FinTech for Millennials
The founder of modern Singapore, Lee Kuan Yew, once said he spent a lifetime fighting against the odds. If this spirit is part of his legacy, it can be found amoung Singapore’s start-up community, in ‘Block 71’ described by The Economist as “the world’s most tightly packed entrepreneurial ecosystem”. “Block 71” is Singapore’s equivalent to Silicon Valley, with more than a thousand people working in hundreds of start-ups, and is supplemented by Singapore’s other innovation hubs; ImpactHub Singapore, Fusionpolis, Bipolis, and the National University of Singapore.With Singapore’s world-class universities, internationalism and the Monetary Authority of Singapore’s recent initiative to enable easier crowd funding for start-ups and SMEs, perhaps it is only a matter of time until the next Facebook emerges out of the city's monsoons.
Recently the central bank of Singapore has pledged to invest S$225 million ($167 million) over five years in Fintech projects. This is fantastic news for the city’s entrepreneurs, many of whom are fresh out of generation Y; young, upwardly mobile, tech savy and creative. This generation needs support where ever it can get it, and it is typified by the likes of Jacob Lim and Justin Teo, founders of our latest Singaporean partner FinGo.Like many Singaporeans, the pair, (both their mid-20s) had multiple credit card bills arriving at different times, utility bills and expenses to track, and many money transfers due every week. Working in financial services, with hectic work schedules, they realised the need for an expedient financial account aggregation and money transfer app. Their research pool confirmed what they thought; that there was a gap in the market. There was a need for an efficient money management solution for busy people. They noticed that their friends had between two and three bank accounts each, sometimes taking six minutes to load and view a single bank account. In a city like Singapore that’s like hiring a donkey to get to work.
With the help of an angel-investor and through their own money, by their bootstraps and against the odds, they began to create a money management solution for Singapore’s millennials.
Thanks to eWise’s patented account aggregation technology Justin and Jacob will soon launch their secure account aggregation and money transfer app, FinGo. Security is particularly important in Singapore, for although financial technology is encouraged to flourish, data security must remain as strict as ever. eWise Aegis client-side data aggregation does not share passwords or log-in details with any third-party. The financial account aggregation happens on a Personal Data Vault, where the data is encrypted and resides on the user’s chosen device. The result? Justin and Jacob can provide FinGo’s users with a secure app to view their bank accounts in one place, and transfer money on-the-go; leaving Singaporean millennials with more time on their hands.
FinGo is launching this year, firstly in Singapore and then to other millennial markets such as Hong Kong. FinGo will be available on Android and iOS and will add to the roster of innovation coming out of the rain-washed Silicon Valley of the East.