GBCI Ventures Backs Fintech Startup Fincy with $11 Million

Fincy, a Singapore-based fintech platform, has received a fresh $11 million in funding from parent company GBCI Ventures, a venture building firm.

The startup will utilize these funds in expanding its presence across Asia, thus accelerating both user base and infrastructure. The company plans to expand into Southeast Asia first and then penetrate other Asian markets.

In addition to that, it has sided $1 million for talent acquisition and is looking to make 50 “strategic” hires in areas ranging from technology to compliance.

Commenting on the funding, Douglas Gan, CEO of GBCI Ventures, said: “GBCI Ventures has invested US$11 million in Fincy because we believe that by leveraging a secure financial infrastructure built on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology and by offering round-the-clock customer support, Fincy can provide an affordable, contactless alternative to existing financial services, especially in a post-COVID-19 world.”

Fincy was established last year and is simplifying currency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term via its multi-currency wallet, at wholesale exchange rates and with transaction fees as low as 0 percent.

The mobile application also allows its customers to make contactless payments and also facilitates an in-app social network.

Taping the growing Asian markets

The startup has built its services using the Building Cities Beyond (BCB) blockchain protocol, the same technology used by Myanmar’s Yatai City, and is also offering financial infrastructure to Yatai.

Apart from Myanmar, the services of the startup's services are also available in Phnom Penh, the capital city of Cambodia. The startup is also fully regulated under the local Cambodian frameworks.

The fund injection from the parent company came when the startup is already finalizing an external finding round.

Meanwhile, this is the second funding support by GBCI Ventures to a startup co-founded by Gan. The venture fund also raised $100 million in 2018 to back startups working in advanced technologies.