Keeping track of your personal finances and managing your budget used to mean tedious hours spent writing down every expense and adding up the numbers. With new technologies from these Fintechs, you can now accomplish those same tasks right in the palm of your hand at any time of the day and anywhere with a mobile connection.
Consumers in Singapore have achieved significant progress in financial literacy, compared to their counterparts in the region. According to the 2016 MasterCard Index of Financial Literacy, Singapore secured the top spot in the index across Southeast Asia.
For cross-border transfer: InstaReM
A leading digital cross-border payments company, InstaReM allows consumers, Small and Medium Enterprises (SMEs) as well as financial institutions to make international money transfers at a low cost. Founded in Singapore in 2014, this company has licenses and offices in Singapore, Australia, Malaysia, Hong Kong, India, USA, Canada and EU.
InstaReM promises three key differentiating points:
- Provides zero-margin FX rates with mid-market rates sourced directly from Reuters with no margins imposed, charging only a nominal fee.
- Makes transfers easy by smoothening the registration and verification process.
- Rewards users through loyalty points that can be redeemed against transactions.
Instarems aims to further push the blurring of international borders to make transactions less cumbersome, which is a great step forward. Considering the global shift towards cross-border travels, this is a useful app to have.
For personal finance: Seedly
Seedly consolidates all your spending into a single, easily digestible platform to make the tracking of finances easier, giving you a more holistic and complete view of your spending habits. The expenses can also be broken down into various expense categories to better monitor your personal finance. To make the process more convenient, Seedly allows the user to sync and import transactions automatically from all the major banks, including DBS, POSB, OCBC, UOB, Standard Chartered, Citibank, American Express (AMEX) banks and credit cards. As a free app, it monetises through merchant tie-ups.
The company goes above and beyond to suggest means for users to get discounts from their existing routine spending. This one-stop expense overview has the potential to steer your spending habits in the right direction when coupled with self-discipline.
For alternative investments: Funding Societies
An online marketplace, Funding Societies connects SMEs with investors, allowing investors to earn returns of up to 14% per year with a minimum financial investment amount of only SGD20.
As of November 2018, the company has crowdfunded almost S$280 million worth of loan amounts for their borrowers, with an average default rate of only 1% and a loan fulfilment rate of 100%.
A Peer-to-Peer (P2P) financing platform licensed by the Monetary Authority of Singapore, this form of alternative investment is a great alternative asset class that will aid investors, budding or seasoned, in diversifying their portfolio.
As an investor, you can review your portfolio, change your auto-invest settings, crowdfund a loan, and even use the live chat feature — all in one app! It’s simple, convenient and efficient.
Funding Societies just launched a designed mobile application with a brand new interface. An anecdote about the new mobile application is that many of the new features were tested and suggested by our investors themselves, who gave feedback through our community forum.
Fintech is a trending buzzword and will continue to be so in this thriving digital age that continues to be reinvented day by day. Staying in the know by having the aforementioned finance apps readily accessible at your fingertips can prove to be helpful. Know where to spend and invest your hard earned money in, and research on a variety of investment ideas to stay relevant. Start managing and building your wealth today.
Looking for an investment platform that allows you to invest on the go? Join Funding Societies as an investor and start financing local businesses!
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