Fincy, a FinTech company based out of Singapore, has joined the ranks of companies making a foray into the cryptocurrency space. According to a report from Finextra, the company has added cryptocurrency support to its platform for retailers and merchants.
Part of an Expansion Play
Fincy launched in 2019 as a money transfer service. The company was founded by Douglas Gan, Vanessa Koh, and Lim Ming Wang — three officials from top Asian venture capital firm GBCI Ventures. It has an app for iOS and Android devices, offering contactless and seamless payments and currency exchange services across Asia.
The service also provides facilities for users to build their custom social media networks in-app. Citing a company announcement made earlier today, it was reported that Fincy had seen an increasing demand for cryptocurrencies in its country and broader region since the market rally. The company also believes that digital assets are here to stay, as they have proven effective in improving payment infrastructures.
In a statement, Vanessa Koh, Fincy’s chief executive, said, “Cryptocurrencies are an important part of the future of contactless payments in Singapore. They complement existing systems really well and are gaining popularity as an efficient and trusted payment medium.”
Koh added that Koh’s support for cryptocurrencies allows merchants and their customers to access even more payment options. From today, customers will be able to conduct transactions in Bitcoin, Ether, and several other digital assets. Customers can also trade cryptocurrencies and convert them to fiat.
Fincy’s cryptocurrency addition is coming on the heels of a fresh funding round. In June, reports confirmed that the firm had raised $11 million from GBCI Ventures, which also acts as its parent company.
As the report explained, the funding was to help Fincy provide more seamless, affordable money transfer options. The company is hoping to expand its user base in Singapore and grow across the Southeast Asia region.
Fincy is also working towards building a new headquarters in the central business district — Singapore’s confluence for product development, technology, marketing, and sales. This expansion will include a hiring spree and new product development.
Better Payments Coming to Singapore
The move also underscores what is becoming a focus on more effective payments in Singapore. Both the government and private institutions have recognized the need for the country’s payment infrastructure to improve, and there appears to be a consensus that blockchain holds the solution.
Last month, the Monetary Authority of Singapore (MAS), Singapore’s financial regulator, announced that it was ready with Project Ubin — an initiative to provide a blockchain-based payment service to citizens.
The MAS launched Project Ubin in 2017 as a possible Launchpad to develop an eventual digital Singaporean dollar. The agency successfully tested a prototype for the system in 2019. Since then, it has been testing the platform to check its compatibility with commercial blockchain applications.
As the announcement explained, the MAS will now work with investment banking giant JPMorgan and local investment company Temasek on the next phase. The agency believes that the new system will allow for faster and cheaper cross-border payments in several currencies. It should also optimize foreign currency exchange and the settlement of currency-denominated securities.