Tag Archives: Singapore fintech

NETS launches NETS Prepaid Card

Network for Electronics Transfers (NETS), Singapore’s leading payment services group recently announced the launch of its NETS Prepaid Card. This is their first “smart” stored-value card for retail and transit. Customers can use this card at over 120,000 acceptance points, making NETS Prepaid Card the stored value card with the largest number of acceptance points locally.

A wide acceptance together with the smart features enabled by NETS App, that makes the NETS Prepaid Card an ideal choice for families looking to better track and manage their household expenses. They also make a perfect gift card that can be tailored to consumers’ preferred value and design. Commuters can also link their NETS Prepaid Card to TransitLink SimplyGo app, this is an initiative to introduce contactless payments on trains and buses through the partnership with various payment schemes, to view their trip details.

Smart and secure contactless payment, with budget tracking capabilities for the family

Customers can link up to 10 cards to one NETS account through the NETS App, they can access features such as topping up on-the-go, locking and requesting refund for remaining stored value for misplaced cards, setting daily spending limits, and monitoring transactions made on each card.

Customers can also easily top up their NETS Prepaid card via the NETS App through various means, which include NETS bank cards. The user’s preferred payment card can also be stored on-file to speed up the process. Once a NETS Prepaid Card has been linked to a NETS account, customers can review the transaction history via NETS App and also configure auto top-up whenever the card balance dips below a certain amount.

Up to S$1,000 daily spending limits can be set for each card, which takes effect immediately and can be changed while on the move, making it an ideal stored value card to help family members and domestic helpers to pay digitally while ensuring that they stay within budget.

In an unfortunate event of the NETS Prepaid Card being misplaced, customers can lock the card with the simple tap of a button on the NETS App, this would help to minimise possible fraud or abuse of this card. Locking and unlocking the card takes effect immediately, there is also an option to permanently terminate the NETS Prepaid Card to refund the stored value.

Lawrence Chan, Group CEO of NETS said, “The NETS Prepaid Card is part of our continued effort to connect communities and empower lives. Families will be empowered to take control of daily expenses as they can provide their dependents and domestic helper with contactless payment options that can be easily tracked. Additionally, this card can be quickly disabled if it is lost. This card is most valuable as it can be used at all NETS acceptance points and mass transit.”

The perfect gift card for family and friends and for retail 

The NETS Prepaid Card is the perfect gift card for family and friends, and for retail shopping too. Customers can spend at any NETS accepting merchants for shopping or for public transport. Customers are also not limited to fixed denominations in their gift cards and they can top up auspicious numbers such as $88, up to a cap of $100 per top-up.

Whether you are buying a nice cup of coffee at a cafe, getting some additional groceries at the supermarket, or a shopping spree at a nearby mall, the universal acceptance of this card means that recipients of the NETS Prepaid gift card can spend it on their preferred options. From S$5, customers can also customise the card face of the their NETS Prepaid Cards at www.customcards.com.sg/nets-prepaid-card/

Hassle-free purchase, smooth public transport travel

Commuters with the NETS Prepaid Card can used it for public transport, allowing them to top up the card on-the-move instead of spending time queuing at physical top-up machines. The NETS Prepaid Card can also be topped up and managed via the NETS App, available on both Apple App Store and Google Play. Through the NETS App, customers can also set up automatic top-ups for the card to ensure that there are always sufficient funds for their daily commute.

Owning a NETS Prepaid Card is simple and easy, there is no minimum age or income requirement, there are no annual subscription fees, no credit checks for the purchase of the NETS Prepaid Card. Consumers can purchase the NETS Prepaid Card t 7-Eleven convenience stores, Buzz, Japan Home, Mustafa, Sir Handphone, TransitLink Ticket Offices at MRT stations and bus interchanges, NETS Customer Service Centre as well as Lazada and Shopee. The card will alos be sold at Sunshine Star and J.B.I Trading from December onwards.

* Information and picture courtesy of NETS and Gloo *

Meet Lucy – A New Digital Banking App for Women

Meet Lucy – A new digital banking app for women by Lucy Holdings Pte Ltd. This is a free mobile banking app for women, offering useful and flexible financial services targeted specifically towards women. The name is simply called LUCY, this app improves access to finance for women leading small businesses, running households as well as supporting families. Lucy’s theme – Grow. Thrive. Shine. With an aim to support aspirational women in being unstoppable.

LUCY – free mobile banking app for women

“We’ve launched LUCY with the aim of helping and empowering women to manage their finances in a seamless and holistic manner. Our app has been designed as an integrated solution with the customer at the centre of each interaction, keeping their experience simple and hassle-free. We hope women will benefit from having this centralised portal to spend and save so that they can focus on what matters.” Says CEO, Debbie Watkins. 

As I began to learn and understand more about LUCY, I had a better understanding on what they are doing. LUCY helps Entrepreneurs, Employers, Households, Domestic Helpers. This would really be useful and accessible for women of all levels. While LUCY is for Singapore residents at the moment, they are looking to expand into more countries soon, keep a lookout for them!

What is LUCY? What do they do? What is LUCY all about? In the paragraphs below, we would be able to understand more in-depth about LUCY, and how you can Pay-It-Forward and Pass-It-On, this new digital banking app for women by women.

What Is LUCY?

LUCY is a one-stop mobile banking solution providing easy to open, fee-free accounts powered by Mastercard. Users can set up separate banking accounts within one convenient app to manage finances and payments for personal, business, household, children and even domestic help expenditures.

They have additional option to create individual savings pockets, users can also oversee savings for different purposes and track their progress. All functions can also be automated to activate interest-free regular payments.

LUCY is devised to accept money via PayNow, MasterCard, Visa, bank transfers, as well as cash top-ups. This app is simple, fast and convenient to use for managing money on the move.

The most important point, LUCY is a safe and secure platform, regulated by the Monetary Authority of Singapore (MAS).

Zero Fees for Multiple Banking Accounts within One App

The roles and responsibilities of a women in the modern society/economy cannot be underestimated. They are excellent at multi-tasking, carrying huge roles and heavy responsibilities concurrently – from holding the fort at home as the manager of the household, in the business world as an employer, micro business owner or entrepreneur.

LUCY eliminates the need for them to oversee different bank accounts for household, business and personal spending. There is also no fee for opening accounts in the app, and no minimum balance required.

LUCY offers free and easy finance management for entrepreneurs, employers, households and domestic helpers.

LUCY – Zero Fees for Multiple Banking Accounts within One App

Financial Tracking for Savings and Payments

Women can now use LUCY as a single solution to enable financial tracking for savings and payments. When they are using the LUCY app, they can create as many accounts as required for different purposes, e.g. groceries, bills, wages payments etc etc. They can keep track all of these different accounts with ease.

Using the principle of money jars, each account can also contain savings which can be tagged to goals, linked to their financial management goals and helping them to achieve it.

LUCY – Financial Tracking for Savings and Payments

Free Mastercard Debit Card for Each Account

For each account within LUCY, they also comes with a physical prepaid MasterCard enabling in-store shopping, thus facilitating online purchases or even taking public transport.

Foreign domestic workers can also use their physical prepaid MasterCard linked to their LUCY account for online purchases from a shop in their home country and have the item sent to any address there.

LUCY – Free Mastercard Debit Card for Each Account

Interest-Free Advance Salary Transfers

For domestic workers here in Singapore, this would be very helpful and useful for them. They can set up their personal LUCY accounts easily accessible through their mobile phones to request for wages earned up to the day or even an advance on their wages for a flat fee of S$1.

Any advance payments transferred by employers do not incur any interest fees and automated salary payments can be activated effortlessly.

They can access their account to perform remittances (available to Indonesia and Philippines currently) with a low fee and at the best exchange rates, including sending cash to agents. This would avoid precious hours queuing at a remittance agent or bank.

LUCY – Interest-Free Advance Salary Transfers

Pay It Forward

For every payment transaction made using the prepaid MasterCard on LUCY, it qualifies for a Pay-It-Forward reward scheme whereby users can accumulate points that can be exchanged for tangible rewards that benefit less fortunate women in Singapore.

One example would be users could sponsor a training course on entrepreneurship skills or provide a food package for someone living in a shelter. Users can pick and choose the reward the resonates most with them personally.

What’s Next For LUCY?

Next on the cards for LUCY is creating and connecting like-minded entrepreneurial communities, whereby users will get exclusive access to a network of micro entrepreneurs and all led by female trailblazers.

From talented tattoo artists to a female cobbler specialising in repairs of bespoke footwear or a seamstress weaving magic on fabrics, women can become part of LUCY’s network and open up doorways to opportunities for flourishing small enterprises.

LUCY invites all female micro entrepreneurs to be part of this directory for free. This directory will be launched in the third half of the year.

For more information on LUCY

For more information or to download the LUCY app, please visit https://welucy.com/. The app is available on the Google Play Store and Apple Store.

Connect with LUCY on their social media platforms

* Information and pictures courtesy of Lucy Holdings *

Seedly Personal Finance Festival 2022 – 23rd to 24th April

Seedly, Singapore’s biggest personal finance community, is set to host Seedly Personal Finance Festival 2022 – 23rd to 24th April. This personal finance festival aims to empower individuals with the right knowledge and skills in the personal financial management segment, allowing them to embark on their own personal finance journey. The event will include open-dialogue sessions and conversations around personal finance, aiming to provide a financial blueprint for individuals looking for a stronger foothold in this post-pandemic age of investing.

Mr Alvin Tan, Minister of State for Trade & Industry and Culture, Community and Youth, will be gracing the event with a keynote speech to officially kickstart the event, along with international experts and industry key financial institutions participating at Seedly Personal Finance Festival 2022 – 23rd to 24th April.

The opening keynote speech will be on”Building our Economy, Seizing Opportunities” – The long-term economic outlook, how Singapore remains competitive, and how Singaporeans can better prepare themselves. The sessions will be split into different areas, providing attendees with advice on personal finance and insurance planning, investing in property. For those who are interested in the world of cryptocurrency, they are going deeper into this field during this Personal Finance Festival 2022.

Industry leaders including Hou Wey Fook, Chief Investment Officer (CIO) of DBS, Eric Anziani, Chief Operating Officer (COO) of Crypto.com as well the Co-founders of The Woke Salaryman, Goh Wei Choon and He Ruiming would providing their insights for attendees to coast along the new financial year 2022.

Key sharing sessions includes:

  • Managing Your Investments in Turbulent Times
  • Insurance: Bridging the Protection Gap in Singapore
  • The Importance of Financial Planning & Maximising Your CPF
  • Achieving Financial Independence (FI) Early
  • Everything You Need to Know About Property Investing in Singapore
  • Spotting Opportunities in the Crypto Space (Powered By Chain Debrief)

Kenneth Lou, Co-Founder and Chief Executive Officer (CEO) of Seedly, shared, “We are excited to be hosting the third edition of the Seedly Personal Finance Festival in Singapore. Here at Seedly, we understand the importance of making well-informed choices, especially when it comes with finance. With the current financial climate where there are myriad investment opportunities to leverage, we find it crucial for everyone to know what suits them and their lifestyle best. We hope to drive purposeful conversations and healthy discussions on the future of personal finance for everyone onboard”.

Seedly Personal Finance Festival 2022 will bring together an interesting mix of traditional banking, lifestyle, insurance, investments and even cryptocurrency players. They will offer a varied mix of financial solutions, products for the audience to learn and explore. Event attendees have the opportunity to win attractive prizes during the festival too, in addition to attending, learning and exploring, from the informative discussions that event aims to highlight.

Through Seedly’s Personal Finance Festival 2022, the team aims to continually help every Singaporean to make smarter financial decisions in their daily lives. With this intention, the brand is working to push for relevant and actionable tips for the masses that can be picked up by a new generation of investors and traders beyond the duration of the event, via its community platform — totaling over 200,000 registered users on the platform and over 1.1M monthly visitors.

In 2020, Hyphen Group joined forces with Seedly, helping over 10 million users each month, becoming a prominent digital personal finance brand in Greater Southeast Asia.

For more information and details of Seedly Personal Finance Festival 2022 – 23rd to 24th April, please visit https://personal-finance-festival.seedly.sg/

* Information and picture courtesy of Seedly and DIFY *

Fireblocks Raises $550 Million In Series E Funding

Fireblocks, the direct custody platform that supports over 800 major institutions, and powers digital asset and crypto products for today’s largest custodians, fintech, crypto exchanges, lending desks, super apps and asset management firms, has raised $550 Million In Series E Funding.

The funding round, co-led by D1 Capital Partners and Spark Capital with participation from General Atlantic, Index Ventures, Mammoth, CapitalG (Alphabet’s independent growth fund), Altimeter, Iconiq Strategic Partners, Canapi Ventures, and Parafi Growth Fund represents a watershed moment for Fireblocks, bringing the company’s valuation to over $8 billion.

Adding to the support of existing investors such as Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, DRW Venture Capital, Tenaya Capital and SCB10x, Fireblocks has become the highest valued digital asset infrastructure provider to date. With $2 trillion in digital assets transferred, the Fireblocks’ platform now supports more than 20 blockchains and 1,000 cryptocurrencies, and is powering digital asset use cases across trading, gaming, NFTs, digital securities, and payments that will allow more businesses, web 2.0 leaders and enterprises, including all financial institutions, to participate in the digital asset economy.

In recent months and years, buzzwords such as Cryptocurrencies, NFT, Web 3.0, digital assets, not only have they got more mainstream, they would soon be part of how we run a business and how we transform a business in the coming years. From institutions to end consumers, the buzzwords would soon become a more common language and way of running a business, working and living in the years to come.

Cryptocurrencies is already disrupting the financial sector, they have reached the point of no-return, and over the next decade every business will become a web 3 business. According to a recent Gartner report, one-fifth of major organizations will utilize digital currencies by 2024, indicating that the adoption of crypto by large corporations will accelerate in 2022 and beyond. In the last year alone, consumers and companies alike have become increasingly interested in innovative payment alternatives, such as Airbnb, Microsoft and AT&T. In fact, Visa’s new survey revealed that 25% of small businesses in nine countries plan to accept crypto payments in 2022.

In 2021, Fireblocks grew at an exponential pace from 150 to over 800 customers around the world, with institutions in the Asia Pacific and Europe, the Middle East and Africa regions leading the way. The Fireblocks Network, which connects members to the crypto capital markets ecosystem and enables instant settlements, is used by customers such as Bank of New York Mellon, Revolut, Galaxy Digital, Crypto.com, BlockFi, Deribit, eToro, CoinShares, SwissBorg, 3AC, B2C2 and more. To date, Fireblocks customers have amassed $45 billion assets under custody on the platform. Additionally, with the launch of Aave Arc, Fireblocks has become the first to enable decentralized finance for institutional players.

“The adoption of cryptocurrencies across the financial and commercial sectors is going to accelerate in 2022, and Fireblocks’ mission is to be a strategic partner for these new market entrants,” said Fireblocks CEO, Michael Shaulov. “We are thrilled to be joined by the top growth investors. The new round of financing will accelerate our ability to support our clients globally, as well as heavily invest in innovation for DeFi, NFTs and payments, and allow new and established financial institutions to employ direct custody rather than relying on third parties, which will increase their competitive advantage.”

Fireblocks is the pioneer of MPC technology for digital assets, they have established a secure multi-layer infrastructure that is the heart of its platform. Along with these advancements, every business now has the capacity to accept digital assets and cryptocurrencies securely and conveniently, paving the way for all enterprises to become crypto businesses.

“Fireblocks has become a key driver of crypto market growth around the world, with an estimated 15% of daily crypto transaction volume secured through their infrastructure,” said Dan Sundheim, founder of D1, a New York based investment firm. “This new injection of capital will further enable Fireblocks to onboard the next wave of businesses into the digital asset ecosystem.”

The digital asset market in year 2022 is going to continue expanding and growing, Fireblocks is determined to have an exceptional year, as they intend to continue its strategic expansion, broadening all alliances, adding to their client base and stakeholders, and tailoring their commitment to extending their ecosystem.

As more consumers are requesting brands to support crypto, Fireblocks is creating opportunities for institutions that want to further acclimate their portfolios into the ecosystem.

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure.

Fireblocks serves over 800 financial institutions, has secured the transfer of over $2 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit.

For more information, please visit www.fireblocks.com.

* Information courtesy of Fireblocks and WE Communications *

PSB Academy and ACCESS launched Diploma in Blockchain with Skilltree

PSB Academy, one of Singapore’s leading private education institutions, will be offering a “Diploma in Blockchain” programme for students, that was started from the month of July 2021 onwards. This course is jointly-developed by PSB Academy, ACCESS, a non-profit association for the cryptocurrency and blockchain industry in Singapore, and Skilltree, a sustainable educational ecosystem for teachers, experts, and students. This is the world’s first academic programme to be supported by the Ethereum Foundation., a non-profit organisation dedicated to supporting Ethereum and related technologies. Upon completion of the one-year course, students will be awarded a Diploma in Blockchain. This course equips individuals with extensive blockchain knowledge and the skills needed to purse professional endeavours within the industry.

“As blockchain technology continues to dominate the financial domain, giving birth to cryptocurrencies, decentralised systems and non-fungible tokens (NFTs), it is important that our students are given the opportunity to equip themselves with the skills, tools and knowledge in the subject. PSB Academy continues to ensure that our curriculum and offering remains relevant for our students, so that they are truly future-ready. We are honoured to have ACCESS and Skilltree on board as co-developers of this course and we hope that their vast experience, expertise and knowledge in the field would translate to an enriching education for our students,” said Mr Derrick Chang, CEO of PSB Academy.

I would like to know more about this course – Diploma in Blockchain

The course is designed to introduce students to decentralised technologies and give a technical understanding of how blockchain operates. With this knowledge, students will then be able to apply it in real-time scenarios. The diploma course will begin with an introduction to programming, followed by an overview of blockchain technology, and conclude with students gaining exposure to coding language, tools and frameworks used in building a decentralised application. Their usage of the Ethereum software and technology will allow them to earn an onchain certificate of completion from the Ethereum Foundation.

Objectives for Diploma in Blockchain course

Upon completion of the course, students will be able to fulfil these objectives:

  • Have a comprehensive understanding of decentralised systems, their functions and the effects it has on an organisation and industries as a whole
  • Appreciate the differences between centralised and decentralised solutions
  • Be able to identify how to meaningfully integrate blockchain technology into business
  • Have an in-depth understanding of the history and latest developments in blockchain
  • Be able to appraise existing blockchain solutions, identifying existing challenges and propose new solutions
  • Gain understanding of the Solidity smart contract programming language
  • Have a basic understanding of code exploits, attack vectors and methods to tackle them
  • Be able to develop and code real-world blockchain solutions on the Ethereum blockchain
  • Have knowledge on Blockchain Interoperability and its implications

PSB Academy, in conjunction with the Skilltree team, will be involved in the development of curriculum on the Skilltree platform, which the educators from PSB Academy will then deliver to students. ACCESS will be responsible for providing industry expertise, case studies, and career opportunities for students who have enrolled in the course. Students will also be receiving an NFT certificate from the Ethereum Foundation to verify that they have completed the course, a first of its kind from the Ethereum Foundation.

“Singapore’s position as one of the largest financial hubs and technology leaders in Asia allows it to be one of the key markets in the utilisation of blockchain technology, and the development of talents in the industry. This partnership with PSB Academy is a key milestone in Singapore’s education landscape, proving that blockchain technology will be a mainstay in Singapore’s data journey. PSB Academy is also well-positioned to host this course given its vision to nurture future talents with global orientation, and ACCESS shares the same belief,” added Anson Zeall, Chairman of ACCESS.

* Information courtesy of PSB Academy and WE Communications *

Singtel Dash launched insurance savings plan

The world is currently going a prolonged period of economic uncertainty brought about by the Covid-19 global pandemic, along with low bank interest rates here in Singapore, consumers have started to look around and explore more options to start their savings journey, customers now have a new option with Dash EasyEarn. Singtel Dash recently launched this insurance savings plan, offered exclusively through Singtel’s Dash app and underwritten by Etiqa Insurance.

What is Dash EasyEarn?

Dash EasyEarn savings insurance adds financial services to the existing Dash mobile app that currently provides payments, mobile data top-ups, e-commerce, lifestyle and remittance services. Which group of customers are suitable for Dash EasyEarn insurance savings plan? This plan is designed for investors who want to start saving regularly for their future yet they are also concerned about their cash flow, especially during these challenging times.

Customers can start off with their Dash EasyEarn savings insurance plan with a minimum initial premium of S$2,000, up to a maximum of S$20,000. Other benefits include up to 2% per annum returns (Refer to Note 1 below) for the first policy year, no lock-in period and unlimited withdrawals with zero penalties.

Mr Gilbert Chuah, Head of Mobile Financial Services, Singtel’s International Group says, “Dash EasyEarn represents the next steps for Dash as it grows to become a more inclusive everyday app that will play a bigger part in enabling our customers’ digital lifestyles. With Dash EasyEarn, customers can start growing their savings with greater convenience with a fully digital insurance product accessible on their mobile phones. We will continue to use technology to glean deeper business insights, better understand the needs and habits of consumers and bring them the products and services that they want.”

“Dash EasyEarn was co-created by Singtel and Etiqa to meet the financial needs of digital savvy consumers, who increasingly seek simple and convenient solutions through all-in-one mobile apps. We are honoured and appreciate the opportunity to work with Singtel to close the distance between people, their money, and services. This strategic partnership epitomises Etiqa’s commitment to pursue financial inclusion through innovation and constantly deliver added value to our customers,” said Mr Dennis Liu, Head of Digital and Business Transformation and Technology of Etiqa Insurance Pte. Ltd.

Since Dash EasyEarn is an insurance savings plan, they offers up to 105% of the account value in the event of death. This plan also offers security capital guarantee and allows users to withdraw their funds any time in case of emergencies, without penalties or any interest clawback.

How do I go about signing up for Dash EasyEarn?

Purchasing and managing Dash EasyEarn can be done easily through the Dash app. For interested and eligible customers in Singapore (Refer to Note 2 below) who wish to sign up, they only need to verify their personal details before topping up using their bank account to get started.

Users can also perform top-ups (Refer to Note 3 below) at their convenience and opt to withdraw funds directly into their bank account or Dash wallet. Dash EasyEarn is open to eligible residents in Singapore and is available only through the Dash app.

If you are keen to find out more information on Dash EasyEarn, please visit www.dash.com.sg

Notes:

(1) Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year for a limited time only.

(2) All applications are subjected to the acceptance by Etiqa Insurance Pte. Ltd.

(3) Minimum top up of S$500 for each top up. Minimum policy amount of S$2,000 must be maintained to earn interest. A charge of S$0.70 per withdrawal to user bank accounts applies, but is free of charge to withdraw to Singtel’s Dash.

* Information and picture courtesy of Singtel *

Touche – World’s 1st Biometric Loyalty & Payment Solution

Imagine one day in the very near future, you are out dining with your friends, having a great time at the restaurant, awesome food, drinks and company. At the end of dinner gathering, you called for the bill.

The staff at the restaurant asked “Would you like to pay for the bill just by the touche of your fingers?”. You replied, “Yes, sure!” The staff brings out a small tablet device, showing you the total bill to confirm that it is verified and correct before you place your fingers to process the payment. The next moment, you received an email informing you of your confirmed bill payment at the restaurant.

Is this possible? Yes, it is now possible, a fintech product made in Singapore, making her debut and official appearance recently and I had the opportunity to view it for the first time and had a short hands on experience on the process and payment, from a customer perspective.

Let me introduce Touche, the world’s full fledged biometric loyalty and payment solution platform –

“ … Touché is proud to present the world’s first biometric loyalty and payment platform, which is activated by just your fingers. In Singapore, within a span of three months, 150 restaurants, 15 local hotels and 5 private social clubs have shown interest in implementing this solution. The homegrown company aims to foray into Japan, with a market size in excess of US$200 million.

“Touché is a world first. It is not a better mousetrap, but a brand-new idea,” says Sahba Saint-Claire, CEO of Touché. “At its core, it aims to make people’s lives easier by removing the need to carry things such as credit cards, loyalty and membership cards, vouchers, coupons, etc. while ensuring they get all the benefits to which they are entitled. You register on Touché once at anywhere that offers the service and you can use it globally.” … “ 

(Via Press Release information)

I would like to share some of my personal views from both sides, an end user/customer and a business perspective

For end user/customer

This Touche biometric loyalty and payment platform is probably going towards a boom and rise in convenient, fast cashless and card-less payment system in the near future. With the proposed integration of loyalty rewards program in the near future, the customer payment and rewards experience would be enhanced in this area in the future (in my personal humble opinion).

Security and privacy are definitely concerns by the end users/customers when using the Touche platform. I had these questions at the back of my mind too when I attended their presentation. From their presentation, I am satisfied and glad to hear from them on the aspects of security and privacy procedures in place for the Touche platform.

For a business entity

I worked in the retail and hospitality industries previously, therefore, I had the experiences of the payment system commonly used, the machines for the electronic funds payment e.g. NETS, VISA, MasterCard, Diners, AMEX, JCB. I understood and knew about the costs involved in those machines.

While I do not have the costs and numbers from the business operation side of the Touche system, my personal view is that adopting the Touche platform device is definitely a worthy consideration, not just in terms of cost savings, there would be time savings (e.g. from the service staff printing out the bill, brining it to you, take your credit card, process the payment and back to you for your signature) and administrative time (change the roll of paper, change the ink cartridge)

The integration of this fintech with the entity’s own loyalty/reward system might be a good stepping stone for growing customer relationship management system, rewards and loyalty points system.

If you are in the hotel, hospitality, food and beverage industries, take a look at the Touche platform, have a chat with them.

The following information below were provided via the press release information, that explained my thoughts on Touche –

Efficient Loyalty and Payment through A Simple Device, Made in Singapore

Made in Singapore, the hardware of Touché is an elegant rectangular device that is certified and capable of multiple payment options including a magnetic stripe reader, chip reader, and 2.2-inch (diagonal measurement) biometric sensor with the highest resolution in the market to detect two fingers for efficient payments. Most customers will choose to pay with just two fingers after a simple registration, but they may also choose to pay with their physical credit cards. The device works over a Wi-Fi or 3G connection.

Convenience is key

You will no longer need to carry anything around when shopping — this includes your cards, phones, vouchers or wallets! Look forward to fast transactions, as there is no need to look for your payment or loyalty cards, count dollar notes or wait for paper receipts and signatures to be processed. Imagine checking your bill on the device, placing your fingers on the Touché device and you’re out of the restaurant in just a few minutes. You will then receive an email detailing your experience. No more paper!

Security is at the core of Touché

The company’s brainchild scans any two of your fingers to extract around 40 to 45 specific points of each fingerprint. It does not store images of your fingerprints. The information is encrypted on a cloud system. It is virtually impossible to create a replica of your fingerprints with this information. The anti-spoofing and live detection technology at Touché also ensures that the fingerprints are real. Credit card information is tokenised, and the card details are not stored in the database. No information is stored on the device, and it communicates with the server using the highest encryption levels to protect our users’ privacy.

With one simple registration, users can use the system globally

The first time you visit a merchant, you can pay with your credit card and use Touché’s solution to link the card to your fingers. You then update your particulars online, and even add your profile picture! For subsequent visits to any merchant that uses Touché, there is no need for further registration, and you can even choose between multiple credit cards in your Touché wallet to make payment.

Smart shopping and increased savings with Touché

The Touché wallet offers you more than just payment methods. Wherever you go, your favourite offers, loyalty programmes, vouchers, coupons and memberships follow. Access to your shopping or dining experiences and expenditure history is readily available via the Touché journal. Touché ensures that your entitlements are applied automatically at every interaction. You will also be notified of the loyalty benefits or credit card promotional offers at one glance, making it easier for you to choose your preferred payment method for greater savings.

Supercharging businesses with a gentle touch

For businesses, this platform is time saving and efficient. It adapts to existing technology and process environments, so integration is a cinch. It can be utilised to create long-term relationships with their customers. They can tailor loyalty programmes and create unique offers for different customers. Businesses can also curate data about their customers, and the insights can be used to create moments that wow at every turn.

(Press Release Information)

Personally, in my personal humble opinion, I believe this Touche platform has a huge growth and expansion potential in the whole world. If the opportunity arises in the future, I hope that I can write and share more on both sides of the story, customer/end user and business.

I would like to thank Touche and Brand Cellar for the invitation to Touche launch event in Singapore.

* Photos and information courtesy of Touche and Brand Cellar *