Singaporean startup Fincy adds cryptocurrency support

Singaporean startup Fincy adds cryptocurrency support

By Benson Toti - min read

The fintech startup, Fincy, now provides cryptocurrency support to its customers

Singapore-based fintech company, Fincy, has launched cryptocurrency support for retailers and merchants on its database. The company made the decision to implement this new feature after it witnessed a rise in traffic around cryptocurrency trading.

Fincy markets itself as a one-stop-shop for all its user’s financial needs. The app can be used to chat with fellow users, manage payments, make transfers and get in touch with cryptocurrency exchanges.

The app gives digital wallets to its users, which can now support a variety of high-profile cryptocurrencies, such as Bitcoin and Ethereum. Customers can now use their wallets to spend at supported merchants, transfer money or conduct trades.

Vanessa Koh, the Chief Executive Officer (CEO) of Fincy, has affirmed that cryptocurrencies have become integral to contactless payments.

“Cryptocurrencies are an important part of the future of contactless payments in Singapore. They complement existing systems really well and are gaining popularity as an efficient and trusted payment medium,” Koh said.

Fincy was set up in 2019 to help simplify currency exchanges at wholesale rates. The app enables merchants to offer a wide variety of payment options while still receiving their payouts in Singapore Dollars with the help of BCB blockchain, the technology surrounding Fincy. The BCB blockchain allows for immediate conversion between crypto and fiat currencies without users having to pay exorbitant fees.

“Our secure, immutable blockchain infrastructure supports thousands of low-cost transactions per second, meaning merchants will no longer have to pay the high fees normally associated with non-cash payments.” Koh explained.

Online merchants also have the option to connect Fincy directly to their existing applications and enable Fincy as a payment option.

In the future, Fincy is planning on implementing a token-based loyalty system, where merchants can issue tokens of their own directly to Fincy users. The users, in turn, can earn discounts and other rewards when they use these tokens. These features allow merchants to better track the success of their marketing campaigns as well as customer loyalty over time.

It also encourages cross-promotions between other Fincy merchants.

The Chairman of Fincy, Douglas Gan, stated that Singapore has a good business landscape for fintech businesses.

“Singapore provides the ideal environment for fintech startups because of its progressive approach to regulation and tech-savvy population. We are excited about the future of Fincy in our home market.” Gan said.