The founders of soCash, Singapore-based startup named one of the most promising fintech companies in the world, decided to re-boost the cash cycle and turned small businesses of the area into cash-withdrawal points.
In 2016, Hari Sivan and Rekha Hari developed soCash to eliminate queues at ATMs and to make cash withdrawals easy, convenient and accessible for the public. Customers can even collect special rewards every time they make a withdrawal. Collaborating with a number of Singaporean banks, soCash has lowered their ATM maintenance costs, which cost over $80 million in 2015. Financial institutions recognize the innovative platform and see it as an opportunity to lower costs while providing clients with alternative ways to access their cash.
Over a 1,000 local retailers were turned into cash points, including supermarkets, cafes, 7-Eleven outlets and even mom-and-pop shops. Being part of the soCash network allows them to earn additional revenue at no extra cost, make less trips to the bank for cash deposits and increase traffic to their shop. Ultimately soCash is a win-win solution for all stakeholders: customers, banks and retailers.
The company believes the future of cash is bright. Currently, soCash is operating in Southeast Asia, and planning its further expansion in Germany and Japan. The founders see the potential to further evolve with the development of peer-to-peer cash exchange.