CashTech : Singapore’s soCash raises $6 million for regional expansion
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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, cashMoney in physical form such as banknotes and coins. More 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 cashAlthough banknotes are delivered to the citizens free of charge and their use does not involve a specific fee, costs are generated during their manufacturing, storage and circulation process, which are covered by different social agents (central banks, commercial banks, retailers etc). More logisticsThe term originates from military language and refers to the movement and provisioning of troops at war. In today’s business vocabulary, it refers to the management in particular, the transportation, storage and distribution of finished goods. More. By directly connecting cash supply with demand, the soCash solution :
- reduces the requirement and costs associated with collections bycash-in-transit companies or staff taking time to visit the bank to deposit cash
- reduces banks’ reliance on ATMs to distribute cash to their customers
- increases convenient access to cash for consumers.
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 circulationThe value (or number of units) of the banknotes and coins in circulation within an economy. Cash in circulation is included in the M1 monetary aggregate and comprises only the banknotes and coins in circulation outside the Monetary Financial Institutions (MFI), as stated in the consolidated balance sheet of the MFIs, which means that the cash issued and held by the MFIs has been subtracted (“cash reserves”). Cash in circulation does not include the balance of the central bank’s own banknot... More 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 currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More 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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