Category Archives: Fintech

Singapore Equity Crowdfunding Platform FundedHere Raises Capital for F&B Mobile Ordering and Payments App Waitrr

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FundedHereLocal crowdfunding platform FundedHere has raised a significant amount of capital for homegrown Waitrr – a first-of-its-kind ‘mobile waiter’ app which automates food orders to eliminate users’ wait times when dining in restaurants or ordering takeaway food – in an oversubscribed 30-day campaign that surpassed its initial target.

Waitrr’s campaign was funded by 12 registered FundedHere investors including reputable Singaporean investors Andy Lim, Founder and Chairman of private equity firm Tembusu Partners, and Steve Kek, CEO of OMG Venture.

It is FundedHere’s third oversubscribed campaign in recent months, following the platform’s raise of S$516,000 for medtech start-up AEvice Health and S$300,000 for clean tech start-up EcoWorth Tech end-2017.

Waitrr speeds up services in restaurants across Singapore by letting diners order food and make instant payments on their smartphone devices. The app contains the full menu of its onboarded restaurants and orders on the app go directly to the kitchen. Staff can focus on preparing and serving dishes to customers instead of taking orders and fetching bills, effectively reducing manual error and slashing processing times.

Waitrr also offers a takeaway option for many restaurants – a favourite feature particularly during lunch peaks. Users order and pay for their desired meal whilst still in the office and just pick it up by the time they reach their desired restaurant without the need to queue.

The app was conceptualized by Tim Wekezer for the 2015 INSEAD Venture Competition, where it won first place. It was registered as a company that same year and has since experienced consistent growth. It now boasts a user base of 15,000 customers and 110 restaurants.

Commenting on the campaign, Mr. Wekezer, Founder and CEO of Waitrr, said:

Mr. Wekezer, Founder and CEO of Waitrr

Mr. Wekezer, Founder and CEO of Waitrr

“We are thankful for the enthusiasm and support of the community at FundedHere, which both validates our business model and proves that we are on the right track with our product.

We will put these investments to good use in our journey to improve restaurant service and create seamless dining experiences for all.”

Waitrr will use the funds from the campaign to ramp up end-user acquisition and promotions, develop new features and expand its business beyond Singapore. The company’s future plans include leveraging synergies with sectors such as food delivery, e-payments, marketing, tourism and hospitality. Waitrr aims to become Asia’s leading F&B mobile payments processor, as well as the industry’s preferred point of reference for consumer data.

Daniel Lin, Co-Founder and Executive Director of FundedHere

Daniel Lin, Co-Founder and Executive Director of FundedHere

Mr. Daniel Lin, Co-Founder and Executive Director of FundedHere, said:

“Our team’s mission is to provide investors in Singapore with opportunities to grow disruptive start-ups in need of alternative funding. We are pleased to have provided Waitrr a platform to reach out to the investor community and very much look forward to its next chapter of growth.”

Launched in March 2015, FundedHere is Singapore’s first equity and debt-based crowdfunding platform. It obtained its Capital Market Services License from the Monetary Authority of Singapore in March 2016. Including Waitrr, it has helped 19 companies raise S$8.1 million in funding to date.

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Australian Regtech Starts Global Rollout in Singapore

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Australian-based Regtech firm GCS Agile has signed its first international agreement in Singapore for the use of FACS, their FATCA (Foreign Account Tax Compliance Act) And CRS (Common Reporting Standard) Service.

FACTA Compliance Reports via crs-fatca-reporting.com.au

FACS is a world leading software program built specifically to manage the complex requirements for the Common Reporting Standard (CRS), for which reports in Singapore and Australia are due for the first time this year. The partnership is with Trusted Source Pte Ltd, a wholly-owned subsidiary of Temasek Management Services Pte Ltd.

Ong Whee Teck

Ong Whee Teck

“We are thrilled to partner with GCS Agile on this important initiative aimed at reducing tax evasion globally. Singapore is a perfect launch pad for such technology given its strong commitment to the rule of law and international tax conventions,”

said Ong Whee Teck, CEO of Trusted Source.

Gerry Carcour,CEO, GCS Agile

Gerry Carcour,CEO, GCS Agile

“We are proud to have this opportunity to partner with, and be related to the Temasek Group, a respected Singapore icon.  We believe that Trusted Source is the best positioned organisation to deliver FATCA and CRS compliance in Singapore using our FACS platform.

Additionally, Trusted Source has the capability to deliver our vision of a “utility service” for the Financial Services Industry required to both enforce and significantly reduce the cost and burden of compliance,”

said Gerry Carcour, CEO of GCS Agile.

CRS is an inter-governmental agreement between the world’s Tax Authorities designed to detect tax evasion. Millions of businesses in more than 100 jurisdictions globally that manage the financial accounts of foreign tax residents must report to their local Tax Authority which in turn shares this financial information with the relevant home Tax Authority.

Rollout first in Singapore, then Hong Kong, New Zealand and South Africa

After Singapore, the technology roll-out is expected to continue in Hong Kong, New Zealand and South Africa. Australia’s financial services companies are required to file CRS reports with the Australian Taxation Office on July 31. Each territory has differing compliance deadlines – reporting to the Inland Revenue Authority of Singapore, for example, is due on May 31.

The highly publicised Panama Papers brought attention to global and systematic tax evasion using offshore accounts, from which 145 governments worldwide are estimated to lose more than 5.1% of global GDP annually according to a report published by the Tax Justice Network in 2011. With Global GDP reported to be US$75.4 trillion in 2016, global tax evasion is estimated to be US$3.85 trillion in that year.

“With CRS, there’s nowhere to hide,”

says GCS Agile CEO Gerry Carcour.

“Many expats the world over who have spent their lives creating a network of overseas accounts will be laid bare extremely quickly.”

Mr Carcour says each country has their own objectives for instilling CRS compliance into their financial systems.

“Singapore and Hong Kong are characterized by hubs of expats that attract the interest of the world’s tax authorities, whereas South Africa is about combating corruption and wealth inequality as large amounts of revenue flow out of the country and are held overseas in various forms of value. FACS will be a significant tool to aid transparency,”

says Mr Carcour.

“New Zealand is not dissimilar from Australia, in that many financial institutions are not yet fully cognisant of the CRS requirements and their implications for the running of their businesses.  The biggest impact of this system will be to identify those individuals who have previously slipped through the tax revenue net.”

Featured image via Pixabay

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Refunds onto Mobile Phone Bills Now Possible for First Time

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BillMobile launches quicker, cheaper and more convenient refund technology; signs Enarpee Services as first client

 

Newcastle, May 17th, 2018: Thanks to the new MobileRefunds solution (mobilerefunds.com), launched today, businesses that charge a consumer’s mobile phone bill – for anything from digital goods, to charity donations – can, for the first time, refund directly back onto that mobile phone bill if needed.

 

BillMobile (billmobile.com) has developed the new technology, to help businesses both simplify and reduce the cost of their refund process. Enarpee Services (www.enarpee.com), the experts in regulatory advice, due diligence, compliance and audits, has signed up as the first MobileRefunds client.

 

“The current system means that businesses ask an already disappointed, or even angry, customer to spend time waiting for, and then cashing a cheque in order to receive their refund,” said Adam Williams, COO of BillMobile. “We can now provide a simple and effective way of providing the consumer with a refund that meets their expectations.”

 

The Mobile Refunds solution is for any business that charges consumers from their phone bill. No matter which mobile payment method the consumer used – charge to mobile, text message, premium rate phone number – the money can be returned directly to the user’s phone bill with MobileRefunds.

 

“We run a number of fulfilment services on behalf of clients that can sometimes result in consumers requesting refunds. It is normal in any industry that mistakes can be made and it is how we correct those mistakes that affects the reputation of our business and that of our clients and their brands. The new MobileRefunds solution will help us facilitate an even better service level for our clients and ultimately increase consumers’ satisfaction,” said Neil Penny, Owner / Director of Enarpee Services.

 

The crediting technology used by BillMobile simply adds a credit to the user’s mobile phone bill, rather than a charge.

 

The solution is easy for the business to use – they just sign up at www.mobilerefunds.com and add an account balance. They can then refund consumers as needed, either individually, or in batches by uploading a spreadsheet of refunds.

 

Not only does the MobileRefunds solution improve relationships with consumers, but at just 99p per refund it is cheaper for the merchants than the cost of a cheque plus the envelope, stamp and time to send out a refund in the old fashioned way.

 

As well as being a cost and time saving solution for businesses, consumers will appreciate the simplicity of being refunded to their mobile bill. It is expected that the number of complaints that are escalated by consumers to the mobile operators themselves will dramatically reduce.

 

“Businesses can now provide a holistic customer care experience across mobile. What we have developed is a simple, easy, clean, transparent way to refund money directly back onto a consumer’s phone bill,” continued Williams. “If consumers spend money from their mobile phone they expect any refund to go back onto that bill. With MobileRefunds that now happens, resulting in consumers that are happier, more likely to buy from that business again and less likely to complain directly to their mobile operator.”

 

The service launched today on the Three network, with EE to follow shortly. Refunds will also be able to be offered on all the UK major mobile networks in the near future.

 

– Ends –

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Video Sharing Platform Verasity Prepares for Crowdsale with Record Growth Momentum

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Verasity, the video-sharing platform enhanced with blockchain technology that rewards viewers for watching and sharing videos, has benefitted from pre-sale growth in both membership and community traction.

The company’s momentum reflects the growing need for direct and transparent relationship between viewers, content creators and advertisers.

The business has seen a huge growth in its global community over the past month, beating all previous expectations, including:

  • 10,000 members on Verasity’s token sale Whitelist
  • Commitments of over $26m received ahead of opening the Public Sale
  • Overall community size has grown to over 300,000 in just 6 weeks
  • Telegram community now one of the largest crypto community groups with over 40k people.

Verasity’s rapidly growing community is due to the appeal of the solutions they are solving for content creators, viewers and advertisers. All players in the video content ecosystem continue to benefit from their overall vision.

“Verasity’s priority is to ensure a strong and committed community,”

said Adam Simmons, Co-founder of Verasity. “To reflect the amount of positive feedback and support from our global community, we want to ensure that as many people as possible are able to participate in the token sale.”

Verasity’s public crowdsale of its unique cryptocurrency VERA will commence on Monday 21st May at 3pm UTC. Fifty percent (6,245,750,000) of all possible VERA tokens will be sold during the public sale period time.

Next Generation video sharing platform

Verasity is a next-generation video sharing platform. Verasity will provide accurate and secure metrics with every view through their patent pending Proof-of-View (POV™) blockchain technology. Proof-of-View (POV™) prevents fake views, stops bots and fraudulent activity.

This establishes a new direct value exchange between content creators, viewers and advertisers. Viewers can then choose to pay content owners to watch their content or they can choose to watch the advertisements to earn VERA



For more information visit https://verasity.io follow on Twitter  or join Verasity theTelegram chat: https://t.me/verasitychat

Disclaimer: this is an article written by Verasity, Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Please note this is no investment advice.

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Top 5 Fintech Philippines News of the Week (CW 20)

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Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week:

Follow the Fintech Philippines Facebook or Twitter channel to stay updated.

Also, you can subscribe to our monthly Fintech PH Newsletter here.

Here we go:

Traxion to make mini-banks of 600k sari-sari stores

A sari-sari store in the Philippines. Photo by the Department of Social Welfare and Development.

Ireland-based blockchain company Traxion aims to enable 600,000 sari-sari stores (neighborhood variety stores) to somewhat function as mini banks or remittance centers in the Philippines.

Jorge Azurin, co-founder and business strategist of Traxion, said the sari-sari stores will serve as “branches of banks” in far-flung areas as Filipinos can easily deposit and withdraw cash from them.

The partner sari-sari stores will earn money from transaction fees. Transaction amounts are limited, especially in remote areas where P500 and P300 are the average transaction.

Azurin noted internet connection would not be an issue as Traxion would connect its system to the sari-sari stores and allow SMS (short text messaging) to do the transaction. The project is expected to launch this year after the completion of the firm’s initial coin offering in June.

Japan’s MUFG Bank sets global hub in Philippines

From left, are: BSP managing director for financial supervision research and consumer protection sub-sector Lyn Javier, MUFG Bank’s GSOC head Akira Yoshikawa, MUFG Bank president and CEO Kanetsugu Mike, Japan Ambassador to the Philippines Koji Haneda and Security Bank president and CEO Alfonso Salcedo lead the inauguration ceremony of the Global Services Operations Center. Photo from The Manila Times.

Tokyo-based MUFG Bank Ltd has chosen the Philippines to be the site of its Global Services Operations Center (GSOC).

Kanetsugu Mike, president and CEO at MUFG Bank, said the bank’s GSOC in the country would further improve the productivity of its operations in overseas units and at the same time develop an efficient operations platform to support its transaction banking business.

“This is our first centralized operations center covering different countries, and it is aligned with our strategy to strengthen our competitiveness. I wish to underscore our ongoing commitment to the development of this great nation,” he said.

The report added MUFG chose Manila primarily due to its large English-speaking population. The center would initially employ 50 local hires that would gradually be increased to around 300.

Xurpas unveils blockchain project

Xurpas logo. Visual from Rappler.

Listed technology firm Xurpas Inc. has launched its blockchain project to be undertaken by ODX Pte. Ltd., a subsidiary incorporated in Singapore.

ODX will allow consumers in emerging markets to access the internet for free, through sponsored data packages, The Star reported.

ODX plans to sell up to $100 million worth of tokens and currently has initial downpayments on allocations totaling over $50 million.

Proceeds from the sale will be used to build the ODX infrastructure, as well as for business development with internet service providers, publishers and other partners.

Xurpas said in its statement the tokens are not available for sale to citizens or residents of the Philippines, US or China. ODX is the first of several blockchain projects that Xurpas will launch within the year.

Xurpas posted a net loss of 77.93 million in the first quarter, coming from earnings of 103.24 million in the same period last year, due lower revenues, the report added.

Mobi724 launches in Philippines

Visual from Mobi724 website.

Canada-based Mobi724 Global Solutions Inc has expanded its card linked offers business in the Philippines called the EMV, a global standard for chip based credit and debit card transactions and it stands for Europay, Mastercard and Visa, a joint effort between these companies.

Mobi724 announced that it started live processing of local EMV payment transactions in the country last May 10, following Mobi724 ‘s disclosure of its Q4 and 2017 fiscal year results on May 1, where the company announced that its card linked offers grew 51 per cent.

Among the company’s plans is to add new competitive solutions which will be announced once the testing and certifications are done, said Mobi724 CEO Marcel Vienneau in an interview with Investing News Network (INN). He expects those to be completed in the next 45-60 days and that the company has potential customers ‘that want to use it.’

RCBC, Japanese banks tie up to assist small business

Osaka-based Kansai Urban Banking Corp. and Kobe-based Minato Bank signed a business alliance agreement with Rizal Commercial Banking Corp., to help small and midsize Japanese firms advance into the Southeast Asian country, the ABS-CBN reported.

All three banks aim to promote business tie-ups between their clients while cooperating in offering Philippine market and investment information and various support such as accounting and tax expertise. RCBC began in 1960 and now has 508 branches across the country on a consolidated basis.

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What Is Wealthtech? An Introduction

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Wealthtech, a segment of fintech that focuses on enhancing wealth management and the retail investment process, is on the rise around the world with companies in the space raising over US$2.5 billion in 2017, according to Fintech Global.

These are tapping into untapped markets within the wealth management industry and are addressing customer’s demands for higher returns and transparent fees.

Wealthtech refers to the use of cutting-edge technologies such as artificial intelligence and Big Data, to provide an alternative to traditional wealth management firms.

Wealthtech companies are advancing the investment and wealth management profession and offer varied solutions and platforms ranging from full-service brokerage alternatives, automated and semi-automated robo-advisors, to self-service investment platforms, asset class specific marketplaces, and investing tools for both individual investors and advisors.

The wealthtech industry can be broken-down into seven categories:

Robo-advisors

Robo-advisors are digital platforms that offer financial advice or investment management online with moderate to minimal human intervention. The software utilizes algorithms to automatically select investments and build a diversified portfolio based on a client’s risk profile and objectives.

Notable robo-advisory services providers in Singapore include Mesitis, Bambu, Smartly, StashAway and AutoWealth.

StashAway

Robo-retirement

Robo-retirement platforms are digital platforms that manage a client’s retirement plan using algorithms set in place by robo-advisors. Robo-retirement services differ from human financial planners in that these platforms create retirement portfolio, allocates and manages assets, provides strategies and recommends plans generated by a computer.

Robo-retirement platforms are mostly located in the US with notable platforms including RobustWealth, Feex and United Income.

RobustWealth

Micro-investing

Micro-investing platforms focus on allowing people to invest small amounts of money. The advantage of these firms is the possibility of generating savings little by little, without having to shell out large amounts of money. These providers typically charge a US$1 monthly subscription fee and do not charge a management fee to use the platform.

Platforms falling into this category include Stash, a platform that allows users start investing with just US$5, and Acorns, an investment app that lets users automatically invest spare change from debit and credit card purchases. Both companies are from the US.

Stash

Stash

Digital brokerage

Digital brokers are online platforms and software tools that aims to facilitate access to stock market information and investment. Within the category, social trading has emerged as a successful model with platforms such as eToro making it possible for novice investors to follow and copy the trades of more experienced traders.

Other notable digital brokerage companies include US-based Interactive Brokers and Motif Investing.

eToro

Investing tools

This category includes various types of services and software that provide comparison tools, research and access to a network of advice.

Solutions falling into this category in Singapore include Call Levels, which provides a free app that delivers financial market data updates, WEALTH, an online wealth services marketplace that uses matching technology to help customers find and connect with the service or product best suited for them, and SmartKarma, a collaborative marketplace for Asian investment research and analysis.

Call Levels

Portfolio management

Portfolio management solutions are tools and platforms that help investors and financial advisors unify and manage their investment portfolios in a single platform. Companies in this category include Eigencat, a fintech startup supported by the University of Singapore (NUS), that offers an innovative multi-asset class portfolio analysis platform for wealth managers and individuals to manage the risk and performance parameters of their investments.

Eigencat

Financial services software

This category comprises companies providing specialized software that support adoption of digital wealth management and investing strategy. The B2B-focused category includes companies such as Plaid Technologies, a software intermediary that securely connects financial application users with their respective bank accounts.

Plaid

Featured image: OPOLJA via Shutterstock.com

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FE Credit and Mastercard Launch the First Digital Credit Card Solution for Vietnam

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FE CREDIT launches MPlus+, a unique digital credit card delivery solution which allows card holders to commence their cashless journey before the physical card is delivered
Vietnams VPBank Finance Company Limited (FE CREDIT) starts with the MPlus+ Card, a unique digital credit card solution as an extension to the existing range of physical card products focused on category entrants.

MPlus+ Card, a unique digital credit card solution in Vietnam

Issuing to first-time card users across Vietnam, FE CREDIT has a unique challenge where cardholders in far-flung provinces sometimes receive the physical card almost 15 days post-approval.

To bridge this, FE CREDIT has created this unique digital card solution – ‘MPlus+ Card‘. Securely delivered to the cardholder’s registered mobile immediately upon card approval, MPlus+ enables cardholders to commence their cashless journey for e-commerce and card not present transactions instantly.

Kalidas Ghose

Kalidas Ghose

Mr. Kalidas Ghose, CEO of FE CREDIT said,

“As a market leader FE CREDIT aims to be the issuer of choice for mass-market customers. MPlus+ Card is another example of this endeavour.”

Arn Vogels

Arn Vogels

Mr. Arn VogelsCountry Manager, MasterCard, said,

“We are very excited with the launch of the MPlus+ program, the first digital delivery of a credit card in Vietnam.  The key benefit is that consumers will be able to start making online purchases and enjoy MasterCard offers immediately, whilst the delivery of the card will take several days.”

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Validus And Lighthouse Canton Launch a S$ 20 Million SME Singapore Financing Fund

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Validus Capital and Lighthouse Canton Group today launched the LCV Trade Finance Fund of initial asset size S$20 million (to scale up to S$200 million) dedicated towards financing SMEs in Singapore.

Validus is a Singapore-based MAS-licensed entity focused on bridging cash flow requirements for SMEs in Singapore; With disbursements over S$85 million over the past 24 months, Validus is one of the leading SME financing marketplaces in Singapore. Lighthouse Canton is an independent Asset Manager with a proven track record across various asset classes.

Whilst Singapore SMEs make up the backbone of the economy employing 70% of the workforce and contributing to over 50% of Singapore’s GDP, they have been in need for timely and low-cost growth financing. The unmet financing gap that SMEs face is estimated at S$20 billion. A portfolio company of Vertex Ventures (member of Temasek Holdings), Validus aims to finance at least S$1 billion of this gap in the next three years.

While the Fund aims to raise S$200 million in the next 3 years, Lighthouse sees a huge potential with growth beyond that.

Ajit Raikar, Co-founder & CEO at Validus Capital said:

Ajit Raikar

Ajit Raikar

“Validus Capital’s curated online financing platform is helping responsible Corporates in Singapore help their SME vendor base and ensure SME vendors have access to growth capital at bank like rates.

Our collaboration with Lighthouse Canton ensures that we bring strong, stable and reliable investors on our platform to support the ever-growing financing need of Singapore SMEs.”

The Validus platform provides SMEs with access to finance and has disbursed over 1,100 facilities across multiple product types. It connects with Singapore Government Linked Entities and private as well as listed corporates and on-board their SME vendors under a pre-approved program. This creates awareness amongst the SMEs that they have access to collateral-free financing options for on-going and future projects.

Accredited investors in the region and globally currently do not have access to the Singapore SME asset class. Lighthouse Canton will, through this Fund, bring in accredited investors globally and get them access to this asset class via Validus’s platform for their portfolios. Given that most financing facilities will be of short tenures, the Fund will be able to redeploy the capital across multiple SMEs thus creating diversification in the portfolio.

Rajesh Sundaresan, Co-founder & CIO at Lighthouse Canton said:

Rajesh Sundaresan

Rajesh Sundaresan

“SME financing is a lucrative and exciting space that we have been exploring for some time now. This investment opportunity is rarely accessible to investors. With the launch of this Fund, we will bridge this gap between demand and supply which until now was being intermediated by the banking channels.

This investment, while offering better returns than similar duration fixed income investments, will also allow investors to diversify their fixed income portfolio outside of large corporate exposure.”

With institutional investors becoming increasingly active in small business lending, the LCV Trade Finance Fund leads the trend as the first and only fund in the region to exclusively invest in loans originating on a lending platform.

Featured image via Freepik

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The Future Of Remittance

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What does the future in Remittance look like? 

Transferwise asked more than 1,000 Singaporeans and they said …

55% believe sending money abroad will one day be instant.

46% believe sending money abroad will one day be free.

52% believe a product will exist to allow consumers to withdraw money anywhere without extra charges.

Singaporeans were optimistic about the future. They, like us, believed that sending money should be as easy as sending an email.

However, Singaporeans were less positive about the nation’s cashless agenda. Some financial institutions will remain fundamental to daily life, and Singaporeans predict cash to be one of them.

cashless

64% of Singaporeans believe cash will still exist in the next 15 to 20 years.

76% believe it’s unlikely to have one global currency.

73% believe physical bank branches will still exist.

To this vision of the future, today’s providers need to better equip consumers with all the information they need.

The first step is to be transparent about all costs, so that consumers can make better decisions, and get the most value out of their transactions. The second step is for customers, companies, and governments to embrace all the possibilities that technology offers, so that sending money becomes as instantaneous as sending an email.

The future of remittance is to empower consumers to move their money – and as a result, their lives – seamlessly across the globe.

Adopting a cashless mindset and usage pattern is key to taking the first step to this future – and this is already happening with the increase use of cashless options. In 2017, 40% of Singaporeans have increased mobile payment services use, with an increase of 53% adoption from the previous year.2

When moving money is instant and free, the idea of living anywhere across the globe at anytime, supported and enabled by these borderless money transfers, will no longer be a pipe dream.

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Alpha JWC Ventures and PayPal Provide Access to US$5 Million in Funding to FinTech Startups in Southeast Asia

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Southeast Asia’s venture capital firm Alpha JWC Ventures announced its collaboration with global technology platform and digital payments gigant PayPal and its commitment to invest up to US$5M in 2018 participants of PayPal Incubator, a FinTech tartup incubation program in Southeast Asia.

Will Ongkowidjaja

Will Ongkowidjaja

“At Alpha JWC Ventures our philosophy is to invest as a value-add partner. Given our FinTech sector focus and expertise, we seek to create value for the Southeast Asia FinTech ecosystem, and our collaboration with PayPal’s incubator program is the best way to do so,”

said Will Ongkowidjaja, Alpha JWC Ventures’ Co-Founder and Managing Partner.

“Through this impactful collaboration, Alpha JWC can help nurture the future of FinTech industry and grow together with the region’s best FinTech entrepreneurs, while at the same time improving lives touched by these entrepreneurs’ business. We believe this collaboration enables us to get to know the best FinTech entrepreneurs in the region that operate with the same values as Alpha JWC and PayPal’s.”

To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.

Launched in 2016, the unique nine-month PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore’s Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders.

It is the first FinTech incubation program in the Southeast Asia where startups sit side-by-side with the company’s staff, making PayPal’s business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups — AxinanChyngeInvoiceInterchangeJumper.aiPolicyPal and TenX.

Jerry Tso

Jerry Tso

“PayPal began as a startup and the entrepreneurial spirit is still deeply embedded in our DNA,”

said Mr. Jerry Tso, General Manager for PayPal Singapore Development Center.

“We understand mentorship and connections are key to help the startups grow and thrive, but more importantly, funding is crucial for startups to scale.

We’re excited to collaborate with Alpha JWC to provide access to funding for our 2018 cohort. Alpha JWC’s strong track-record, deep expertise in FinTech, and their vision of investing in people, technology, and creating real impact make them an ideal partner.”

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