FinGo Ventures has today announced a partnership with account aggregation specialists eWise, ahead of the launch of the mobile payments and bank account aggregation app, FinGo.
The app will enable Singaporeans to make payments and view multiple bank accounts on a single screen to manage their spending.
FinGo will be available on iOS and Android, serving Asia's time-challenged millennials. Singaporean founders Justin Teo and Jacob Lim, both 28, noticed Gen Y users had between two to three bank accounts each, and that multiple bank accounts could not always be viewed on a single portal in a timely fashion.
“With busy lives, multiple accounts and bills, nobody wants to waste time loading and transferring money between different bank accounts” said co-founder Justin Teo. “We seek to enable people like us to manage their money in one place, and with eWise we have the best partner to securely collate different sources of financial data,” he added.
FinGo’s account aggregation technology is powered by eWise, international supplier of money management solutions to leading financial services providers. eWise aggregates and encrypts an individual’s financial data using their patented Personal Data Vault which is stored on the user’s chosen device, for example a smartphone or desktop.
David Hamilton, CEO of eWise, said: “We are proud to be supplying our account aggregation technology to FinGo, helping Singaporeans securely manage their money on the move. Our patented eWise Aegis platform enables financial data aggregation to be private, secure and portable. It never discloses logins or passwords to FinGo, eWise or any third-parties. This combination of expediency and security is vital, particularly for Singapore’s upwardly mobile professional classes.”
Following FinGo's launch in Singapore, FinGo will be targeted at other millennial markets such as in Hong Kong. FinGo’s Jacob Lim explains: “For millennials, using a myriad of online platforms to manage payments and savings is tiresome. By presenting all the consumer's financial data simply, on a single interface and enabling payments to take place on the same platform, we’re catering for people on the go.”
FinGo Ventures benefits from the Monetary Authority of Singapore taking steps to enable FinTech to flourish in the region. Steps include the regulatory sandbox proposed for financial technology, enabling more flexibility in their development while maintaining security and privacy.