- May 12, 2016
- Posted by: DBS Accelerator+
- Category: Accelerator Alumni, FinTech
It’s only been six months since Demo Day 2015, and we’re already seeing incredible things from our previous cohort. Here’s a quick look at a few of the DBS Accelerator alumni – DollarSmart, Monexo, and Currenxie – who have been making waves in the press and in Hong Kong.
Last month, DollarSmart, the currency exchange disruptor, officially launched in Hong Kong as HKDSmart. HKDSmart’s currency rates undercut most traditional players in the market, providing lower costs and commission fees than banks and exchanges. The key to their platform is the peer-to-peer exchange, as users are essentially buying currency from one another within the HKDSmart system. DollarSmart has already captured 10% of the remittance flow between Australia and Thailand, and one can only imagine the possibility in Hong Kong, where there is a $712 million remittance flow out and $372 million flow in. For perspective, DollarSmart Global already moves about $3.5 million each month.
Read the full story on Forbes.
The FinTech50 – Monexo & Currenxie
In the inaugural FinTech50’s selection for Hong Kong & Asia, not one but two of the DBS alumni were selected in FinTech50’s picks for HK Top 20! Both Monexo and Currenxie were listed amongst their FinTech peers in Hong Kong, and were two of the three P2P platforms selected.
The potential for FinTech in Asia is unmatched, as Forbes points out, thanks to the rising consumer class, a huge unbanked population, and high mobile penetration. Especially in large markets such as Indonesia, China and India. Both Monexo and Currenxie target niche markets in FinTech, respectively, a peer-to-peer lending for SMEs and tailored, transparent FX services for businesses.
In terms of P2P, Asia has lagged behind western markets, leading to an offspring of numerous platforms only beginning in the past two years. As the China market opens up further and becomes increasingly regulated, Monexo predicts a slimming of platforms and a trend towards more affordable credit and transparency.
The FX market, on the other hand, has been dominated traditionally by banks who are not transparent with the costs and fees associated with each transaction. In this handy blogpost, Currenxie helps you breakdown and calculate potential savings that could be made by going with a platform such as itself. For SMEs with smaller transactions, bank rates tend to be worse and even higher.
The 2016 DBS Accelerator is accepting applications until June 5th. Apply to join the 2016 cohort here.