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CashTech : Singapore’s soCash raises $6 million for regional expansion

Categories : Cash is available to all users, Innovation contributes to the efficiency of cash
July 25, 2019
Published in : Access to cash, Asia, ATM, CashTech, Commercial bank, Innovation, Retailers
SoCash, a Singaporean startup that turns shops into virtual bank branches, via a mobile app, has raised $6 million in funding, led by cash automation company Glory, with the participation of venture capital funds.
Guillaume Lepecq

In 2017, soCash had been named amongst the 50 most promising Fintechs in the world. SoCash works with the banking industry, by converting shops into a scalable digital, cash distribution network to allow users to access cash, via a mobile app ; it  contributes to improve the circulation of cash and reducee the cost of cash logistics. By directly connecting cash supply with demand,  the soCash solution :

The company’s  technology plugs directly into bank back-ends via an API.  Partner banks include Singapore’s top banks, Standard Chartered, ICBC, POSB and DBS and the cash distribution network exceeds  1, 300 locations.

According to the Bank for International Settlements, Singapore is ranked among the countries with the highest level of cash in circulation in relation to GDP – at 9.8% in 2017. More surprisingly, the cash in circulation/GDP ratio has increased steadily over the past decade as has the value of card payments in relation to GDP

The $6 million funding round was led by Glory, in association with venture capital funds. GLORY has announced that its investment in soCash is in line with its “Long-term Vision 2028” aiming to create a new approach to currency distribution.

The start-up will expand its distribution network in Indonesia, Malaysia and Hong Kong. It has obtained the relevant regulatory clearances in the three markets.

 

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