On the first day of Echelon Asia Summit 2016, held at Singapore Expo Hall 3, UOB’s accelerator The Finlab took the chance to showcase the fintech startups that are participating in their accelerator programme.
The presentation began with Attores CEO David Moskowitz going up to the stage with a massive, thick folder. He claimed that many businesses are still using manual method to create and authorise contracts; had these companies decide to move on to digital method, they can save up to US$20 billion per year.
Attores itself is a contract-creation platform for insurance business, applied finance, and can even be used to create prenuptial agreement.
“We’re not simply putting the fastest horse in the front, but we are changing the game,” promised Moskowitz at the end of his presentation.
The next presenter was Turnkey Lender, an end-to-end lending management system founded by Dmitry Voronenko.
The highlight of the startup’s presentation is when he stated that the company managed to secure 20 clients in 14 countries, with zero marketing budget.
Turnkey Lender aims to provide solution for the following pain points faced by lending companies: Hiring IT consultant is often too expensive (as different department in one company might need different types of software), while building an in-house team also require lengthy process.
But e27 Correspondent’s personal favourite is Nickel, which aims to facilitate easier international remittance for migrant workers in Singapore.
International remittance is often a complicated process as customers still need to take a long queue. Led by Liam Julien Lim, the startup creates a mobile app that enables migrant workers to transfer money as a result of partnership with 15 Indonesian banks as the startup noted that 85 per cent of their target audience have accounts in Indonesian banks such as BNI or BCA.
Other startups presenting are CardUp (who gives credit card points even in vendors that do not accept credit cards), Finmitra (predictive personal finance advisory and transaction platform), SSinoConcept (LendingClub for car financing), Stock2day (which uses gamification to educate new stock market traders), Tuple Technologies (which creates virtual big data assistant called MIA).
The fintech startup do not just come from Singapore. The companies also originated from Thailand, India, and even Ukraine.