“If I can send you a photo through WhatsApp, why can’t I share money with you too?”
This opportunity to simplify the payment process was what prompted the founders of Fastacash, a Singapore-based fintech company to throw their hat into the mobile transaction space.
Incorporated in 2012, the company set out to merge the capability of completing payment transactions with everyday social activities that the everyday man and woman perform on their mobile devices.
Today, the payments company provides a global social payments platform that allows users to transfer value (money, airtime, other tokens of values, etc) along with digital content (photos, videos, audio, messages, etc.) through social networks and messaging platforms.
While many online or mobile payment start-ups look to bypass traditional banking and financial institutions by providing alternative payment systems, Fastacash chooses to take the middle ground by collaborating with these institutions to provide a transaction platform with their own branding.
For instance, Fastacash has collaborated with DBS bank to enable social payment capabilities via DBS Paylah!
The company has developed a patent pending link generation technology that enables the value transfer with a secure link.
Fastacash is currently active in Singapore, India, Indonesia, Russia and Vietnam, providing payment services to six partners across those markets. The plan now is to pursue partners in new territories.At the recent Fintech Awards organised by the Singapore Fintech Festival, Fastacash was awarded first place with a cash prize of S$250,000 by the Monetary Authority of Singapore (MAS).
The Fintech Awards comprise the MAS Fintech Awards and the Association of Banks in Singapore (ABS Global Fintech Award), which awarded 10 Fintech companies a total of S$1.15 million.
The awards recognise innovative Fintech solutions that have been implemented by Fintech start-ups, financial institutions and technology companies.
At the ceremony, Deputy Prime Minister and Chairman of MAS, Tharman Shanmugaratnam, and ABS Chairman, Wee Ee Cheong, presented the awards to 10 winning fintech companies. It saw more than 1,000 attendees.