We were invited to the Singapore Fintech Awards 2016!

We were invited to the Singapore Fintech Awards 2016!

Just 2 weeks ago, we had the privilege to attend the Singapore Fintech Awards…and it was held at Universal Studios Singapore!

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The respective winners of the awards can be found here.

We realised that many of the Fintech companies present at the Awards were mostly either 1. Payment/Remittances solutions, 2. Lending solutions or, 3. Banking solutions. It seems like the definition of ‘Fintech’ is converging towards B2B services (apart from peer-lending solutions).

Thus, being a fintech company essentially meant helping other businesses grow and scale, and must be very profitable.

This led us to contemplate, should the definition or categorization of a Fintech company be heavily associated with B2B solutions and reserved to help other businesses? Or can Fintech companies focus on B2C or even C2C services and still be categorized equally by the ‘Fintech Fraternity’?

Deputy PM and Chairman of the MAS, Mr. Tharman Shanmugaratnam was also present at the Awards, and he gave a speech about how Fintech is what Singapore is focusing on, and how financial institutions like banks should not see fintech companies as threats but as new opportunities to work together. He also mentioned that Fintech companies have the power to disrupt systems – if done right. Also, MAS has proposed its stance on helping Fintech startups with the concept of ‘Fintech Regulatory Sandbox’.

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While we certainly agree with the direction Singapore is taking with Fintech companies, we’re hoping to see more fintech startups that excel in B2C or C2C services.

We once asked the question why did marketplace giant Carousell get millions of dollars in funding when they have zero revenue. The answer was simple, yet deep – they were helping other people make money.

We then brought the answer back into our situation- we began to ask ourselves, what is it that makes so many of our users in community stay and become active?

The answer may lie in our vision. We started not because we wanted to help other businesses grow, not because we wanted to be disruptive, not because we saw an opportunity to make money. All we wanted was a special place for fellow investors and traders to help each other make a better return. We figured that every investor knew something that another investor didn’t. The secret sauce to our success was building that infrastructure that got everyone together and over time, it became a community.

The next time you hear the word ‘Fintech’, do remember that it’s not just about big profits, disruption, payment solutions, lending or banking services. It is also something that consumers like you and I can understand, utilise and participate.

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