Singapore Fintech Fincy Receives $11 Million Funding from GBCI Ventures, a Personal Fairness Agency

Singapore-based GBCI Ventures, a enterprise capital and personal fairness agency, has made a strategic $11 million funding in Fintech startup Fincy.

The corporate can also be within the strategy of finalizing exterior funding.

The Fincy workforce describes their platform as a multi-purpose resolution offering digital and cross-border P2P cash exchanges and funds.

Fincy Singapore’s CEO, Vanessa Koh leads the platform’s expertise developments and oversees the agency’s enterprise operations in Singapore.

Fincy’s administration stated that the capital will likely be used to develop the agency’s operations throughout Asia. The  Fintech firm is planning to onboard extra customers and additional develop its infrastructure.

Fincy has put aside $1 million for hiring extra expert professionals, which features a plan to recruit 50 specialists that may help with expertise upgrades and guaranteeing compliance.

Douglas Gan, CEO at GBCI Ventures, said:

“GBCI Ventures has invested $11 million in Fincy as a result of we consider that by leveraging a safe monetary infrastructure constructed on the blockchain expertise and by providing round the clock buyer assist, Fincy can present an reasonably priced, contactless various to current monetary companies, particularly in a post-COVID-19 world.”

Based in 2019, Fincy goals to simplify forex alternate by its multi-currency digital pockets. The corporate provides wholesale alternate charges and doesn’t cost transaction charges on most transactions.

Fincy’s cellular app lets customers conduct contactless funds and likewise helps an in-app social community.

The Fintech agency has developed its platform through the use of the Constructing Cities Past (BCB) blockchain protocol, which is notably the identical expertise stack utilized by Myanmar’s Yatai Metropolis.

Fincy additionally provides its companies in Cambodia’s capital metropolis, Phnom Penh. The corporate is regulated by the related legal guidelines and authorities within the nation.