10/8/2018 – MoneyMatch, a fully digital cross-border remittance service targeting the general public and SMEs had won the rights to represent Malaysia at the Singapore FinTech Festival 2018 Fintech Awards Asean stage.
The startup competed against other local fintech solutions in a pitching session during the Building Global Fintech Connections: Singapore with Kuala Lumpur event, co-hosted by Common Ground co-working space and UOB Bank on August 8
Other participating startups were Mobiversa, a startup providing cashless payment system; Tootpay, a startup presenting a secure mobile authentication method; Homecrowd, a social lending platform for home loans; and e-Marketplace for migrants MyCash Online.
Judges for the session were Yap Kok Tee, executive director of UOB Bank; Roy Teo, executive director of MAS; Tan Cheng Yeong, the digital trust leader at PWC Kuala Lumpur, and Wilson Beh, the treasurer of Fintech Association of Malaysia.
Singapore FinTech Festival is organized by the Monetary Authority of Singapore (MAS) and will be held from 12 to 16 November 2018.
It features a series of events including Global Fintech Hackcelerator Demo Day, FinTech Conference & Exhibition, AI in Finance Summit, Innovation Lab Crawl, Workshop and a new component “Meet ASEAN’s Talents and Champions (MATCH)”.
Executive director from MAS, Roy Teo will also be talking about Singapore’s fintech ecosystem during the event which saw a participation of about 30,000 people from 109 countries and 5000 corporates last year.
MoneyMatch will be participating in the FinTech Awards where startups with industry solutions compete for a cash prize from the total cash pool up to SGD$1.2 million (about US$875k) and the Fintech Deal Day to match potential investors with founders.
Established in 2017, MoneyMatch is a startup under Bank Negara’s Financial Technology Regulatory Sandbox. The startup provides a remittance and currency exchange solution which enables cheaper currency exchange.
“In virtually every single industry accessibility has improved but cross-transfers haven’t kept up. It is expensive and slow,” said New Su Ann, the client engagement associate at MoneyMatch.
Called MoneyMatch Transfer, the online platform essentially works like a crowdfunding site for users who want to swap currencies.
For instance, an individual in United States wants to send money to Malaysia and swap it for local currency. MoneyMatch matches the individual with someone in Malaysia who wants to transfer the same amount of money over to United States. Once the match is made, the respective amounts are transferred to the individuals’ local bank accounts.
“This means money doesn’t move across the border, cutting out bank transfer fees and intermediaries like money changers,” said Naysan Munusamy, the co-founder of MoneyMatch.
To date, the startup has transacted a total of RM162.8 million (about US$39.9 million) in a single year. One of the early investors in MoneyMatch is Azran Osman-Rani, the former CEO of AirAsia X and iFlix who is no stranger to the tech industry.
This news is published on Reuters.