The Singapore FinTech Festival (SFF) 2024 has smoothly come to a wrap after running for three days from 6 November to 8 November.
Although the event may be named Singapore FinTech Festival, it’s really a global gathering of over 10,000 organisations comprising of central banks and regulators, government bodies, investors and fintechs from countries such as the US, UK, China and South Korea.
With Malaysia’s fintech market expected to grow by more than 7% from 2024 to 2028, some Malaysian organisations may travel across the border to take advantage of the global scale of the event and network with pother players to advance the local fintech scene.
Here are five Malaysian enterprises that exhibited at the Singapore FinTech Festival 2024.
#1 CapBay
CapBay is a supply chain finance provider and peer-to-peer (P2P) financing platform that aims to connect underserved SMEs to liquidity providers for their financing needs. Using its proprietary credit-decisioning model, CapBay allows businesses to access financing while banks and investors can participate in quality financing deals.
Having spoken to co-founder and CEO of CapBay Ang Xing Xian, he said that he was at the event to “find strategic partnerships after venturing overseas in regional countries such as Singapore, Thailand and China in 2023”.
Ang added that CapBay was promoting supply chain financing solutions and cross-border trading financing products to underserved SMEs. Additionally, the company is looking for strategic partnerships with financial institutions, who are looking for efficient financing software solutions which CapBay provides through its Enterprise FinTech Solutions (EFS).
#2 Finex & Co
Another Malaysian-based company at the Singapore FinTech Festival 2024 is Finex & Co, which provides smart will writing services to insurance agents and financial advisors through its app, simplifying the process.
Finex & Co founder Jay Fu shared that he used to work as a financial advisor and found it challenging to draft a will for his clients as he would need the expertise of lawyers and legal firms. “With this app, will drafting can be done with a few clicks and our app is vetted by legal firms,” Fu explained.
With plans of setting up in Singapore, Fu was looking for strategic partners in the Singapore market and other Asean countries as well at Singapore FinTech Festival. “I find the exhibition here well-organised and is a great platform for networking and meeting fellow founders for idea sharing sessions,” he added. Fu’s company uses AI technology to develop its proprietary system powering the will writing app and plans to embed the system into other digital platforms as well.
#3 Innov8tif Solutions
Innov8tif Solutions leverage on AI technology to provide eKYC and ID assurance solutions to its clients which include some of the largest banks in the country such as UOB and RHB.
The company has an international presence in 10 countries, with an established subsidiary in Singapore and joint venture in Indonesia since 2018.
According to Innov8tif Solutions Director Laurence Liong, this is the fourth year his fintech had become an exhibitor at the Singapore FinTech Festival. “This event serves as a platform for us to connect with organisations from around the region and beyond as it’s a global event and increases eyeballs on our brand,” Liong added.
“As we provide eKYC solutions, they may not be applicable to certain companies in Singapore that rely on Singpass for identity verification. But we work with some of the companies based in Singapore for regional collaborations in countries like Malaysia, Taiwan and China,” explained Liong.
#4 Memo Agility
Assisting insurance companies with their digital transformations, Memo Agility provides one-stop IT solutions such as automation of routine tasks such as data entry and claims processing and post project data analysis so companies can utilise data more effectively.
This year, Memo Agility collaborated with California-based automation software provider Tungsten Automation for the exhibition at the Singapore FinTech Festival.
Memo Agility provides a suite of services, leveraging the technologies of Robotic Process Automation (RPA), Business Process Management (BPM) and AI to help insurance companies experience increased accuracy in underwriting, fortify fraud detection, and elevate customer service through intelligent automation.
#5 PolicyStreet
PolicyStreet offers insurtech solutions, whereby they work with partners across industries to bring about customised insurance solutions for underserved segments.
PolicyStreet is also a winner of the SFF FinTech Excellence Awards in the financial inclusitivity segment. PolicyStreet Group CEO Lee Yen Ming observed that the Singapore FinTech Festival provided him with the opportunity to network with leaders from various industries.
“We focus on embedded insurance solutions, incorporating tailored insurance products into industries that are often underserved such as gig workers,” added Lee.
All FoodPanda and Shopee Food delivery riders are insured under PolicyStreet’s gig worker’s insurance whereby they do not need to sign up and are automatically protected when they’re on the job.
Read Also: Guide To Government Grants For Malaysian Businesses To Expand Overseas
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