Singapore continues to take the lead in Asia, with its innovation and evolution in the e-payments space being on full display in 2017. One group that has moved to shore up its role in a relatively untapped e-payment market in Singapore is SGPay, which has taken advantage of a growing demand for these services.
Finance Magnates spoke with Deng Guangyuan, SGPay’s Founder, who touched on developments at the company, its trajectory in the payments realm, and a look at the group’s platform.
Why did you choose to build SGPay tokens on the Ethereum blockchain and what sort of advantages does this provide?
We chose to build on the Ethereum blockchain largely as it is a mature platform to work upon. Its inherent attributes of being transparent, secure and with no central point of failure makes it a great blockchain to build upon. Other projects may have slightly more advantageous features but they do not have the same length of track record compared to Ethereum.
Can you tell me about the SGPay platform – what sorts of functions does it perform and how is it beneficial for users?
The SGPay platform is quite an exciting project we are working on. At its simplest, it’s a cryptocurrency wallet with e-payments functionality as well as integrated verticals built inside it. There are existing payment projects that promise to deliver on the first two utilities but they are not ambitious enough.
So with our project, you can imagine that there is a real ‘bridge’ between both the cryptocurrencies and fiat worlds. It brings cryptocurrencies out from its exotic roots and into the general payments space where it can be embraced by the general public.
What makes Singapore unique as a hub for payments technology? Can you touch on the impetus behind launching there?
Singapore has been building quite a big reputation for being a financial hub. We have both mature financial companies and new start-ups flocking here to take advantage of our competitive tax system and collaborative startup culture.
What makes it unique is that most financial solutions being developed in Singapore are not for the city-state itself. That’s where we differ. We aim to use Singapore as a launch pad for further expansion into the region.
How does the regulatory approach of Monetary Authority of Singapore (MAS) dictate technology innovation in the blockchain space in Singapore?
Fortunately, MAS has been taking quite an open-minded stance to the blockchain space in Singapore. They have initiated progress on it through their Project Ubin, as well as creating safe zones for startups to experiment on their technological solutions in the financial space.
This encourages startups like us to push the boundaries on how best to integrate and further the role of blockchain in traditional verticals such as the e-payments space.
Who is the target audience for SGPay?
We aim to get cryptocurrency users on board our platform for the first phase. Our platform will offer them unrivalled convenience, speed and utility compared to existing solutions. In the second phase we aim to get the general public on board through our e-payment functionality.
This will open up our platform exponentially. In our third phase we will solidify our unique selling proposition through integrated verticals such as car rental, bike rental, insurance services and others.
Can you outline your goals for your next generation wallet?
Execution and partnerships will be important to the success of our project. We aim to build up our platform into a competent and streamlined one before we sign more partnerships for our project.
People want something that is simple to use, secure, and yet rewarding at the same time. Building it up is more of a challenge than what most people would think but we are taking it a step at a time.
I believe our end goal would be to become people’s preferred choice of platform for transacting cryptocurrency and making e-payments, as well as using the services that are offered on board.
What are some problems associated with the growth of cryptos in Singapore and Asia and are there solutions to this?
Cryptocurrency has really taken off in Singapore and primarily Asia as well. This is fueled in part by the high financial literacy rates in the region and in part by the high Internet literacy rate as well.
However, there are a few factors holding it back. Firstly, buying cryptocurrency itself is a tedious process. There is a need to sign up for a wallet account and purchase the currency itself. Furthermore, the platform cannot be used for other purposes. What we bring to the table is a localized and extensive solution that the general public will be at ease to use.
Note: The SGPay Token Generation Event will be starting on February 1st, 2018 and will last for 2 weeks. Just 2 million tokens at US$0.40 each will be up for sale. For more information you can visit the website over at www.sgpay.org
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