Startup Fincy Now Offers Cryptocurrency Support for Its Customers
Singapore-based company Fincy has launched cryptocurrency support for the retailers and merchants in its database. The company implemented this feature after noticing increased user interest and traffic around cryptocurrency trading.
Fincy positions itself as a single platform for users’ financial needs. The app enables chat between users, payment management, transfers, and connections with cryptocurrency exchanges.
The application provides digital wallets for users, which now support a range of well-known cryptocurrencies such as Bitcoin and Ethereum. Customers can use their wallets to spend crypto with accepting merchants, transfer funds, or engage in trading.
Vanessa Koh, Fincy’s CEO, said cryptocurrencies are becoming an integral part of contactless payments in the country.
“Cryptocurrencies are an important element in the future of contactless payments in Singapore. They complement existing systems well and are gaining popularity as an efficient and reliable payment method,” Koh said.
Fincy was founded in 2019 to streamline wholesale currency exchange. The app enables merchants to offer a wide variety of payment options while receiving payments in Singapore dollars through the BCB blockchain technology that underpins Fincy. The BCB blockchain enables immediate conversion between cryptocurrencies and fiat currencies without imposing excessive fees on users.
“Our secure, immutable blockchain infrastructure supports thousands of low-cost transactions per second, which means merchants no longer need to shoulder the high fees usually associated with non-cash payments,” Koh explained.
Online merchants can also integrate Fincy directly into their existing applications and enable Fincy as a payment option.
Looking ahead, Fincy plans to introduce a token-based loyalty system that allows merchants to issue their own tokens directly to Fincy users. Customers could then redeem tokens for discounts and other rewards when they use them. These features will help merchants better track the success of marketing campaigns and customer loyalty over time.
The system will also encourage cross-promotions among merchants within the Fincy network.
Fincy chairman Douglas Gan said Singapore offers a favorable business environment for fintech companies.
“Singapore provides the ideal environment for fintech startups because of its progressive regulatory approach and tech-savvy population. We are excited about Fincy’s future in our home market,” Gan said.
Translated by Carolane de Palmas