What is Fintech?
Financial technology, alternatively known as fintech, is a financial industry which encompasses companies that utilize technology to enhance efficiency of financial services.
How it becomes highly demanding, complex to describe the notion of Fintech, owes to evolving definitions over time.
Additionally, conventional banking firms are confined by inherited operating systems, capacity for renewal, nimbleness and technology know-how.
The term “Fintech” has made an official, registered entry into the Oxford dictionary and is described as “Computer programs and alternative technology utilized to enhance or facilitate banking and financial services”.
Referring to Wikipedia, it describes “Fintech” as “Financial technology, also known as FinTech, as a line of business based on using software to provide financial services. Financial technology companies are generally start-ups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.”
Fintech heralded a substantial revolution in an industry that in recent history, and within the last decade, had perceived Fintech firms as competition.
However 2014 proved the seeding year, 2015 proved the blooming, and 2016 progressed at slower pace relative to 2015, with greater emphasis on sustainability.
Before this period, the idea was that there are highly, pervasively powerful monopolies, and subsequent to the history of prevailing banks- no entity has managed a competent payments company after PayPal.
Financial technology has gradually evolved for decades, but spanning the past few years, fintech companies have transformed prevailing methods individuals use to correspond with financial institutions.
Financial technology has transformed financial services in the past few years. Financial technology has transformed modes in which people bank, invest and shop over the past few years.
Spanning recent years, fintech companies gradually disrupted almost all facets of the financial industry.
A decade ago, individuals needed to physically drop by a bank or financial institution to register for a mortgage, small business loan or basically shift funds from certain banks to others.
Currently, fintech has enabled the capacity to invest, borrow, save and shift funds through virtual and mobile services, removing the need to physically visit a bank branch.
Although conventional organizations did not rush to adopt fintech solutions, start-ups and old enterprises pin hopes on online financial services.
Fintech: A Concise Definition
Fintech, or financial technology, is the term used to describe any technology that delivers financial services through software, such as online banking, mobile payment apps or even cryptocurrency.
Fintech is a broad category that encompasses many different technologies, but the primary objectives are to change the way consumers and businesses access their finances and compete with traditional financial services.
Fintech Service Provider |
GrabPay |
|
Specialty |
Going cashless is easy with GrabPay. To get started, link your credit/debit card to GrabPay Wallet. You can now use PayNow to top up your Wallet. Track every transaction. Get instant payment notifications and detailed transaction history. Seamless convenience. Ride, dine, shop and more. All with your everyday everything app. Services: GrabPay, QR code, transaction history, GrabRewards, mobile wallet |
| Pricing |
Request a quotation: support.sg@grab.com |
|
Website |
|
| Address |
28 Sin Ming Lane, #01-143, Midview City |
|
Telephone |
+65-31388644 |
| Operating Hours |
10 am to 6 pm |
Fintech Service Provider |
M-Daq |
|
Specialty |
World without Currency Borders™. M-DAQ builds over-the-top (OTT) applications to facilitate cross-border business for various industries since 2010. M-DAQ achieves this through their proprietary data technology and support from ⅔ of the world’s foreign exchange providers. With growth of digital e-Wallet payments and tourism world-wide, M-DAQ developed cross-border payment solutions. Services: Digital e-Wallet payments, cross-border payment solution, Currency movement, cross-border business, currency conversion platform |
| Pricing |
Request a quotation: sales@m-daq.com |
|
Website |
|
| Address |
15 Playfair Road, Level 2, Singapore 367987 |
|
Telephone |
+65- 6225 8991 |
|
Operating Hours |
9 am to 6.30 pm |
Fintech Service Providers |
Matchmove |
|
Specialty |
A Bank in Any AppTM. MatchMove makes it easy to put essential financial services in any app with their Spend.Send.Lend. TMsolutions. Customers and partners in more than 6 countries. They use best-in-class security tools, technology, and banking industry practices to maintain the highest levels of security, fully compliant and licensed. Services: B2B Remittance, digital payments, digital cash transfers globally, digital wallets, prepaid cards |
| Pricing |
Request a quotation: queries@matchmove.com |
|
Website |
http://www.matchmove.com/ |
| Address |
137 Telok Ayer Street #03-03 Singapore, Singapore 068602 |
|
Telephone |
+65-6271 1371 |
|
Operating Hours |
9.30 am to 6.30 pm |
Fintech Service Provider |
QUIONE |
|
Specialty |
They are a leading fintech company that provides trading, exchange, and next generation financial services powered by blockchain technology. They believe cryptocurrencies and blockchain technology will shape the future of financial services. They are a FinTech company at heart, focused on making financial services accessible universally, backed by the QASH token. Services: Trading, Exchange, Next generation financial services, Blockchain technology, QASH token |
| Pricing |
Request a quotation: support@liquid.com |
|
Website |
https://www.liquid.com/ |
| Address |
80 Robinson Rd, #08-01, 80RR 068898 |
|
Telephone |
+84 28 7107 6068 |
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Trade Hero |
|
Specialty |
TradeHero is a gamified social trading app that allows you to trade and learn from the behaviour of other users in the community. It has been ranked the #1 finance app in over 90 countries. Learn trading, experiment with virtual cash, follow experienced “Heroes” and compete in virtual trading competitions. Services: Social trading app, Finance app, virtual cash, virtual trades, mobile trading app |
| Pricing |
Request a quotation: support@tradehero.mobi |
|
Website |
|
| Address |
10th Floor, Linen Court,10 East Road London N1 6AD, United Kingdom Singapore, Singapore |
|
Email contact |
|
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Otonomos |
|
Specialty |
Otonomos helps the crypto community form offchain and onchain legal entities. Otonomos helps doers and investors around the world form, fund and govern their companies in all major jurisdictions. Their onchain company assembly tool, OtoCo, lets users create real-world entities on blockchain and control them using their Ethereum wallet, OtoCo. Services: Blockchain, crypto community, Ethereum wallet, onchain company assembly tool, crypto company |
| Pricing |
Request a quotation: support@otonomos.com |
|
Website |
https://otonomos.com/ |
| Address |
22 North Canal Rd, Singapore 048834 |
|
Email contact |
|
|
Operating Hours |
24/7 |
Fintech Service Provider |
Canopy |
|
Specialty |
Consolidates PDF and electronic data for all types of assets, including structured products, private equity, real estate etc. Sophisticated and intuitive tools to instantly slice and dice clean data flexibly to obtain actionable insights. One size almost never fits all. They customize reports to your preferences for all your data analysis needs. Services: Interactive web application, Canopy Analytics module, Canopy Reporter, risk analytics, financial metrics |
| Pricing |
Request a quotation: hello@canopy.cloud |
|
Website |
|
| Address |
6 Raffles Quay, #11-07, Singapore 048580 |
|
Telephone |
+65 6681 6660 |
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Alpha Fintech |
|
Specialty |
Payment Platform as a Service: What would the impact to your business be if any payment product needed was one click away? What if the work taxing your Finances and IT & OPS resources was eliminated? Increase Revenue. Over 100 payments, risk and shipping solutions 1-click away. Never lack products. |
| Pricing |
Request a quotation: info@alphafin.tech |
|
Website |
https://alphafin.tech/ |
| Address |
2 Sims Close, #07-09, Gemini @ Sims, Singapore 387298 |
|
Email contact |
|
|
Operating Hours |
24/7 |
Fintech Service Provider |
Kyebot |
|
Specialty |
KyePot groups is the new way to save and borrow for the things you want. Once you join a KyePot group, you can effortlessly track your progress and take charge of your financial goals. Transparency at every stage. Better returns for savings, lower borrowing rates. Easy digital transactions. Safeguard investors. Services: Group savings, borrowing digital chits, digital transactions, Legal processes, lower borrowing rates |
| Pricing |
Request a quotation: sidd.gandhi@kyepot.com |
|
Website |
https://www.kyepot.com/ |
| Address |
151 Chin Swee Road, #07-12, Manhattan House, Singapore 169876 |
|
Email contact |
|
|
Operating Hours |
9.30 am to 5.30 pm |
Fintech Service Provider |
Moolah Sense |
|
Specialty |
Singapore’s #1 Digital Lending Platform. MoolahSense is a fascinating investment avenue where you can interact directly with the business owner, select the industry that you wish to invest in, offers relatively higher interest rates, transparency and flexibility in tenure. They are indirectly helping local SMEs in their business growth journey. Services: Digital Lending Platform, investing, investment avenue, funds transfers, monitor your investments |
| Pricing |
Request a quotation: info@moolahsense.com |
|
Website |
http://www.moolahsense.com/ |
| Address |
150 Cecil Street #03-00 Singapore, Singapore 069543 |
|
Telephone |
+65- 6871 8780 |
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Invoice Interchange |
|
Specialty |
Free up your cash flow and fund your business growth. They help you access fast funding easily via invoice financing, so you can focus on the things that matter to your business – growth. InvoiceInterchange offers a different approach to invoice financing. They set you up on invoice finance platforms with speed. Service: Invoice finance platform, fast funding, Access funds, pay-as-you-go pricing, Advance within 24hrs |
| Pricing |
Request a quotation: info@invoiceinterchange.com |
|
Website |
http://invoiceinterchange.com/ |
| Address |
1 Paya Lebar Link, #04-01 Paya Lebar Quarter 1 Singapore, Singapore 408533 |
|
Telephone |
+65-6591 8895 |
|
Operating Hours |
8 am to 6.30 pm |
Fintech Service Provider |
OTDocs |
|
Specialty |
They deliver a fully functional, operationally supported production system with military grade encryption security in less time than competitors can deliver a RFP. Military grade encrypted enclave. Rich and mature functionality: onboarding, KYC, portfolio management, actionable alerts, payments, multi asset trade, exchange connectivity, atomic swap, stake over 230+ digital assets. Services: Enterprise Wallet, Investor Onboarding, Perform Accreditation, Import portfolio, Blockchain CRM |
| Pricing |
Request a quotation: community@signkeys.com |
|
Website |
http://www.otdocs.com/ |
| Address |
10 Anson Rd, Singapore 079903 |
|
Telephone |
+65-8288 7115 |
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Ripple |
|
Specialty |
The current global payments infrastructure does not meet today’s business or consumer demands. By unlocking the power of blockchain and digital asset technology, financial institutions can dramatically improve the speed, cost and reliability of how people transact around the world. Their solutions unify the infrastructure underlying global payments, decentralized fintech. Services: Blockchain, digital asset technology, global payments, decentralized fintech, enterprise blockchain company |
| Pricing |
Request a quotation: monica@ripple.com |
|
Website |
https://ripple.com/ |
| Address |
77 Robinson Rd, #16-00 Singapore 068896 |
|
Email contact |
monica@ripple.com |
|
Operating Hours |
24/7 |
Fintech Service Provider |
Co-Assets |
|
Specialty |
CoAssets Group is South East Asia’s leading financial technology firm. The Group offers financial technology consultancy services as well as investment opportunities across different industries. CoAssets Pte Ltd, is rebranding itself as CA Funding Pte Ltd (“CAFPL”). This is business review and is meant to allow separation between regulated entities. |
| Pricing |
Request a quotation: enquiries@coassets.com |
|
Website |
http://www.coassets.com/ |
| Address |
54A Amoy Street Singapore, Singapore 068809 |
|
Email contact |
|
|
Operating Hours |
9.30 am to 6.30 pm |
Fintech Service Provider |
Crowdo |
|
Specialty |
Digitalizing supply chains and making payments, account and transaction management, and financing easy. Quick account openings with no monthly fee for SME’s. Making it possible for customers to do any type of transaction and business. Easy step for businesses to digitalize and access business account management and financing features, online. Services: Digitalizing supply chains, making payments, account control, transaction management, online transactions |
| Pricing |
Request a quotation: enquiry@crowdo.com |
|
Website |
https://www.crowdo.com/ |
| Address |
9 Raffles Place, Republic Plaza #506 Singapore, Singapore 048619 |
|
Email contact |
|
|
Operating Hours |
9.30 am to 6.30 pm |
Fintech Service Provider |
FundedHere |
|
Specialty |
FundedHere is the first registered equity and lending-based crowdfunding platform for promising businesses in Asia, issued by the Monetary Authority of Singapore (MAS). FundedHere has built an ecosystem for both investors and businesses, leveraging on Singapore as a springboard for the rest of Asia. Access investment products, diversify investment portfolio. Services: Funding, crowdfunding, Lending, Investing, Financing |
| Pricing |
Request a quotation: contactus@fundedhere.com |
|
Website |
https://www.fundedhere.com/ |
| Address |
Manhattan House,151 Chin Swee Road, 04-01 Singapore, Singapore 169876 |
|
Email contact |
|
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Money Smart |
|
Specialty |
Make smart financial decisions. Compare and apply for the best personal finance products. They have helped 904,777 Singaporeans find the right products for their needs. Find credit cards that give the best benefits. Find the best travel insurance policy. Find the lowest interest rates for personal loans. Best home loans. Services: Personal finance products, car insurance, credit cards, home loans, personal loans |
| Pricing |
Request a quotation: admin@moneysmart.sg |
|
Website |
https://www.moneysmart.sg/ |
| Address |
8 Commonwealth Lane #04-02 Singapore 149555 |
|
Telephone |
+65 6805 8185 |
|
Operating Hours |
24/7 |
Fintech Service Provider |
Moneythor |
|
Specialty |
Moneythor is a software company founded in 2013 to provide banks and fintech firms with a modern toolkit to enhance their digital banking services, with a prime focus on the generation of data-driven personalized and contextual recommendations for their customers. Moneythor seeks to make digital financial services more relevant, customized. Services: Fintech, digital financial services, digital banking, contextual recommendations, chatbot development |
| Pricing |
Request a quotation: info@moneythor.com |
|
Website |
https://www.moneythor.com/ |
| Address |
73 Ayer Rajah Crescent, #02-16, Singapore 139952 |
|
Telephone |
|
|
Operating Hours |
24/7 |
Fintech Service Provider |
Weinvest |
|
Specialty |
Powering successful business models with comprehensive, cutting edge, and customized platforms. WeInvest is Asia’s leading and proven digital wealth service provider. Operational since 2015, they are headquartered in Singapore, with a growing presence in Malaysia, Indonesia, Dubai, Hong Kong, India and China. They offer innovative, scalable, regionally compliant wealth services. Services: Digital Wealth, Digital investing experience, Regionally compliant wealth services, Robo advisory Solution, customized portfolios |
| Pricing |
Request a quotation: support@weinvest.net |
|
Website |
http://www.weinvest.net/ |
| Address |
1 Phillip St, Level 6, Singapore 048692 |
|
Telephone |
+65-8189 2863 |
|
Operating Hours |
9 am to 6 pm |
Fintech Service Provider |
Call Levels |
|
Specialty |
They are a Singapore based Fintech Startup, operating across consumer and business verticals. Their core offerings include an innovative on-premise conversational banking AI and also a market monitoring mobile application. Empowering and Equalizing Finance. Providing easy access to financial market information. Stay up-to-date with the movements in the financial markets. Services: Fintech, financial market information, conversational banking, AI market monitoring mobile application, Data analytics |
| Pricing |
Request a quotation: contact@call-levels.com |
|
Website |
https://www.call-levels.com/ |
| Address |
1 #07-07, One Pemimpin, Pemimpin Drive, Singapore 576151 |
|
Email contact |
contact@call-levels.com |
|
Operating Hours |
10 am to 6 pm |
Growth of fintech
Fintech emerged gradually over longer incubation periods than most fathom.
Though the newest mode of fintech enables you to pay for an order of Coke with a mobile app, the inception of financial technology could be traced further back to early credit cards that had emerged into mass circulation currency in the late 1950s.
Following the credit card, financial technology adapted and developed certain major changes to dominate in currency, for instance: ATMs, electronic stock exchanges, bank mainframe computers, and online stock exchanges. Every fresh tide of technological innovation enhanced the financial system that most people utilized from day to day, but seldom had to completely transform, upgrade.
Prior to 1990s and prevalence of the internet, old financial organizations, including most banks, functioned with fintech.
Recorded by the Federal Deposit Insurance Corporation, banks evolved from about 13,500 commercial bank branches in 1950 to over 83,000 in 2008.
Towards the late 1990s and young 2000s, online fintech companies, such as PayPal, emerged on the market but did not challenge the old infrastructure until the 2008 global financial crisis.
Within this period, most individuals gradually lost faith in conventional banking, with millennials championing free and virtual financial services.
Fintech is a huge sphere that covers many divergent technologies.
Now, fintech innovations are disrupting the old financial system, with multiple services evolving to a novel technological framework, including the use of payment apps on a mobile wallet instead of carrying physical credit cards in a tangible wallet.
Fintech has transformed multiple divergent markets, especially including the banking, trading, insurance and risk management industries.
Fintech companies, inclusive of start-ups, technology companies and established financial institutions, leverage emerging technologies, for instance big data, artificial intelligence, blockchain and edge computing to allow financial services to garner broader access and more efficiency.
Categories of fintech
There are many diverse categories of fintech, but some of the highly prevalent fields are:
Mobile wallets and payment apps are definitely examples of highly prevalent modes of fintech. Services like PayPal, Venmo, Square, Apple Pay and Google Pay allow peers to remit cash to each other, alternatively, merchants receive bills from clients.
Crowdfunding platforms, such as Kickstarter and GoFundMe, have transformed conventional funding modes by allowing platform users to invest their cash in businesses, products and personas.
Cryptocurrency and blockchain technologies are examples of the highly prevalent, and widely favored forms of fintech.
Cryptocurrency transfers, such as Coinbase and Gemini, enable consumers to buy or sell cryptocurrencies. Blockchain technologies also open the possibility to push existing industries beyond profit incentives in order to reduce scamming.
Robo-advisors deliver algorithm-based portfolio suggestions and supervision to gain bargains and increase financial gains. Certain prevalent robo-advising services include Betterment and Ellevest.
Stock trading apps, inclusive of Robinhood and Acorns, now emerge as prevalent and novel examples of fintech as investors can trade stocks from any location using mobile devices rather than consulting a stockbroker.
CO— seeks to give people ideas from esteemed, renown experts. Although, prior to usual business decisions, you should seek professional expertise that tailors financial advice customized to your specific circumstances.
Fintech in Singapore: Market Capitalization
Total transaction value in the Digital Payments segment is projected to reach US$11,200m in 2021.
Total transaction value is expected to show an annual growth rate (CAGR 2021-2025) of 22.7% resulting in a projected total amount of US$25,368m by 2025.
The market’s largest segment is Digital Commerce with a projected total transaction value of US$7,309m in 2021.
From a global comparison perspective it is shown that the highest cumulated transaction value is reached in China (US$2,915,347m in 2021).
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at enquiry@mm.com.sg. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.
