A Wallet For Everyone - SGPay
SGPay taps into the US$12 billion e-payments industry in South-East Asia. Manage your virtual currencies like Bitcoin, make e-payments via your credit cards and shop online- all in a single platform.
EXECUTIVE SUMMARY
Our SGPay Token is built on the Ethereum blockchain in accordance with the ERC-20 standard. The SGPay Token (or SGP in short) is built as a utility token to be used on our primary platform SGPay. It will be adopted by our technology partners and affiliated merchants.
We chose to build SGP on the Ethereum blockchain because it brings advantages such as decentralization, security, transparency and lower transaction costs. It is also the preferred blockchain network of many large corporations such as Microsoft and UBS who are part of the Enterprise Ethereum Alliance.
Our primary platform SGPay is a 3rd generation e-wallet and e-payment mobile application that allows users to buy and sell cryptocurrencies, or make purchases using both cryptocurrencies and fiat currencies. Our objective is to make SGPay the leading e-wallet and e-payments mobile application for everyone living in Singapore and the region. Customers will be able to pay for their groceries, purchase movie tickets, book flights and more with SGPay. They will also be able to select their preferred mode of payment, either in fiat currency or cryptocurrency at selected merchants.
Singapore makes a good launch pad for the development and execution of the functionalities of SGPay. Many payment providers have ignored Singapore as a potential market due to its relatively small market size. However, they fail to recognize Singapore's capacity to quickly adopt innovative technology due to its highly educated workforce as well as tech savvy population. Singapore is also a leading financial center in Asia with one of the highest GDP per capita in the world. The Singapore government has recently advocated a national push towards e-payments which will increase the chances of investments and acquisitions in this sector.
After establishing our presence in Singapore, we will transition to nearby overseas markets such as Malaysia and Indonesia. Indonesia is the 4th most populous country in the world and the South East Asia region is poised to see tremendous growth. E-commerce and e-payments are also growing at an increasing rate in the region, posing a great opportunity for FinTech firms.
To encourage further adoption of SGPay, we will also be creating additional business platforms to support the use of our token. These include SGReward that will tie in with our SGPay platform to offer monetized reward points as well as SGFund that will help to financially support the expansion of small and medium enterprises (SMEs).
PUSH TOWARDS E-PAYMENTS IN SINGAPORE
Singapore has the “right ingredients” to be a Smart Nation, but it lags behind other cities in certain areas such as electronic payments, said Prime Minister Lee Hsien Loong.
The above statement highlights the country’s unified push towards e-payments which opens up more opportunities for new payment platforms to flourish.
Payment systems which integrate new technologies and trends such as cryptocurrencies have a much larger chance of offering a unique proposition versus the current market incumbents.
QR Code Payments are also being shown the limelight. A newly formed payments council, set up to look into ways to advance e-payments in Singapore, has created a task force specifically to develop a common QR code for Singapore (SGQR) that could be used for e-payments Island wide The task force aims to introduce a standardised QR Code that can be used by any payments application such that confusion can be avoided among consumers.
The Monetary Authority of Singapore (MAS) has advocated fiercely for a true ‘cashless society’ though the above measures.
READY MARKET – A PERFECT LAUNCHPAD
The chart above highlights the trend of mobile payments in Singapore – which already holds a substantial lead over other regional markets. Though small in size, Singapore’s population has shown a much higher readiness to embrace new trends in both mobile and electronic payments compared to neighbouring countries such as Malaysia, Philippines, Thailand and Vietnam. This is due to the mature technology field here as well as the fact that every Singaporean owns 3.3 handheld devices including mobile phones
The market has a ready audience but has not found a true integrated payments platform that leverages on trends that have found a more mature foothold worldwide. These include payments by QR Code highlighted above, in addition to integrated services straight on the platform. This trend is highlighted by the dual success of AliPay in China and PayTM in India.
These platforms have become giants in their own right which offers much more than just basic payments functionality. AliPay for example, offers insurance, payment of utilities bills, purchase of movie tickets, and its own shopping mall all in the same application. It is through this viewpoint that can be said that the current payments infrastructure and ambition of current local players are severely lacking.
CRYPTOCURRENCIES IN SINGAPORE
Singapore has rapidly emerged as a preferred hub for cryptocurrencies. Its fintech-friendly status, government grants and accommodative stand towards Initial Coin Offerings (ICO) has made it a favourite for fintech firms coming into Singapore. MAS is also taking an accommodative approach under which current compliance and securities laws apply while considering specialised regulations for future implementation.
The cryptocurrency community in Singapore is also quite active and this leads to an emerging market for providers of services related to blockchain technologies. However, the market is not mature yet and many providers are also concentrating on overseas markets (similar to that for e-payments).
There exists an opportunity to normalize, dominate and create a unique selling proposition (USP) for our project to succeed based on the current environment.
A CONFLUENCE OF FACTORS
Our drive to build a ‘3rd generation’ wallet is highlighted by the 3 factors above:
CURRENT COMPETITORS
NETSPay – The incumbent leader in the payments field is slowly embracing the culture of cashless integrated payments. Their strength is in their wide point of sales (POS) legacy system that currently number over 37,000 merchant outlets. Their application also allows users to get special offers from merchants. See above for a chart on how big mobile payments are in Singapore.
DBS PayLah – A bank payments application by the Development Bank of Singapore (DBS) that allows users to perform fund transfers via mobile phone number. They application also allows users to perform and request funds transfers, pay bills and donate money. However, similar to NETSPay it lacks a wider integration of services that will make it much more useful to consumers.
CoinHako – The most popular local cryptocurrency wallet that allows users to transfer fiat funds in for the purchase of Bitcoin and Ethereum. However, the wallet suffers from high prices relative to the rest of the market, multiple downtimes as well as a lack of a mobile application.
We aim to put SGPay in everyone’s hands and this plays well from a consumer to merchant angle. As all merchants are consumers in a way but not all consumers are merchants, we believe it is important to foster customer integration much more than merchant integration.
Moreover, merchant integration can be fostered more easily once we have a large user base. The current focus of payment solution providers of providing Point-Of-Sale (POS) systems to merchants is creating a very saturated market that provides consumers a confusing array of competing solutions at the payment point.
We believe that the future of merchant integration lies in the same application that consumers will be using their wallet platform on. Such integration would also mean QR Codes will have an important role to play.
Blockchain Capital Pte. Ltd. and its partners will pursue a primarily mobile strategy in order to develop assets that can cater well to the needs of the market.
SGPAY TOKENS
TOKEN OVERVIEWThe SGPay Token is an ERC20 compatible token on the Ethereum blockchain. It is promoted and used on SGPay, associated business platforms and partner merchant outlets. Token holders enjoy various incentives such as lower transaction fees when buying or selling cryptocurrencies on the SGPay platform.
LAUNCH SUMMARY
For institutional and/or large contributors – please contact us directly at [email protected]
TOKEN PROPERTIES
TOKEN AND TGE SAFEGUARDS
Budget
To date, a six figure sum has been spent on developmental & operational costs. Proceeds from the token event will be used to expand our operational capabilities over the next 5 years.
BASED ON FULL ALLOCATION
FULL ACCOUNTABILITY
TARGET PROCEEDS
US$4,800,000 (S$6,420,000)
DEVELOPMENTAL COSTS
US$2,000,000 (S$2,675,000) to upgrade and enhance SGPay security & feature set.
MARKETING COSTS
US$1,400,000 (S$1,872,500) for marketing and promoting SGPay to the general public.
OPERATIONAL COSTS
US$1,400,000 (S$1,872,500) for licenses, salaries, rental and other miscellaneous costs.
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