repubblica di singapore fintech trends in singapore

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REPUBBLICA DI SINGAPORE

FinTech Trends in Singapore

January 2016

Alina Hoon

Innovation Desk – Singapore

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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 14

7. References 28

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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

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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

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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

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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

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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

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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: [email protected]

Acromobile Pte Ltd

Contact Person: Jason Masciarelli

Company Profile: Builds software for mobile marketing, commerce and support for businesses.

Website: http://www.acromobile.com/

Tel: 65 6568 3915

Address: 60 Paya Lebar Road #12-55 Paya Lebar Square Singapore 409051

Email: [email protected] / [email protected]

AG Delta

Contact Person: Andrew Au / Lawrence Grinceri

Company Profile: AGDelta’s solution dramatically enhances collaboration and connectivity between Advisors, Dealers and Providers of investment products

Website: http://www.agdelta.com

Address: 1 Fusionopolis Walk #04-04 South Tower Solaris Singapore 138628

Tel: 65 6486 5888

Fax: 65 6777 0169


Apexpeak Pte Ltd

Contact Person: Nick Gan / Gakim Solomons

Company Profile: Provides lines of credit to SMEs backed by their receivables and/or payables.

Website: https://www.apexpeak.com/

Address: 1 Fusionopolis Link #04-02/03 Nexus@One North Singapore 138542

Tel: 65 6460 0688


Aureus Analytics

Contact Person: Nitin Purohit

Company Profile: Platform for big data analytics at the point of decision for Insurance and Banking.

Website: http://www.aureusanalytics.com/

Address: 17 Philip Street #05-01 Grand Builsing Singapore 048695

Tel: 022 2570 5445


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Bill Pay (S) Pte Ltd

Contact Person: Salamat Ali

Company Profile: BillPay is a free unified billing and payment service company using digital currency.

Website: https://www.billpay.sg/

Address: 391B Orchard Road #23-01 Ngee Ann City Tower B Singapore 238874

Tel: 65 6832 5988

Fax: 65 6832 8018


CapitalMatch

Contact Person: Pawel Kuznicki

Company Profile: Capital Match is a peer-to-peer lending online platform for SMEs in Singapore.

Website: http://www.capital-match.com/

Address: 39A North Canal Road Singapore 059295

Tel: 65 9429 9471


Caproasia Pte Ltd

Contact Person: Michael

Company Profile: E-Magazine for Wealth Managers, Personal Banker, Private Bankers and Investment Professionals.

Website: http://www.caproasia.com/


CashRun Pte Ltd

Contact Person: Justin Lie

Company Profile: CashRun supports businesses’ needs for effective and affordable online payment solutions.

Website: www.cashrun.com

Address: 1 Fifth Avenue #04-02 Guthrie House Singapore 268802

Tel: 6569 3686

Fax: 65 6392 1689


Catapult Ventures

Contact Person: Vinod Nair

Company Profile: Catapult Ventures is an Internet company for the next generation of web applications in the domain of personal finance.

Website: http://catapult.sg/

Address: 71 Ayer Rajah Crescent, #07-11 Singapore 139951

Tel: 6776 2788


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Catena Technologies

Contact Person: Randall E. Duran

Company Profile: Catena Technologies is a consulting and technology services company that works 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


CoAssets

Contact Person: Getty Goh

Company Profile:

CoAssets is a real estate opportunity and crowdseeking platform that makes it easy for aspiring real estate developers and fundraisers to connect with investors 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


Coda Payments

Contact Person: Neil Davidson / Paul Leishman / Bobby Choi

Company Profile: Accept payments from cardless customers in Southeast Asia Most customers in Southeast Asia don’t have a debit or credit card.

Website: http://codapay.net

Address: 16 Raffles Quay #33-03 Hong Leong Building Singapore 048581

Tel: 65 3158 5882

Email: [email protected] / [email protected] / [email protected]

CoinHako

Contact Person: Yusho Liu / Gerry Eng

Company Profile: CoinHako is a Bitcoin wallet service for consumers to buy, sell and secure their Bitcoins.

Website: https://www.coinhako.com


Crowdonomic

Contact Person: Mr Nicola Castelnuovo / Mr Leo Shimada

Company Profile: Crowdo is Southeast Asia's biggest crowdfunding company with a mission to empower Innovators and Entrepreneurs in Asia.

Website: https://www.crowdo.com/

Tel: 65 9825 4536


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DragonWealth

Contact Person: Mr Bert Jan van Essen

Company Profile: Organize clients into Investor Circles so you can interact with them in a highly 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


DrWealth

Contact Person: Calvin Yeo / Der Shing Lim

Company Profile: One-stop site to manage your Personal Finances.

Website: http://www.drwealth.com


Enepath

Contact Person: Mr Stephen Phillips

Company Profile:

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 needs of the IT department and the traders like never before.

Website: http://www.enepath.com/

Address: 10 Anson Road International Plaza #18-08 Singapore 079903

Tel: 65 6812 0500


EnjoyCompare

Contact Person: Mr Greg Fortune

Company Profile:

Compare credit cards, loans, flights and hotels in Singapore at Enjoy Compare, Singapore newest and most comprehensive Financial and Travel comparison 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


Epitrain

Contact Person: Gerard Tong

Company Profile:

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 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


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FastaCash

Contact Person: Mr Vince Tallent

Company Profile: Fastacash offers a payments platform that enables users to transfer value and 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


Fibonacci Global Payment Services

Contact Person: Mark Seward

Company Profile: Specialist multi-currency prepaid program manager

Website: http://fgpsglobal.com/

Address: SLC House 100 C Pasir Panjang Road #04-03 Singapore 118519

FinIQ Consulting

Contact Person: Mr Mahesh Bulchandani

Company Profile:

FinIQ system has improved pricing and post-trade processing efficiency at as many as twenty banking groups worldwide, yielding an outsize return on 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

Company Profile: Fundwave products help fund managers stay focused on building the next great 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


Fusion Payments

Contact Person: Mr Chris Eyles

Company Profile: Fusion Payments enable Telco operators to provide simple secure mobile 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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GoSwiff

Contact Person: Simone Ranucci

Company Profile: "goSwiff™ is a mobile commerce platform and marketing services provider.

Website: https://www.goswiff.com/

Address: 211 Henderson Road #07-01, 159552

Tel: 65 6222 2883


GRC-Systems

Contact Person: Mr Adrian Pay

Company Profile:

GRC-Systems provide clients with a single IT platform, GRC-Suite, to implement and enforce Governance, Risk & Compliance (GRC) controls throughout their organization and across jurisdictions.

Website: http://www.grc-systems.com/

Address: 302 Orchard Road Tong Building #07-03 Singapore 238862

Tel: 65 6338 8873


Hedge Spa

Contact Person: Dr Bernard Lee

Company Profile: HedgeSPA offers professional investment managers a cloud-based platform that addresses many day-to-day investment analytics and support issues.

Website: http://hedgespa.com


Tel: 65 9183-1492


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


i-Sprint Innovations Pte Ltd

Contact Person: Simon Leung / Dutch Ng

Company Profile: Identity, Credential and Access Management Solutions provider for global financial institutions and high security sensitive environments.

Website: http://www.i-sprint.com/

Address: Blk 750D Lobby 1 Chai Chee Road #08-01 Technopark @ Chai Chee Singapore 469004

Tel: 65 6244 3900

Fax: 65 6244 8900


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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


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


InvoiceInterchange Pte Ltd

Contact Person: Ms Nalinee Chinowuthichai / Mr Brian Teng

Company Profile: P2P invoice trading marketplace for businesses to auction their outstanding invoices, otherwise tied up for 90 to 120 days, to investors for immediate cash.

Website: http://www.invoice-interchange.com

Address: 37A Hongkong Street Singapore 059676

Tel: 65 6591 8895


Jewel Payment Tech

Contact Person: Sean Lam / Lee Wooi Siang / Sandra Cheim

Company Profile: Financial risk technology company to develop intelligent risk solutions for the 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


Korvac Holdings

Contact Person: Jeremy Tan / Shane Raj

Company Profile: Online payment services to airlines and telecommunications companies and operate payment infrastructure for key banks in Southeast Asia.

Website: http://www.korvac.com/

Address: 1 Fusionopolis View #07-02 Sandcrawler Singapore 138577

Tel: 65 6272 5115


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KyePot

Contact Person: Mr Sidd Gandhi

Company Profile: KyePot brings the group financial service to the digital age by providing a platform 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

Website: http://matchmovepay.com/

Address: 137 Telok Ayer Street #03-03 Singapore 068602

Tel: 65 6536 7388


M-daq

Contact Person: Mr Richard Koh

Company Profile: Ecosystem for securities exchanges and financial intermediaries to enable multi-currency trading on a cross-border basis via the Disruptive Innovation of M-DAQ.

Website: http://www.m-daq.com/

Address: 18 Howard Road #10-01 Novelty BizCentre Singapore 369585

Tel: 65 6225 8991


Mesitis Capital (Mesitis Pte Ltd)

Contact Person: Mr Tanmai Sharma

Company Profile: Mesitis is a financial technology company focused on serving the private wealth 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


Mezzofy

Contact Person: Keith Lim

Company Profile: A platform with comprehensive tools to drive inbound sales for your business today.

Website: http://www.mezzofy.com/

Address: One Raffles Place Tower One #44-02 Singapore 048616


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Moneythor

Contact Person: Mr Olivier Berthier

Company Profile: Develops banking software components designed to provide better digital banking for customers and enhanced marketing & analytics for banks.

Website: https://www.moneythor.com/



Moneysmart

Contact Person: Mr Vinod Nair / Mark Cheng

Company Profile: Singapore's personal finance portal helping consumers compare loans, insurance and credit cards

Website: http://www.moneysmart.sg/


Tel: 65 6652 5878


Moolah Sense

Contact Person: Lawrence Yong / Chung Wei Tuck

Company Profile: P2P lending platform that provides finance directly to growth SMEs, in exchange for an attractive rate of interest.

Website: https://www.moolahsense.com/

Address: 408B Joo Chiat Road Singapore 427635

Tel: 65 6871 8780


Nearex Pte Ltd

Contact Person: Mr Mayank Sharma

Company Profile: Platform to simplify proximity transactions such as micropayments.

Website: http://nearex.com/

Address: 180B Bencoolen Street #12-05 The Bencoolen Singapore 189648


New Union Investment

Contact Person: Mr Eddie Lee

Company Profile: Business Financing Platform where local businesses seeking short-term financing 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


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Numoni

Contact Person: Mrs Norma Sit

Company Profile: Developed the user-friendly Cash-Transaction terminal – NUGEN – to empower the underbanked community with e-transactions.

Website: http://www.numoni.com/

Address: 10 Ubi Crescent Ubi Techpark #02-19 (Lobby B) Singapore 408564

Tel: 65 6812 2888


Optimai Pte Ltd

Contact Person: Su Hlaing

Company Profile: Provides financial IT solutions for stock broking and asset management companies.

Website: http://www.optimai.com

Address: 3791 Jalan Bukit Merah #08-10 E-Centre @ Redhill Singapore 159471

Tel: 65 6376 0528


OnlinePay Pte Ltd

Company Profile:

Specializes in and money transfers and with their mobile app onlinepay.com, consumers can securely and quickly transfer or share money with friends on social networks, such as Facebook.

Website: https://www.onlinepay.com/


Otonomos BCC Pte Ltd

Contact Person: Mr Leon Gerard Vandenberg

Company Profile: Open a share wallet to write real-world company shares on the blockchain, 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


Pay2Home

Contact Person: Mr Nicholas Malcomson

Company Profile:

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 concierge service.

Website: http://www.pay2home.com/

Address: #01-58 City Plaza 810 Geylang Road Paya Lebar Singapore 409286

Tel: 65 6372 2474


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Red Dot Payment

Contact Person: Mr Randy Tan

Company Profile: Payment solutions provider in Asia Pacific for banks, acquirers and merchants.

Website: http://www.reddotpayment.com/

Address: 38B North Canal Road Singapore 059294

Tel: 65 6493 1737

Fax: 65 6248 0669


Ripple Gateway Pte Ltd

Contact Person: Mr Marco Faasse / Mr James Cox / Mr Herco van der Waal / Mr Erwin van der Waal

Company Profile: Operates a ripple gateway to enable customers to deposit and withdraw both Gold, Silver and currencies into and out of the revolutionary ripple payment network.

Website: https://www.ripplesingapore.com/


Savvee (MMPS Technologies Pte Ltd)

Contact Person: Aron Alexander

Company Profile: Savvee is a mobile payment technology which aims to make the purchase experience simple, convenient, safe and enjoyable for customers.

Website: http://www.savvee.sg/


Softpay Mobile

Contact Person: Mr Christopher Low

Company Profile:

Mobile Point of Sale (mPOS) solution and Payment Facilitator company in Southeast Asia. SoftPay's mPOS solution helps small businesses to accept card payments anywhere.

Website: http://www.softpay.mobi/

Tel: 65 6280 8489


Simulytics Pte Ltd

Contact Person: Mr Mark Stephens

Company Profile:

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 assessments.

Website: http://www.simulyticssystems.com/

Address: 59A Club Street Singapore 069434

Tel: 65 6222 3289


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SingaporeFintechConsortium

Contact Person: Gerben Visser / Jose Camacho / Prakash Somosundram / Hans De Back

Company Profile:

A cross-industry initiative, structured as a commercial venture to facilitate collaboration between all market participants and stakeholders in the FinTech eco-system.

Website: http://singaporefintech.com/

Address: 26 Duxton Road Singapore 089490


Smart Karma

Contact Person: Mr Raghav Kapoor / Lee Mitchell

Company Profile:

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 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


SmartPesa

Contact Person: Emmanuel Agha / Barry Levett

Company Profile: SmartPesa allows merchants to quickly and easily accept card payments on a 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


SnapInnovations

Contact Person: Ting Shang Ping

Company Profile: Financial Trading Software & Technology Solutions company.

Website: www.snapinnovations.com/

Address: One Raffles Place Tower One, #33-02, Singapore 048616

Tel: 65 6735 6330


Stark Group Pte Ltd

Contact Person: Mr Matthias de Ferrieres

Company Profile: Stark Group regroups a series of start-ups that aim to transform the insurance industry.

Website: http://www.stark-grp.com/

Address: #50-02 - 8 Shenton Way - AXA Tower Singapore 048616


26

Tagit Pte Ltd

Contact Person: Navtej Singh / Sajjad Akhtar / Tan Eng Wah

Company Profile: Tagit’s mobility platform Mobeix enables banks and enterprises to rapidly build secure, scalable and innovative mobile applications.

Website: http://www.tagitmobile.com/

Address: No.1 Changi Business Park Crescent #03-07 Plaza 8 Singapore 486025

Tel: 65 6338 4824

Fax: 65 6339 4824


Tapidata

Contact Person: Ms Zhonghua Li / Mr Zhenwei Zhao Company Profile: Develops customer insights through an innovative mobile digital receipt solution.

Website: https://www.tapidata.com/

Address: 7 Prince George's Park Singapore 118406

Tel: 65 8223 1295 / 65 8619 9195 / 65 9105 1051


Tembusu Terminals

Contact Person: Andras Kristof / Jarrod Luo

Company Profile:

Tembusu’s TRUST framework is a high-tech global infrastructure that lets verified individuals transfer and manage assets instantly, securely, simply and inexpensively.

Website: http://www.tembusu.sg


The Sherpa Funds Technology Pte ltd

Contact Person: Mr Richard Waddington

Company Profile: Optimal Risk Sizing (ORS) links Investors to Portfolio Managers and solves the ‘Principal-Agent’ problem.

Website: http://www.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


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TraderWave Pte Ltd

Contact Person: Philip Teo

Company Profile: An intuitive web-based charting software that allows global traders to shortlist, analyse and monitor their trades from any computer that has internet access.

Website: http://www.traderwave.com/

Address: 420 North Bridge Road #05-02/03 North Bridge Centre Singapore 188727

Tel: 65 9746 7443


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


Yconomus

Contact Person: Vladimir / Plamen

Company Profile: Virtual asset securities exchange

Website: https://www.yconomus.com/

Address: 20 Cecil Street #14-01 Equity Plaza Singapore 049705


Yuupay Secure Pte Ltd

Contact Person: Mr Yoav Elgrich

Company Profile: Payment Service Provider for Online and Mobile Merchants.

Website: http://www.yuupay.com/

Address: 20 Science Park Road #03-11/14 Teletech Park Singapore Science Park II Singapore 117674

Tel: 65 6577 0677

Fax: 65 6275 8469


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7. References

Araneta, Michael. “2015 Banking Trends across Asia/Pacific”. 24 March 2015. Questex Asia Ltd, FINTECH. http://www.enterpriseinnovation.net/article/2015-banking-trends-across-asiapacific-1074711046 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-ripe-for/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-to-develop/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-lab-explores-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-way-from/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-financial-technology/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-policy-statements/speeches/2015/a-smart-financial-centre.aspx

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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-2020-predicts-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-poised-to/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-managers-in/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-rise-of/2431670.html Tham, Irene. “More seniors surf via smartphone: Poll” 27 November 2015. The Straits Times. http://www.straitstimes.com/singapore/more-seniors-surf-via-smartphone-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-in-asia.html

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