Singapore Startup News and Events – November 2016

Here is the monthly round-up of recent startup-related news and upcoming events in Singapore for November 2016.

The Monetary Authority of Singapore (MAS) and the government of Andhra Pradesh (a State in India) have signed a FinTech cooperation agreement with the main aim to “promote innovation in financial services in their respective markets.” The MAS and the Andhra government have further agreed to share their views and discuss all regulatory issues of the financial services industry, emerging trends and innovations. The Chief FinTech Officer of the MAS, Sopnendu Mohanty stated that “This agreement will pave way for greater FinTech collaboration between Singapore and Andhra Pradesh. We are looking to create a marketplace in India for FinTech solutions developed in Singapore.” The agreement makes incorporating in Singapore an attractive option for India focused FinTech companies.

Igloohome, a Singapore-based startup has launched a Smart Keybox, a lock box that allows a person to store either six keys or seven key cards. This lock box is used for storing keys of a person’s home, service apartments, hostels, etc. A homeowner hosting guests can simply download an app which then generates a PIN that can be sent to unlock the Smart Keybox. Besides the app, the Keybox unlocks via bluetooth through one’s smartphone when the user is within its range even when the user has no internet connectivity. Walter Wang, the co-founder of Igloohome stated that “ The Keybox can be used by real estate agents to let different clients into properties for viewing, by staff on shift in the office, or even by homeowners to store their keys as a back-up. There is huge potential for the Keybox.” The Smart Keybox will be available from 2017 and can be preordered at a price of $165.

Aimazing, a startup based in Singapore will let you make mobile payments using sound with their new technology. This technology will replace the current near field communication (NFC) technology that one uses for mobile payments. Yar Hong Chiong, the co-founder of Aimazing stated that “using sound, anyone with a smartphone can have access to mobile wallets.” The mobile payment with the use of microphone and speakers initiates the payment through a data -encrypted sound code which is sent from the user’s device to the merchant’s device. The current NFC technology limits the payment through wallets since it requires a chip for the payment from the user’s smartphone. Aimazing aims to remove these limitations from the digital wallet based payments.

IBM recently announced its collaboration with FreshTurf, a Singapore startup. IBM and FreshTurf will work together in IBM’s Bluemix Garage Network in Singapore and will develop a logistics app using blockchain and cloud technology and create a network of lockers from the time a product is shipped, to the parcel’s delivery in Singapore. IBM stated that “This locker ledger network is designed to help improve the “last mile” of delivery services for consumers and businesses or the final leg of a package’s journey to a customer’s home.” FreshTurf will utilise IBM’s blockchain services for the tracking of goods through the shipment process.

FinGo Ventures, a startup based in Singapore announced its partnership with eWise to launch a Millenial Money Manager App, FinGo. FinGo, a mobile payments and bank account aggregation app will help people in Singapore make payments and will display all the bank accounts of the user on a single screen. This will help the user manage finances and spending at one place. The app will be available for iOS and Android users. After launching in Singapore, the company will target other markets such as Hong Kong.

Classifieds marketplace company in Singapore, Carousell recently acquired Singapore-based Caarly, an online platform for buying and selling used cars. Carousell’s main aim to acquire Caarly is to become one of the leading classifieds marketplace in the world. Siu Rui Quek, the co-founder of Carousell stated that the company and its users have grown over the last 4.5 years. More than 50 percent of the users in Singapore are over 25 years old and having more purchasing power the demand in higher verticals like cars has grown.

Singapore based Artificial Intelligence (AI) and data analytics company Nugit, recently secured funding of $5.2 million from Sequoia India. Founded in 2013 by Australia-based David Sanderson, the company will use AI and natural language generation to create “decision-ready” reports. The company will use the funds to increase its staff and to grow its client base.

Eywa Pharma Pte Ltd, a global generic pharmaceutical company based in Singapore secured funding of $30 million from investors that include Eight Roads Ventures India, Fidelity International Ltd, F-Prime Capital Partners amongst others. Eywa Pharma, incorporated in 2015, engages in research and development, manufacture and sale of “generic finished dosage formulations.” The company has a presence with subsidiaries in the US, UK and India.

Singapore-based ERC, recently announced the launch of BIGFund, a startup ideation lab that will help startups with scalable ideas expand into regional markets that include Singapore, Vietnam and Thailand. The programme will run over a period of 6 months. The ideation lab will support the startups by extending funds up to an amount of S$50,000. In a press statement, the founder of BIG Works, Yen Ong stated that “Many of our students and alumni look forward to starting businesses of their own upon graduation. However, not many of them have the opportunities to sustain past the ideation phases due to limitations such as cash flow, networks and the essential resources that are required for them to enter the regional market.” He added that BigFund will serve as a launchpad for the students and alumni giving them a headstart for their business. Applications for the programme are open until January 3, 2017.

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