soCash’s platform is live and banks are integrating our platform. The public launch in Singapore is planned in July 2017. There will be over 700 merchant “cash points” in Singapore with a goal to reach 5,000 by year end. We are expanding our footprint to Indonesia, Malaysia, and India.
How do I find out more?
If you’re a bank, contact us for a demonstration. If you’re a merchant, we can put you in touch with our sales team. If you’re a consumer, ask your bank why they don’t have soCash withdrawal/deposit option today!
Who is funding the venture?
soCash raised $1.4 million SGD in seed funding by private investors. In addition, soCash is the first fintech start-up backed by MAS under its Financial Sector Technology & Innovation Scheme with a grant of SGD 200,000.
Who pays for the service?
Banks pay a fixed fee for each transaction. Banks can choose to charge the customers too.
How does it work?
User states the amount of cash he wants on the app, which starts scanning for available merchants in the vicinity. Once a merchant accepts the request, a map pops up on the app to guide him to the merchant. The user and the merchant have to use their phones to carry out an authentication test before the money can change hands. Once the user receives the cash, the bank will transfer the money from the user’s account to the merchant’s. Our software (API’s layer) sits inside the bank’s mobile app.
What problem do you solve?
Cash is king and it’s not going anywhere. The cost of circulating cash is estimated to be $300B per annum, yet cash management is perhaps the only area in banking where technology has made no progress in last 40 years. In fact, use of cash has grown globally over the past 5 years according to Crane Currency (9% in Singapore, 8% in US, 6% in Australia, 13% in Indonesia, etc…). Moreover, 85% of global consumer transactions rely on cash. With the added fact that the ATM is actually very expensive and inefficient, soCash solves a real problem for banks to manage cash circulation.