SwapIt

remittancesconsumer

FOUNDING YEAR: 2016
LOCATION: Malaysia
Last Update: 01/05/2020

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About

SwapIt is a peer-to-peer mobile platform that allows users to exchange currencies instantly at mid-market rates and make payments through a multi-currency e-wallet.

MEDICI Analysis

SwapIt is a mobile app that allows users to exchange currencies instantly at mid-market rates.

Focus

PRODUCTS & SERVICES

SwapIt is a mobile-app that allows you to exchange currencies instantly at 'mid-market rates'. It provides the ability to exchange between two currencies - Malaysian Ringgit (MYR) and Singapore Dollar (SGD). Swapit features include top-up, swap and withdraw and send.

REVENUE MODEL

SwapIt earns revenue by collecting a minimal transaction fee from users on the amount of currencies that they exchange. SwapIt will also collect a fee from merchants whenever users make payments via the app.

PRIMARY PROBLEM SOLVED

SwapIt provides a mobile-app for users to exchange currencies between MYR and SGD instantly. SwapIt’s target market consists of more than 600,000 of Malaysian Expats who are currently working in Singapore. These people need to frequently exchange currencies, especially those who are living in Johor (Malaysia) and traveling to Singapore for work on a daily basis. A typical journey for these people to exchange currencies are: 1. Withdraw SGD from ATMs in Singapore; 2. Commute to money-changing outlets; 3. Queue up to exchange currencies (SGD to MYR); 4. Carry physical currencies exchanged – MYR while returning back to Malaysia; 5. Finally, deposit the cash into their bank accounts at ATMs or handover the cash to their families. The 5 steps above are very inconvenient, time-consuming (commuting, queuing up etc.), costly and may also be risky (carrying huge amount of physical currencies from Singapore back to Malaysia). The above steps can be simplified and improved with a single point of contact by using SwapIt’s mobile-app to exchange currencies instantly and directly banking it into their bank accounts. SwapIt also offers more ‘value’ to its users by providing users competitive ‘market rates’ to exchange currencies. This is achieved with its digital peer-to-peer platform, that matches users with the opposite currencies, thereby reducing operational / transactional cost. Eventually, SwapIt will reduce the overall cost of remittance and pass on these savings to end users.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$0 - $99k

ACTIVE USERS:

66

ACTIVE USERS COMMENT:

SwapIt started testing its mobile-app among users in August 2017 but has already gotten over 400 downloads and more than 60 active users. All transactions performed by users currently restricted to friends and families only. Public users will be able to perform transactions through the app once regulatory approval has been obtained (est. by end-2017).

People

BOARD MEMBERS AND ADVISORS

Jin Yoong Chong

Boon Siang Koay

NUMBER OF EMPLOYEES

1-10

COMMENT:

We're a strong team of finance professionals,IT developers with years of experience in the remittance/mobile-money industry.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$500 K

USES OF FUNDS RAISED:

1. Administrative Expenses (35%)

2. Marketing and Advertising (10%)

3. Capital Reserve (49%) - to pre-fund transactions

4. Legal/Professional (8%)

MONTHS LEFT WITH CURRENT CASH BURN RATE:

9 months from 27 Sep, 2017

COMPETITORS:

TransferWise

SingX

Instarem

Revolut

Innovation Programs

BASICS

FOUNDING YEAR:

2016

LOCATION:

Malaysia

Views:

91 VISITORS | 172 VIEWS

About

SwapIt is a peer-to-peer mobile platform that allows users to exchange currencies instantly at mid-market rates and make payments through a multi-currency e-wallet.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

SwapIt is a mobile app that allows users to exchange currencies instantly at mid-market rates.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

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SwapIt

About

SwapIt is a peer-to-peer mobile platform that allows users to exchange currencies instantly at mid-market rates and make payments through a multi-currency e-wallet.

Focus

PRODUCTS & SERVICES

SwapIt is a mobile-app for users to exchange currencies instantly and also perform payments in multiple currencies (by using the currencies that have been converted through the app, thereby skipping the overseas bank charges). Function 1 (Top-Up): allow users to top-up their e-wallet balance. Function 2 (Swap): allow users to instantly exchange currencies at mid-market rates. Function 3 (Withdraw): allow users to withdraw currencies to their bank accounts. Function 4 (Send): allow users to make peer-to-peer money transfers from one SwapIt user’s account to another SwapIt user’s account. Function 5 (Pay): allow users to perform payments at SwapIt merchant outlets.

REVENUE MODEL

SwapIt earns revenue by collecting a minimal transaction fee from users on the amount of currencies that they exchange. SwapIt will also collect a fee from merchants whenever users make payments via the app.

TOP PROBLEM SOLVED

SwapIt provides a mobile-app for users to exchange currencies between MYR and SGD instantly. SwapIt’s target market consists of more than 600,000 of Malaysian Expats who are currently working in Singapore. These people need to frequently exchange currencies, especially those who are living in Johor (Malaysia) and traveling to Singapore for work on a daily basis. A typical journey for these people to exchange currencies are: 1. Withdraw SGD from ATMs in Singapore; 2. Commute to money-changing outlets; 3. Queue up to exchange currencies (SGD to MYR); 4. Carry physical currencies exchanged – MYR while returning back to Malaysia; 5. Finally, deposit the cash into their bank accounts at ATMs or handover the cash to their families. The 5 steps above are very inconvenient, time-consuming (commuting, queuing up etc.), costly and may also be risky (carrying huge amount of physical currencies from Singapore back to Malaysia). The above steps can be simplified and improved with a single point of contact by using SwapIt’s mobile-app to exchange currencies instantly and directly banking it into their bank accounts. SwapIt also offers more ‘value’ to its users by providing users competitive ‘market rates’ to exchange currencies. This is achieved with its digital peer-to-peer platform, that matches users with the opposite currencies, thereby reducing operational / transactional cost. Eventually, SwapIt will reduce the overall cost of remittance and pass on these savings to end users.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

The first phase of SwapIt’s mobile-app launched features that focuses on providing users a platform to “get the foreign currencies” they need. For this, SwapIt has launched a few core features catering the needs of its Target Market (i.e. Malaysian Expats working in Singapore), that includes: 1. Top-up e-wallet balance from their bank; 2. Swap between different currencies, 3. Withdraw e-wallet balance to their bank; 4. Send money to their peers. During the next phase, SwapIt will launch features that will allow users to “use the currencies” that they have gotten. For this, SwapIt will launch a “Pay” feature, which allows users to make payments in SGD or MYR using the app at online/offline merchant outlets. This is different from making payments using conventional credit cards when abroad. This is because the currencies in the SwapIt e-wallet have already been converted to a foreign currency, hence, payments made in that country will not incur overseas charges as well and the high FX spread charged by banks. SwapIt will also enhance its existing “withdraw” feature, to allow cash withdrawals at ATMs overseas and merchant outlets. This will allow SwapIt to tap into its next Target Market, which are Travelers between Singapore and Malaysia.

KEY DIFFERENTIATORS

SwapIt is currently in the midst of obtaining regulatory approval for operating a multi-currency e-wallet that offers users digital currency exchange services and multi-currency payments, that serves the Malaysian Expat and Travelers market in Malaysia and Singapore. SwapIt will be the first in the market to offer such services once approved. SwapIt’s experienced team in launching mobile-money apps has also developed the next few features to be launched over the upcoming phases, and is ready to be deployed once approval has been given.

PRIMARY CUSTOMER TYPE

Enterprise - Retailers

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

Customer facing

People

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO: Delwyn Tan

TEAM COMMENT:

We're a strong team of finance professionals,IT developers with years of experience in the remittance/mobile-money industry.

BOARD MEMBERS AND ADVISORS:

Jin Yoong Chong, Boon Siang Koay

Momentum

FUNDED

NO

TOTAL FUNDING:

$75 K

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed --- USD75 K at a USD340 Kvaluation Comment on Seed Funding raised through angel investors.