5 interesting fintech startups from Singapore

(Illustration by Tech in Asia’s Andre Gunawan)

The banking and financial services sector is steeped in tradition and proud of practices it has followed for decades. Highly resistant and stubborn to change, the industry is nonetheless undergoing a quiet revolution as disruptive web businesses chip away at its market. Banks and other financial institutions are simply too gargantuan to just be replaced by startups, but it’s clear there is need for more innovation. And this isn’t a highlight of the internet age alone – in 1994 Bill Gates famously said that “banking is essential, banks are not.”

While it’s still too early to say whether the financial services sector will undergo a holistic, systemic shift, the fact of the matter is that there’s more VC money flowing into fintech startups than ever before. In 2014, global investment into this industry tripled to US$12.25 billion. Consumers demand convenience and flexibility; established financial players aren’t nimble enough to provide them. Which is why there’s more buzz around fintech than ever before – it remains one of the last bastions ripe with opportunity.

Photo credit: Pixabay

Fintech startups in Asia collectively raised US$797 million last year, making the continent the second-highest funded region after the US. Singapore remains one of the hubs for fintech activity – business-friendly regulations mean founders eye the city-state as a base from which to expand to the rest of Asia.

In no particular order, here are 5 exciting fintech startups from Singapore:

1. Call Levels

Call Levels is a mobile monitoring tool aimed at those who want real-time updates on fluctuations in commodity and asset prices. The startup targets all those interested in investing in financial markets, so it doesn’t matter whether you’re an experienced trader or a noob when it comes to finance, like myself.

Through its app, users can keep track of things like forex, futures, stocks, and even Bitcoin. Just last month it raised a pre-series A round of US$500,000 led by 500 Startups.

2. Tradehero

Tradehero has been referred to by Tech in Asia as one of the best startups in Singapore. Tradehero’s app allows users to trade virtual money, betting on real-world stock exchange and commodity data. It’s basically a game, but the unique premise is for inexperienced investors to learn the tricks of the trade without undertaking risks.

The startup monetizes by allowing users to follow other, more experienced ones. Every time a user makes a particular trade, all their followers are notified via an in-app notification. And this model works well, because in financial trading, nothing is more valuable than information and experience.

Khailee Ng (left) and Dinesh Bhatia (right), CEO of Tradehero

3. Numoni

Numoni wants to provide financial services for the 2.4 billion people across the world who survive on less than US$2 per day. Referring to that segment as “underbanked,” the startup’s flagship product is an ATM-esque machine called Nugen.

4. M-DAQ

5. Quoine Exchange