As fintech continues to takeoff, these companies cover industries like insurance tech, data analytics and financial solutions to help SMEs
After a tour across 16 cities in Asia, 350 applications and ‘Selection Days’ featuring 20 startups from 8 countries, Startupbootcamp Fintech has picked the 10 startups that will be participating in the second annual Singapore accelerator program.
The selected teams will receive a US$25,000 stipend and four months of free office space at Block 79’s BASH facility.
If the programme goes well for a company, they will have access to potential partnerships with MasterCard, Malaysia’s CIMB and RHB banks, The Development Bank of Singapore, Intesa SanPaolo, Thomson Reuters, PricewaterhouseCoopers, PixVine Capital, Jungle Ventures, Accreditation@IDA and Infocomm Investments.
The accelerator kicks off on April 18 and will end in a demo day in front of 500-plus investors in three month’s time.
One success story from last year would be Toast, a remittance company that raised US$850,000 in October 2015.
Also Read: Welcome to the fintech zoo!
So, let’s take a look a the companies participating in this year’s Startupbootcamp Fintech program.
This Cambodian startup is a collaborative accounting platform built for SMEs and NGOs. Bahnji is going to hyper-localise the service for Cambodia and it’s clever to target SMEs because large corporations often have an internally developed accounting systems.
Without healthy members, the health insurance industry would hemorrhage money on the path towards unsustainability. Australia’s Boundlss wants to help insurance companies attract healthy members while also promoting a healthy lifestyle within a corporate culture through wearables, data analytics and incentives.
Cefy is an Indian company that wants to provide free credit scores for everyone. Much of Asia remains unbanked and having a credit score is an important step towards participating in the banked financial world. The company’s mandate is to make loans, the credit system and payments easy.
Coinluck is developing a somewhat radical P2P lending product called UTooMe. Based in South Korea, the idea is take lending out of the hands of the credit card companies by allowing people to ‘advertise’ their available assets on the platform. If two parties are interested in making a deal, the lender can grant a credit line to the individual and bypass the standard credit card fees.
This Indian company is a bank-supported customer targeting platform. It draws insights from purchase history data, geographical location, search history and purchase of peers. The goal is to allow marketers to make better decisions on ad spend, campaign targeting and measure the impact of said campaigns.
While everyone knows they could probably get a better deal on their currency exchange, the thought of tracking down the cheapest vendor is exhausting. This Kuala Lumpur-based company is a location-based app to help people find the best deals in a given city. Basically, the user opens a map and the rates of exchange in the surrounding area are provided so the user can quickly find the biggest bang for their buck.
This Singaporean company is a digital insurance manner with a twist: it specifically targets Millennials. The program uses data to alert users if they are over — or under — insured. It wants to make the shopping experience as easy as possible, claiming many people settle for poor insurance coverage because buying another plan is a gigantic headache.
A Taiwan-based startup, this company has a product called Whisker to help people manage their investments. It wants to stand apart via its machine-learning technology. The company provides daily recommendations, stock strategy, and uses its internal technology to calculate the profitability of trading strategies.
SETScope is an all-in-one stock evaluation and portfolio management tool. The Thailand-based company will ‘rank’ stocks, offer health checks for a portfolio, charting services and provide recommendations.
Even in 2016, customer service and mobile are yet to build a seamless relationship. Supertext, an Indian company, wants to make mobile customer service fun, enjoyable and useful. The company is creating a chat app with supporting infrastructure that gives consumers quick and easy access to a customer service agent.
So there you have it, the ten companies participating in the latest Startupbootcamp Fintech accelerator in Singapore.
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