We want to set up our business in Singapore due to three reasons:-
1. Singapore has very good business relations with India (our home country) and is a well recognized business hub in Asia. It’s fintech ecosystem is one of the most vibrant in the world. The entrepreneurial approach that the country has adopted towards economic growth is very appealing to us and aligns perfectly with our ideology. Due to this, it most natural for us to establish our business in Singapore.
2. Airlines and tourism are two of the major markets that we’ll be targeting. Both of these industries are very well represented in Singapore. We’re particularly interested in the country’s Airline Industry and with a move to Singapore we hope to get necessary introductions to able to make a connection.
3. The nature of our business is collaborative. We’re targeting high volume international agencies that connect the world and lose a lot of money in FX:- Airline alliances like oneworld, telcos, marketplaces like airbnb and niche payment platforms etc.
Our target industries are global, interconnected and undeserved from the perspective of banking. We want to build banking services that’ll help them directly. We believe that we can have far greater impact by building solutions that encourage collaboration. For example what if we provided means for an airline to allow its passengers to book rooms directly with airbnb?
Or say provided a means for an ecommerce marketplace to distribute funds to its service providers using an easy to use api that can be integrated easily with their existing payment platforms?
Singapore is a country that represents collaboration in Asia. We want to work on this ideology and build our business on the theme of collaboration.
Our plans in Singapore
The plan is to establish our Asia business hub in Singapore. We want to partner with a progressive bank here to build our banking services. If we are successful we will bring many international customers to our banking partner and with the expertise gained by serving these industries we can in turn help them build even more additional sources of income.
The banks around the world have been very indifferent towards the international market. Much has been done to expand locally but when the business grows out of the local region the banking services offered no longer matter and the businesses have to deal with partnering with other banks or rely on pseudo third party banking platforms like paypal/stripe to satisfy their needs. This is an expensive process.
An Airbnb homeowner for example loses money every time he accepts payments via paypal.
The services offered by these platforms are better implemented on a core banking level. And we will be doing just that with our partner bank.
Our USP that plugs into the Fintech of the Financial Industry
Our banking services will be built on top of infrastructure that is available with any international bank today. We believe that there is no need to experiment with unproven technologies like blockchain to built fast payment platforms. The tools that are available are more than sufficient to satisfy the needs of the world economy.
All we need in a bank is :-
– Multicurrency account
– A capability for client monies management
Generally when you look at banks most of them function as local branches of multinational financial institutions. By that I mean most of their clients are local. We’ll be changing that by bringing new customers to them, increasing their reach in the international market. Bank provides us the infrastructure and we build the technology on top of it that can be used by our customers.
- On January 26, 2020