Asian Fintech Fincy Adds Cryptocurrency Support

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Fincy, A Singapore-based fintech, that it has added cryptocurrency support on its platform for both distributors and merchants.
  • Vanessa Koh, CEO of Fincy, said that cryptocurrencies are a critical part of the future of contactless payments in Singapore.
  • Including Bitcoin and Ethereum, the platform has added multiple famous digital currencies, permitting transfers from cryptocurrency wallets at once to Fincy wallets.

Fincy, A Singapore-based fintech, announced on Tuesday, that it has added cryptocurrency support on its platform for both distributors and merchants. This action corresponds to the increasing demand for cryptocurrencies and the recent crypto market rally.

Vanessa Koh, CEO of Fincy, said that cryptocurrencies are a critical part of the future of contactless payments in Singapore. They are gaining popularity as an efficient and trusted payment channel along with complementing existing systems really well. Koh even added that by supporting crypto and tokens directly in the Fincy App, they are offering more approaches for clients and traders to transact.

Fincy Becoming a One-Stop Payment Platform

Including Bitcoin and Ethereum, the platform has added multiple famous digital currencies, permitting transfers from cryptocurrency wallets at once to Fincy wallets. The platform is even making its efforts to become a one-stop payment platform so that everything can be done within the Fincy. The customers of the platform can market the cryptocurrencies, convert to fiat, or even spend at supported merchants alongside the traditional transfers.

Blockchain Built Payments Platform

Fincy’s Services are built using the Building Cities Beyond (BCB) blockchain protocol, indicating that it is used to decentralized technology. Being established last year, Fincy aimed in simplifying currency exchange through its multi-currency wallet, at wholesale trade prices, and with transaction charges as low as possible. The app also lets its users make contactless payments and facilitates an in-app social network. The CEO claimed that the secure, immutable blockchain infrastructure supports thousands of low-value transactions per second and will ensure that merchants will not be charged excessively for its non-cash payments.

As of June 2020, the startup raised $11 million from its parent to expand its presence throughout Asia. Fincy is even making plans to introduce a token-based loyalty system that allows sellers to issue a custom token for its customers. With the implementation of the loyalty system, merchants will see even more benefits. Online merchants can grow their payment options hugely, at the same time offline merchants will be capable of reveling in contactless payments without having to worry about holding several currencies.

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