Fincy, the money app providing affordable alternatives to existing financial services, has now enabled support for approved cryptocurrencies.
This is in addition to Fincy’s fiat offerings, including a multi-currency account, currency exchange, and instant transfers.
The launch comes at a time when crypto usage is reaching new heights. At the time of writing, bitcoin has cracked US$10,000 — a historically significant milestone— and more than US$4 billion has already been locked into decentralized finance protocols, such as Compound and Aave. In addition, the Monetary Authority of Singapore (MAS) has allowed crypto companies to flourish under its twelve-month exemption period.
“Cryptocurrencies are an important part of the future of contactless payments in Singapore. They complement existing systems really well and are gaining popularity as an efficient and trusted payment medium,” said Fincy CEO Vanessa Koh. “By supporting crypto and tokens directly in the Fincy app, we are giving our Singapore users and merchants even more ways to transact.”
Users can send a variety of popular cryptocurrencies, such as bitcoin and ether, from their existing crypto wallets directly to their Fincy wallet. Once inside Fincy, the crypto can be sent to other users, traded on the exchange, converted to fiat currency, or spent at participating merchants.
Merchants have the benefit of offering a large number of payment options while still receiving payouts in Singapore dollars. This is thanks to BCB blockchain, the technology underpinning Fincy, which enables instantaneous conversion between crypto and fiat without the high fees.
“Our secure, immutable blockchain infrastructure supports thousands of low-cost transactions per second, meaning merchants will no longer have to pay the high fees normally associated with non-cash payments,” added Ms. Koh.
Online merchants can connect Fincy directly to their existing applications. An e-commerce shop or SaaS provider, for example, can make Fincy a payment option. This means seamless acceptance of the world’s major fiat and crypto currencies through a single payment provider.
“We see merchants as the biggest beneficiaries of our contactless crypto payment technology,” said Ms. Koh. “Online merchants can vastly increase the number of payment options, while offline merchants will be able to enjoy contactless payments without having to worry about holding multiple currencies. And with the implementation of our loyalty system, merchants will see even more benefits.”
Moving forward, Fincy plans to implement a token-based loyalty system in which merchants can issue their own custom tokens directly to Fincy users. Discounts and other rewards can be earned when users use these tokens. The use of tokens allows merchants to seamlessly track campaign success and customer loyalty over time, as well as cross-promote with other Fincy merchants.
“Singapore provides the ideal environment for fintech startups because of its progressive approach to regulation and tech-savvy population,” said Fincy Chairman Douglas Gan. “We are excited about the future of Fincy in our home market.”