soCASH Receives Financial Sector Technology & Innovation (FSTI)by Fintech News Singapore November 15, 2016
soCASH, a growing Singapore-based fintech start-up that makes cash easily available anywhere and everywhere you want, today announced they have been granted the Financial Sector Technology & Innovation (FSTI) Scheme- Proof Of Concepts (POC) from the Monetary Authority of Singapore (MAS). The scheme provides funding support to Singapore-based Financial Institutions (FIs) as well as technology or solution providers working with them for early stage development of novel solutions to financial industry problems.
Commenting on the same, Hari Sivan, Co-Founder and CEO, soCASH said, “We are extremely honored to be granted this funding support from MAS. We believe it is a clear endorsement of our commitment to innovate cash logistics for the banking industry by creating smart digital solutions for customers who need adhoc cash.”
He further added, “As a fintech start-up, we see great value in a scheme like this by MAS. It is a clear indication of their long-term vision to create a vibrant and collaborative ecosystem that is constantly innovating at the leading edge of technology.”
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “We are confident that startups and Financial Institutions will benefit from the FSTI Proof-of-Concept grant, and come up with innovative solutions that will benefit consumers and the industry.
Recipients will also share their findings with the industry and help accelerate the development and dissemination of nascent innovative technologies.”