobile payments platform, which is GrabPay.
M-DAQ delivers a supportable and sustainable ecosystem for securities and stock exchanges. It is able to allow multi-currency exchange on a country to country basis.
#3. MatchMove Pay
As for MatchMove, it permits companies to provide a completely branded secure mobile wallet solution. This helps increase earnings and user engagement. The exclusive MatchMove Wallet OS™ is made with the vision of strengthening financial presence. It does this through empowering its Spend, Send, Lend™ services and capabilities across advanced and emerging markets. MatchMove Wallet OS allows any company to easily offer their clients a full-branded, and secure mobile wallet solution. This also comprises of Virtual Payment Cards, P2P transfer, Cross-Border Money Transfers, Top Up channels, including many other features.
QUOINE is a top FinTech company in Singapore that offers trading, exchange and up-to-date financial services. These are driven by blockchain expertise. It has offices in Singapore, Vietnam, and Japan. The company combines a sturdy network of local partners that have wide-ranging team involvement in banking and financial products. They do this in order to bring the finest in class financial services for its clients.
TradeHero is a social trading mobile application that lets you trade and acquire learnings from the actions of other users that are in the community. In over 90 countries, it is ranked and considered to be the number one financial application. With TradeHero, you can study trading, and how to do it. You can also test and try virtual cash by following skilled “Heroes” and participate in virtual exchange competitions. You can just click the LIVE button when you are ready to participate. You can fund your account to begin trading and duplicating your winning computer-generated trades with actual money.
Otonomos is the fist platform that is compliant to Corporate Governance. It is driven by Smart Contacts. The service is also a Decentralized Digital Identity solution. It is a ‘Smart Contractified’ Company Constitutions inscribed on the blockchain. It was founded in early 2016. Otonomos makes digital signing of documents via Private Keys possible. It also enhances, powers and firmly imposes legal processes. This leads to a whole and dependable audit trail that needs no formal audit.
Numoni was established with an objective to bring financial presence to the underbanked through its Cash-In Cash-Out solution. It was created in Singapore in the year 2012. Numoni made and developed a user-friendly Cash-Transaction terminal. It is called NUGEN. It was made to empower the people who are underbanked with e-transactions. The NUGEN terminal enables underbanked to do the following:
- Micro remittances, micro payments and micro loans
- Use of cash to recharge their prepaid recharge vouchers, mobile airtime, stored value cards and wallets
- Remit money and prepaid mobile airtime
- Repay utilities bills, fees, and installments
- Issue donations
- Obtain micro-savings and donations
- Make retail voucher acquisitions
Mesitis offers Canopy. It is a FinTech bases in Singapore. Mesitis is a brand new developing account accumulation, collection analytics and customer reporting platform. It is a service for individuals and wealth professionals who have a high net-worth.
Fastacash delivers an international social payments platform or service. It allows clients to transfer value. This can be in the for of money, airtime, other tokens of value and others. This also comes along with digital content. These may be messages through social networks or messaging platforms. The company has established a patent pending link generation expertise. This technology enables value transfer through a link that is secure.
#10. Alpha Fintech
Alpha Fintech is the first on to develop the first omni-channel solution in the world. It is an access platform that combines the entire payments, risk and transaction world on one platform. This platform is called the AlphaHub. It is the first FinTech end-to-end middleware. Through the AlphaHub, you can connect the merchant buyer and vendor supplier across the entire payments. The risk and commerce spectrum is done completed on a single API and UI.
FinTech is emerging, and it has opened the world for more developments and possibilities. Companies can now deliver more services and for a much lesser price of what it would have previously cost. As for FinTech in Singapore, it has been a hub for innovation and will surely continue as an Asian and global leader. The country certainly has the right environment to increase FinTech innovation.
Businesses need to keep themselves up to date with developments in the industry. It must be an essential part of their daily life. Being mindful of the latest openings and developments within the industry will only improve their company and help them stay as the leading ones in their market.
CEO of Dr Wealth. Built a business to empower DIY investors to make better investments. A believer of the Factor-based Investing approach and runs a Multi-Factor Portfolio that taps on the Value, Size, and Profitability Factors. Conducts the flagship Intelligent Investor Immersive program under Dr Wealth. An author of Secrets of Singapore Trading Gurus and Singapore Permanent Portfolio. Featured on various media such as MoneyFM 89.3, Kiss92, Straits Times and Lianhe Zaobao. Given talks at events organised by SGX, DBS, CPF and many others.